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SOURCE: William Pitt Sotheby's International Realty
“The Rye-Harrison area has the trophy waterfront properties, the bucolic country lifestyle, plus proximity to Manhattan – that’s an unbeatable combination,” says the leading broker of luxury properties in the area, Alix Prince of Julia B. Fee Sotheby’s International Realty in Rye, NY.
Rye, NY (PRWEB) December 05, 2012
“The Rye-Harrison area has the trophy waterfront properties, the bucolic country lifestyle, plus proximity to Manhattan – that’s an unbeatable combination,” says the leading broker of luxury properties in the area, Alix Prince of Julia B. Fee Sotheby’s International Realty in Rye, NY. “Those factors along with a limited inventory of $5 million-plus properties have put our luxury market firmly back on the upswing over the last twelve months.”
To illustrate her point, Ms. Prince cites that the highest priced sale in the last twelve months—a cool $19.7 million—reflects a $2,294 price per square foot value. In 2006 and 2007, when real estate prices reached their giddiest heights, the top prices in the Rye-Harrison market hovered around $10 million, with a value per square foot of $1,691.
The question is: “why have these properties held their value while the rest of the market is still below pre-crash prices?” One explanation is simply “supply and demand.” Homes listed at $5 million and more are either large estates, unique new constructions, or on the waterfront. They tend to hit the market infrequently. Currently, there are 13 available properties in these upper echelons with a median list price of $6,795,000.
Also contributing to the robust luxury market is a steady influx of foreign buyers. Westchester’s lush beauty, its countless amenities and incomparable Long Island Sound views—all within striking distance of New York City— are an irresistible draw to those who are often coming from densely populated cities. And with exchange rates very much in their favor, buyers from South America, Europe, and Asia can afford the very best the area has to offer.
Manhattanites, too, are trading the hassles of co-op boards, escalating private schools fees, and weekend commutes to the Hamptons for the convenience and relaxed year-round lifestyle available in Southern Westchester. “Our homes offer the most sophisticated amenities indoors and out, exquisite privacy, and the generous square footage that appeals to the most discerning buyers,” says Ms. Prince.
Ms. Prince, a lifelong Rye-Harrison resident, has been a perennial top-producing broker in the area for more than 30 years. She is handling over $38 million of property since January 2012, with an average sales price of $3 million. She notes that local buyers, too, contribute to the solidity of the luxury market. “Our own residents have always been the bread-and-butter of our market. They become the fabric of the community, super-loyal to their town, their school district, and often their neighborhood. They want to continue to invest here.” She adds, “I am currently listing a property for a client who designed and built a stunning new $5.5 million home just around the corner. He could have built anywhere in Westchester or Fairfield, but chose to move within one half mile of his current home.”
The Rye office of Julia B. Fee Sotheby’s International Realty is located at 95 Purchase Street, in Rye, NY. It is part of the Sotheby’s International Realty® network that includes 600 offices throughout the United States and 46 other countries and territories. For more information about luxury homes in the area, contact Alix Prince at 914 937-4600, or visit juliabfee.com
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