A massive waterfront estate at Milton Point, Rye sold for $11,600,000 in September 2011, the largest sale in the past two years in Westchester County, New York. The property, with an address at 290 Stuyvesant Avenue, Rye, is sited on 1.6 acres, has water access, 6 bedrooms, 5 bathrooms, an exercise room and many more amenities, according to the listing description provided by Houlihan Lawrence Inc.
While a large sale like this usually signals a robust and upward trending high-end sector of the real estate market, an in-house analysis of million dollar home sales in Westchester County reveals quite the opposite.
The number of homes priced at $1 million and above decreased by double-digit percentages in each quarter this year compared to the same period of last year. The decrease was largest in Q1 2011, which was down by 25% over the same period of last year. While we still expect sales to come in for the third quarter of 2011, we estimate it to be down by 18% compared to the same quarter of last year.