Sales of luxury homes selling for $1 million and higher in Putnam and Dutchess counties rose 9.8 percent in 2017, according to a new study released Wednesday, Jan. 10 by Houlihan Lawrence.
The median sale price was $1.5 million, unchanged from 2016, reads the Luxury Market Report. Total luxury sales volume in the two counties was $82.9 million, an increase of 3.3 percent from 2016.
The top-performing market in the Putnam-Dutchess area was Garrison with 10 sales of $1 million and higher.
Meanwhile, in Westchester, sales of luxury homes selling for $2 million and higher hit a 10-year high in 2017 with 357 high-end homes sold, a 4.7 percent increase from 2016.
Houlihan Lawrence Agent Pollena Forsman said last year's buyers gravitated towards sleek, modern design with open floor plans.
"The desire for masterfully renovated, or new, continues to dominate the mindset," she said.
Commenting on the impact of recently enacted tax legislation, Anthony Cutugno, Associate Real Estate Broker of Houlihan Lawrence, added: “Major tax legislation passed in late December benefits corporations and is forecasted to help fuel the bull market yet another year.
"For homeowners, tax reform reduces the amount of property tax that can be deducted, increasing the after-tax cost of homeownership.
"Buyers’ purchasing power is reduced as well, and the impact is greatest in the luxury market -- higher home values equate to a larger reduction in purchasing power.
"We anticipate that declining purchasing power will exert pricing pressure on luxury inventory to offset the new math of tax reform.”
For more information visit www.houlihanlawrence.com/.
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