After Drought in First Quarter, Interest in Westchester Luxury Homes Grows in 2nd Quarter

WPCNR REALTY REALITY. From Houlihan Lawrence. July 12, 2018:

The luxury market in Westchester County ($2 Million priced and higher) improved after posting a 20% decline in Q-1, according to the Houlihan Lawrence Luxury Market Report released Wednesday. Year-to-date, Westchester County luxury sales are down just 7% and Q-2 sales kept pace with the same period last year.

Westchester’s s luxury market, the ultra-luxury segment of the market ($5M+) is performing better than it has in years.  Through June 30th, there are a total of 21 closed and pended sales over $5M, compared to 19 sales in 2016 and 18 sales in 2017.

Pended sales will likely close this year, and 2018 is on track to exceed the previous two years.  More significant are the number of $10M+ sales this year. Two closed and three are pending – a striking increase from 2016 and 2017, when a single $10M+ sale closed each year.

Houlihan Lawrence observes:

“The ultra-luxury segment momentum is evidence that buyers are resurfacing. Their behavior is marked by a combination of right-brain and left-brain decision-making.  A property’s location, lifestyle and quality appeal to their emotions, which is important but often not enough to make an offer.

Typically, when the left-side of the brain can rationally identify value and justify the purchase price, a buyer will confidently move forward.  Both heart and head have to be in agreement because one without the other creates inertia.

“For sellers, there is plenty of competition in the luxury market for buyers’ hearts and minds.  Positioning your home to entice a buyer is equally as important as pricing your home realistically.  One without the other leads to a listing that can languish on the market.

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