Mansions Are Moving

An article in today's New York Times real estate section confirms what some Westchester real estate agents have been noticing over the last few months. While sales of lower priced homes have been stagnant, homes in the multi-million dollar range have been steadily moving on and off the market. Some of these homes have been reduced, sometimes by several million dollars, before selling. Nevertheless it is interesting to note the strength of this segment of real estate sales. While the article specifically references northern Westchester, the same is true of southern Westchester as well. Since September 1st in the Along the Sound real estate area, 19 houses at over $2mm have sold and another 21 are under contract. The median selling price was $2.8m for a 5 bedroom, 5 bath home with over 4300 square feet of living space.