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The Changing Face of the NYC Luxury Residential Market . Bonnie Stone Sellers, CEO Christie’s International Real Estate. October 18, 2013. I. Defining the luxury buyer in New York. What is the definition of luxury residential real estate globally? .

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slide1

The Changing Face of the NYC Luxury Residential Market

Bonnie Stone Sellers, CEOChristie’s International Real Estate

October 18, 2013

slide2

I. Defining the luxury buyer in New York

  • What is the definition of luxury residential real estate globally?

Price per Residential Unit in USD, Millions, for the Period of September 2011 – 2012

Source: Affiliate owners from the Christie’s International Real Estate network

slide3

Trends in Luxury Apartment Markets

I. Key NYC market facts

  • NYC stock: Co-op and condo housing stock of 290,000 units, 70% co-op, 30% condo
  • Inventory: 4,059 units
  • 2013 to date: $13.7 billion to date (9,784 units)
  • Q3 sales over $5 million: 111 units (28 over $10 million)
  • Q3 new development sales: 327 units
slide4

I. Defining the luxury buyer in New York: Market overview, Q3

Average price per square foot: $1,132

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Trends in Luxury Apartment Markets

I. Defining the luxury buyer in New York

  • Trends in luxury apartment markets
  • Range of common spaces: gyms, pools, spas, theatres, lounges, roof gardens
  • Parking and storage

Amenities

  • Hotel-like services: concierge, doorman, housekeeping, catering, fine dining
  • Security and privacy

Services

  • Flexibility for renovations
  • High ceilings
  • Apartment finishes to the level of a Five Star hotel
  • Family kitchens along with commercial quality kitchens
  • Classic apartment layoutsand traditional materials such as stone and glass
  • Sustainability in MEP systems and high-end technology

Infrastructure

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I. Defining the luxury buyer: Who is fueling the trend?

2. Foreigners

1. New Yorkers

3. Millennials

  • Evidenced by strong condo market performance
  • NYC trophy real estate a “safe haven” for wealth
  • Buying for their student children
  • Second home buyers
  • Currency considerations
  • Stringent tax laws in their own countries
  • Attracted by low interest rates
  • Familial assistance has boosted purchasing power
  • Strong belief in investment value
  • Affluent young tech executives pushing up prices in the west side and downtown areas
  • Primary residence city
  • Growth in job market and Wall Street successes
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II. NYC in the global context: Luxury Defined Market Report

2012 Christie’s International Real Estate Index

slide8

II. NYC in the global context: Luxury Defined Market Report

Global Housing

Market Trends

In New York

  • Limited supply
  • Q3 2013 saw 25% fewer listings than Q3 2012
  • Lifestyle attractions
  • NY has it all—economic stability, ease of business, transportation, cultural and lifestyle amenities
  • Luxury housing follows luxury goods

Luxury buyers paid 98.6% of asking prices in Q3, similar to retail purchases

  • Tax laws
  • Although Q1 was impacted, Q3 sales over $10M increased 75% over Q3 2012

slide11

II. NYC in the global context: Does NYC have the top US properties?

The Owlwood Estate

Los Angeles, California

$150 million (reportedly)

Copper Beech Farm

Greenwich, Connecticut

$140 million

The River House

Manhattan, New York

$130 million

The Crespi / Hicks estate

Dallas, Texas

$135 million