Westchester County NY Real Estate Blog - Luxury

Luxury Home Prices Jump 3x Faster Than Average

Luxury Home Prices Jump 3x Faster Than Average

Luxury housing continued to outperform the broader market in October, with prices up 5.5% — nearly triple the growth of non-luxury homes, according to Redfin. Strong equity markets and cash-heavy buyers are keeping high-end demand resilient, even as typical buyers remain constrained by current mortgage rates. Additional findings:

• Number of sales: Luxury up 2.9%. Non-luxury sales at 0.7%.

  • Both markets are still near decade-low October levels.

• Inventory: Luxury up 6.4%. Non-luxury up 9.5%

  • Highest October levels in 5 years, but still below pre-pandemic norms.

• Days on Market: Luxury up to 58…

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Where You Can Afford a Luxury Home for Your Valentine

Where You Can Afford a Luxury Home for Your Valentine

Realtor.com’s latest report breaks down the income required to afford a luxury home in every state. By analyzing the top 5% of listings and factoring in a 6.89% mortgage rate with a 20% down payment, researchers determined the minimum salary needed under the 30% income rule. Here’s what it takes to buy in the 10 priciest luxury markets:

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Ultra-Luxury: The Biggest Deals of 2024

Ultra-Luxury: The Biggest Deals of 2024

The Hitchcock Estate offered for sale in Millbrook. Asking $95,000,000

The ultraluxury segment of the U.S. housing market had another banner year in 2024, with seven single-family homes selling for $100 million or more — surpassing the five such sales recorded in 2023. While the record of eight $100M+ deals set in 2021 remains unbroken, this year’s activity underscores the remarkable resilience of this exclusive market. Many of 2024’s priciest transactions occurred off-market, highlighting the discretion sought by buyers and sellers at this level.

Here are the top 10 deals of 2024:

• Malibu, CA - Undisclosed Buyer - $210M

• Palm Beach, FL - Michael Dorrell - $150M

  …

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Billy Joel’s ‘MiddleSea’ Back on the Market

Billy Joel’s ‘MiddleSea’ Back on the Market

Billy Joel is once again seeking a buyer for his expansive Long Island estate, putting the property back on the market for $49.9 million following a five-year, multimillion-dollar renovation. Known as "MiddleSea," the 26-acre Centre Island estate boasts four homes and over 2,000 feet of private beach — an exceptional luxury on Long Island's prestigious Gold Coast. Joel acquired the estate in 2002, expanding it from its original 14 acres by adding adjacent parcels and additional waterfront lots for a combined 26 acres. Read More

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8.5% of U.S. Homes are Worth $1 Million or More

8.5% of U.S. Homes are Worth $1 Million or More

A Redfin report reveals that 8.5% of U.S. homes are now valued at $1 million or more, a significant increase driven by limited housing inventory and high mortgage rates. This trend is particularly pronounced in coastal cities, with nearly half of all homes in some California cities reaching the million-dollar mark.

• Increase driven by severe shortage of home inventory

• Nearly 1 in 10 U.S. homes are now valued at $1 million or more

• Million-dollar homes more than doubled since the pandemic

Ralph’s Take

The rise in million-dollar homes reflects growing economic disparities and highlights the increasing difficulty for average buyers to…

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Kenneth Cole Lists his Estate of 37 Years for Sale

Kenneth Cole Lists his Estate of 37 Years for Sale

Introducing one of New York's most prestigious estates: a rare opportunity to own a historic piece of history elegantly nestled atop 14+ park-like acres in Purchase. This illustrious and stately turn-of-the-century residence, was the setting for the blockbuster film "Goodbye Columbus." For the last 37 years it has been the treasured home of Kenneth Cole and his family. A quiet country manor that's exceptionally private and secure, the estate is a stunning work of art, beautifully situated behind a gated entry at the end of a long, meandering driveway. Read more

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New to Market: 10,000sf English Georgian Masterpiece on 83 Acres

New to Market: 10,000sf English Georgian Masterpiece on 83 Acres

Welcome to an exquisite replica of "Salutation," an English Georgian masterpiece originally crafted by Sir Edward Lutyens in London. Located on an 83-acre estate in North Salem, NY, this luxurious home offers over 10,000 square feet of living space, including 10 bedrooms and multiple baths. The property features an infinity pool and an indoor pool with a spa for relaxation. Equestrian facilities include paddocks, grooms quarter, 11 stalls, a tractor barn, and a jumping field. The English-style garden, fruit trees, lily pond, and reflecting pool enhance the beauty of the grounds, which also include open fields and a large pond for fishing.  Read more courtesy of OneKey…

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Luxury Home Prices Spike 9% to All-Time High

Luxury Home Prices Spike 9% to All-Time High

According to Redfin, luxury home prices in the U.S. have soared to a record $1.18 million, an 8.8% increase from last year and the largest in nearly two years. Luxury homes, defined as the top 5% in market value of their metro area, are in high demand with limited supply. In contrast, non-luxury home prices rose 3.8% to $342,500. Key findings from the report include:

• Inventory: Luxury inventory rose 9.7%, marking the 4th consecutive quarter of growth, yet still below pre-pandemic levels.

• Cash Purchases: This spring, 43.7% of luxury homes were bought with all cash, a slight increase from 43.2% during the same period last year.

• Days on Market: Luxury homes remained…

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