I find myself once again referencing the hit Bravo TV series “Million Dollar Listing New York” . I am always amazed at the prices of the properties shown , and I found myself looking to some of the Manhattan companies and their quarterly reports. In addition to our Tri-State Alliance, Houlihan Lawrence has affiliations with great companies such as Corcoran, Halstead Properties and of course Christies Great Estates which is great for referrals, etc.
Brown Harris Stevens showed a record first quarter 2014. While we are discussing the median sale prices being $935,000 ( up over 7% from the previous year’s first quarter), and while the sales increase could be in part with 2012 tax law changes, sales were nevertheless up some 25% in comparison to the first quarter 2013. Coop prices averaged over $1.2 Million in the first quarter, and up some 23% from the first quarter 2013 (courtesy of Brown Harris Stevens).
Prices per square foot ranged from $1507 a square foot in some new developments to $3000 to a new development at other new developments. When I see that 3 bedroom+ apartments sold for an average of $3.250 Million in the first quarter of 2013 compared to an average of $5.338 Million in the first quarter of 2014 (**Downtown – south of 34th Street), I have to ask myself …. don’t the buyers realize that we have excellent schools, beautiful homes close to the city, water, boating, kayaking, parks, and just 30 or so minutes away, and all for a fraction of the cost of a New York City apartment?
The Sound Shore area did get off to a slower start this spring market due to Mother Nature, as frigid temperatures and winter storms tested the patience of both buyers and sellers in the region. Nonetheless, Westchester, Putnam and Dutchess counties were able to open 2014 with the strongest first quarter for closed sales across the region since the pre-recession glory days of 2007. (Courtesy of Chris Meyers, COO of Houlihan Lawrence).
I would think that it is a no-brainer when comparing a 4-5 bedroom home in Larchmont, Mamaroneck or New Rochelle where there are families, parks, great schools, sports and recreation of all kinds, where there are prices to suit all, in lieu of the $3-5 Million property in the city with perhaps only 3 bedrooms. After all, wouldn’t you rather have your own barbecue a few steps from your kitchen as opposed to going to that lucky friend who is enabled to barbecue on their city apartment rooftop or balcony?
Some great homes in the area are:
Contact me all of your Sound Shore real estate needs.
Westchester is GREAT!