New York Luxury Real Estate - Market Dips in Westchester, But Improves in Putnam, Duchess

The luxury real estate showcase in Westchester, Putnam and Duchess districts fared fundamentally better than the non-luxury real estate market during the second quarter of 2020.

In spite of the coronavirus pandemic, land business firm Houlihan Lawrence says the extravagance real estate market north of Westchester County – that  homes over $1 million – performed well during the coronavirus pandemic over the second quarter of 2019.

The luxury market in Westchester then again, saw a decrease in sales, yet that was not as steep as the non-luxury showcase in the subsequent quarter.

For the long periods of April, May and June, Dutchess and Putnam areas saw a 150% expansion in  deals brought to a close, with 10 homes, over deals in the second quarter of 2019, when only four homes over $1 million were sold.

Dealers in the two counties saw buyers who paid slightly above the asking price during the second quarter, and this took a sharp contrast from the second quarter of 2019 when sellers, considering everything , took a 25% rebate for their properties.

Anthony Cutugno of Houlihan Lawrence said  that, the effective reception of work from home during the shutdown was a distinct advantage and for luxury purchasers, particularly those right now living in NYC, the usefulness and comforts of another home overshadow the location factor.

The town of Red Hook in Dutchess County recorded the priciest deal in the second quarter across Westchester, Putnam and Dutchess at $16.5 million.

Just a single other home worth over $2 million sold in Putnam and Dutchess last quarter. The priciest deal in Putnam County happened in Garrison, where one purchaser paid $1.6 million for a property home.

Houlihan Lawrence said the absolute dollar volume for luxury real estate deals in Dutchess and Putnam was 503% higher in the second quarter of 2020, when purchasers paid a joined $31.3 million for 10 homes, than in the second quarter of 2019 when purchasers paid an aggregate of $5.2 million for 4 homes.

Cutugno believes that , the requirement for at least one home workplaces and pleasantries, for example, a pool mirror the new truth of spending more time at home both working and spending quality time with loved ones. He said , “second-home buyers have returned to the market, however, they are now are paying attention to school systems, mindful that their second home could become their primary residence – and children’s school district – should circumstances warrant.”

The complete number of luxury homes pricing over $2 million – sold in Westchester declined by 16.1% to 73 over second quarter of 2019 extravagance figures. The average number of days available for luxury homes declined from 151 in the second quarter of 2019, to 130 in the second quarter of this current year.

Houlihan Lawrence said the median deals cost for extravagance homes declined by 6.6% throughout the second quarter of 2019 due to the coronavirus pandemic.
The priciest deal in the second quarter of 2020 in Westchester happened in the school area of Mamaroneck, where a $8.6 million home was bought. Eighteen homes over $2 million were sold inside the Rye City school locale.

The school locale with the most elevated number of extravagance home deals were Bronxville (12), Scarsdale (11) and Mamaroneck (10) and Harrison (10).

Cutugno said that the pace of progress has been quick and pending deals, a forward-looking indicator, give the most significant data points Cutugno and purchasers are roused and loan costs are generally low, be that as it may if a listing is  available in this low stock condition, unreasonable valuing is likely to occur.

The absolute number of listings in Westchester declined by practically 25% in the subsequent quarter. However, the quantity of pending deals was 36% higher in June 30 of this current year and a year ago.

While the greater part of pending deals in Westchester are in the $2 million to $3 million territory, four homes estimated between $5 million and $6 million are scheduled to shut in the last quarter.

A sum of 9 homes over $1 million are scheduled to close this quarter in Putnam County. Dutchess is probably going to see 14 homes over $1 million sell before the finish of this quarter, Houlihan Lawrence said. This definitely augurs well for the entire New York luxury real estate market.