Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018
EXHIBIT 10
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018
HOULIHANa LAWRENCE
EXCLUSIVE AFFILIATE OF
CHRISTIE'S
INTERNATIONAL REAL ESTATE
I
Houlihan Lawrence Corporate Headquarters 4 Valley Road, Bronxville New York
President and CEO Stephen
2011 Mate-of-me-Madet Repod
Meyers joined the 120-year old
family business in 1995, bringing
S the largest real estate brokerage in Westchester, Putnam and
his Columbia University M.BA
and 10-years of eal estate indus-
Dutchess Counties, Houlihan Lawrence is in an enviable position
try experience. Under his leader-
ship, Houlihan Lawrence has more
when it comes to
tracking
the trends and nuances of the local real estate
than doubled its market share to
35% in Westchester and Putnam
market-and putting
that knowledge to work for buyers and sellers.
Counties and expanded into
Dutchess County, and now spans
25 egional offices, with I,000
Houlihan Lawrence principals Stephen Meyers and Christopher Meyers
licensed real estate agents and
2010 sales volume of $3.5 Billion.
recently
sat down with former New York Times real estate contributor
COO Chris Meyers joined Teri Rogers for a frank discussion of the 2010 real estate market and the
Houlihan Lawrence in 2003
after working as a consultant OutlOOk for 2011. Their conversation touched on the 2010 recovery
that
at McKinsey & Co., where
he advised Fortune 500 compa- faVOred New York City
commuter towns, changing preferences
among
nies on technology and growth
strategy. Meyers, who holds an
luXury buyers, and sellers who finally
seem to accept (if not embrace) the
economics degree from yale
and an MBA from MIT Sloan new normal of lower prices.
School of Management, ovesees
Houlihan's day-to-day operations
and is the driving force behind Read on to leam more about what happened last year in your backyard,
the company's next generation
of marketing success- and what's next.
strategies, coming up
fully integrating digital and
social media strategy into
Houlihan Lawrence's services.
HoulihanLawrence.com The Area's #1 Real Estate Resource
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018
: After something of a roller- : Did some areas perform lower prices. Mamaroneck and Rye also
coaster ride the last few years, better than others? bounced back close to peak sales levels.
how did the Westchester-area real .
. Chris: The recovery was strongest in
estate market do m 2010? What's : Even in the commuter towns,
Southern Westchester, below I-287, in the
the bottom line? home Prices didn't go up last year,
areas most readily accesible to New York
though more people were buying and
Chris: 2010 could be termed a year City commuters. It was particularly strong
selling. Does that mean it's still a
of recovery. Sales activity picked up in Bronxville, Scarsdale, Rye and
- buyer's market wherever you are?
significantly from 2009, and as more Larchmont towns where people who
higher-end homes began selling, median work on Wall Street tend to live. Towns Chris: Yes, for the most part, but it is
prices increased about more balanced
definitely
10%. If we compare Westchester - Five-Year Market than it was during the
County History
similar properties, worst of the downturn.
Median Price -g-- Units Sold Full Year
however, home values The bottom line is this:
-
seem to be at $800,000 homes that are priced and
settling
$685,000
roughly 2003-2004 - $675,000 - 6000 positioned for today's
$700,000 $63o coo
6 °°°°
levels, which is down market will sell. We even
-
$600,000 - 5000
about 20-30% from saw the return of multiple
the peak on - bids and deals
depending $500,000 closing
- 4000
where you are. above asking price in 2010.
-
$400 000
- 3000 However, if your home's
What trends -
$300,000 price doesn't
asking
did you see in - 2000
represent value compared
$200,000
the market last year?
to similar
- properties,
- 1000
-
000,000
-
it probably won't sell.
Stephen: The first
0 of those sellers find
half of 2010 was 0 Many
very
2006 2007 2008 2009 2010 themselves price
active. Value-driven making
reductions, in effect
buyers returned to the
chasing a declining market.
market, and sellerS sources estchester County - All Single Family Homes. Information believed to be accurate but not warranted.
grew more accepting
Stephen: Pricing strategies
of the fact that prices had come down.
further from New York seemed to need to account for the reality that today's
This led to a substantial increase in the City
struggle to find a catalyst on the buyers are very savvy about the market, and
number of transactions compared to the buy
side, and the was more limited. quick to dismiss listings that are not priced
first half of though momentum recovery
2009,
In Dutchess County, for instance, sales accordingly. Four or five years ago, it was
faded somewhat as the year went on.
