Jeremy and Robin are members of the Global Real Estate Partners Initiative, which is comprised of Sotheby's Realty’s finest professionals in every key market around the world. Currently spanning over 30 markets, this global partnership allows for unprecedented access to real estate resources worldwide. We've asked our fellow Global Real Estate Partners to share with us their thoughts on the current state of the market in their respective areas.
THE HAMPTONS, NY
“We are absolutely in a buyers’ market here in the Hamptons with our market starting to slow down going into off season which is typical. We did have a busier 3rd quarter as activity finally started to pick up mid-August - many buyers felt the opportunities to be had from properties that have been on the market for longer than normal. Our high end (over $10) is seeing considerable discounts off asking prices. The under $3m market is still moving well. Bottom line is that houses that are priced well and are “special” or compelling are selling!"
“Here in Dallas, we are definitely in a buyer’s market. This is especially true for properties priced above $2.5m. It’s been a slow process but we’re seeing price reductions across the board.”
“Over $10M market is robust in that there have been 14 sales this past year, but the average sale price to list price ratio is very low (70-80%) and days on market is high (many taking years to sell). Buyers have HUGE opportunity right now. I sold a home this year for $9,500,000 that my client bought in 2006 for $17.5MM. $3.5MM - $7MM market is over saturated and has over a years’ worth of inventory. Very much a buyer’s market, but not as severe as $10MM+ market. +/- $2MM range is doing well and homes priced well can sell immediately. I had a $1,799,000 sale this year in less than a week at full price. The major caveat in Montecito is if the property is high in the hills (fire danger) or was affected by the debris flow.
“The Greenwich market has always benefited from low real estate taxes. The 2019 tax legislation putting a cap on SALT deductions, made owning a home in Greenwich the best bet in the Tri-State area. The renewed focus on taxes combined with a significant repricing of the Greenwich market, especially in back country, resulted in buyers seeing real value in our market in 2019. The majority of the interest is for properties below 4 million with 78% of the single-family homes selling year to date closing at 3 million and under, and a full 56% selling for 2 million and under. The high end remains weak. There are some remarkable opportunities for significant properties offered well below replacement cost.”
PALM BEACH, FL
"The market in Palm Beach remains strong as we are seeing more and more buyers from the Northeast, Chicago, and California who are fleeing the high taxes. Our summer was highlighted by 11 sales over $20M with two being over $100M and at least one more sale over $100M (coming). Our number of transactions have been a bit down, but these big sales created a record in terms of total sales volume. We are cautiously optimistic about the upcoming season. Election years tend to be tougher to get buyers to pull the trigger, but we have a lot of positivemomentum and wind in our sails."