Luxury Homes on Long Island Market Report 4th Quarter of 2009 & 2008

By
Real Estate Agent with Douglas Elliman Real Estate in Babylon NY

Luxury Homes on Long Island Market Report 4th Quarter of 2009 & 2008 For Suffolk County

Luxury Homes That Closed in October, November & December of 2009

59 Luxury Homes Sold In 2009
Average Listing Price: $2,037,703
Average Sold Price:    $1,816,735
Average Property Taxes: $17,865
Average Days on the Market: 160

Luxury Homes That Closed in October, November & December of 2008

47 Luxury Homes Sold In 2008
Average Listing Price: $1,832,440
Average Sold Price:    $1,646,149
Average Property Taxes: $17,360
Average Days on the Market: 164

The most popular style luxury home is the colonial.

Prices of luxury homes have not come down a lot compared to your average single family, non-luxury homes.

The difference between the listing price and sold price is under $200,000 which is not uncommon. Consumers that are not familiar with luxury homes, cringe when they see these price differences. They are used to seeing 30,000 and under with non-luxury homes. But this is the norm for luxury homes.

The days on the market also says it's holding steady and not staying on the market longer. This is definitely a good sign for luxury homeowners.

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New York Suffolk County Babylon Babylon
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Jackie:  At that price point, the difference between list and sold price is not any different than the lower end of the market $200K list price seeing a $180K sale price. 

Jan 28, 2010 02:43 AM #1
Rainmaker
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Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Chris Ann, right but most people that are not familiar with luxury homes see the price difference, they cringe. But it's the norm :)

Jan 28, 2010 02:47 AM #2
Rainmaker
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Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Jackie, 

Fascinating post on the luxury market in Long Island.  I am surprised, but happy to see more homes sold this past 4th Q than the year before.  

I wonder what 2010 will bring?  

All the best, Michelle

Jan 28, 2010 11:30 AM #3
Rainmaker
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Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Michelle, I'm wondering that myself :)

Jan 28, 2010 12:27 PM #4
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Jackie Connelly-Fornuff

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