volume was down a bit from viable to price a little high relative to market
actually
2009, and sales crept just 5 percent comps, leaving room to negotiate. Today,
Chris: Demand in the first half of the up
in Putnam County. sellers must price competitively to create
year grew from the bottom up as first time
excitement or they won't have showings
home buyers took advantage of the federal
: So which towns saw or receive offers.
homebuyer tax credits.By the time the tax
the most activity?
incentives expired in June, the high end of
Chris: Three of our managers
the market was leading the way, which Chris: Scarsdale was the
really
followed this pricing strategy when
wasn't enough to keep the market from
first town to show signs of recovery
leveling off during the second half of the year. in in part because
beginning 2009,
. In all three cases, they sold above
prices there came down faster following
Stephen: The choppiness of the stock their original asking price, whereas on
the credit crisis the year before. NewYork
market during the summer might have average homes sold at 5 percent under
City buyers in particular seemed to
affected buyer confidence. There was the final asking price.
perceive value in Scarsdale and began
also a lot of chatter about a double-dip
there. So Scarsdale became a
recession, with the Federal Reserve
buying : How much of an impact
bellwether town for the and
ultimately announcing a second round
recovery,
did NYC buyers have on
continues to be very active today.
of quantitative easing. the Westchester market?
Stephen: Bronxville showed the biggest Chris: Last year about 30 percent
.
Chris: Following a summer lull that
increase in sales volume compared to of Westchester buyers came from NYC,
stretched into the fall, we began to see
versus just under 25 percent three to five
2009. Sales there nearly tripled from 29 to
more buyer activity at all price levels
years ago. But it's that
75 single homes, and matched not necessarily
family nearly
toward the end of the year, which usually transaction levels reached the there are more people coming from the
during
bodes well for the coming spring market.
market though again at aumwhat city. It's because there were fewer in-town
peak,
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018
moves than usual. With prices down cated consumer is the best client to work Chris: Of course, the luxury market is
25-30 percent from their peak, some with, and the internet has definitely made still not back where it was a few years ago.
potential buyers don't have enough things more efficient for everyone involved. From 2005 through 2007, Westchester
some-
equity in their current home to roll In the old days you'd have to tak
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018 EXHIBIT 10 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018 HOULIHANa LAWRENCE EXCLUSIVE AFFILIATE OF CHRISTIE'S INTERNATIONAL REAL ESTATE I Houlihan Lawrence Corporate Headquarters 4 Valley Road, Bronxville New York President and CEO Stephen 2011 Mate-of-me-Madet Repod Meyers joined the 120-year old family business in 1995, bringing S the largest real estate brokerage in Westchester, Putnam and his Columbia University M.BA and 10-years of eal estate indus- Dutchess Counties, Houlihan Lawrence is in an enviable position try experience. Under his leader- ship, Houlihan Lawrence has more when it comes to tracking the trends and nuances of the local real estate than doubled its market share to 35% in Westchester and Putnam market-and putting that knowledge to work for buyers and sellers. Counties and expanded into Dutchess County, and now spans 25 egional offices, with I,000 Houlihan Lawrence principals Stephen Meyers and Christopher Meyers licensed real estate agents and 2010 sales volume of $3.5 Billion. recently sat down with former New York Times real estate contributor COO Chris Meyers joined Teri Rogers for a frank discussion of the 2010 real estate market and the Houlihan Lawrence in 2003 after working as a consultant OutlOOk for 2011. Their conversation touched on the 2010 recovery that at McKinsey & Co., where he advised Fortune 500 compa- faVOred New York City commuter towns, changing preferences among nies on technology and growth strategy. Meyers, who holds an luXury buyers, and sellers who finally seem to accept (if not embrace) the economics degree from yale and an MBA from MIT Sloan new normal of lower prices. School of Management, ovesees Houlihan's day-to-day operations and is the driving force behind Read on to leam more about what happened last year in your backyard, the company's next generation of marketing success- and what's next. strategies, coming up fully integrating digital and social media strategy into Houlihan Lawrence's services. HoulihanLawrence.com The Area's #1 Real Estate Resource FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018 : After something of a roller- : Did some areas perform lower prices. Mamaroneck and Rye also coaster ride the last few years, better than others? bounced back close to peak sales levels. how did the Westchester-area real . . Chris: The recovery was strongest in estate market do m 2010? What's : Even in the commuter towns, Southern Westchester, below I-287, in the the bottom line? home Prices didn't go up last year, areas most readily accesible to New York though more people were buying and Chris: 2010 could be termed a year City commuters. It was particularly strong selling. Does that mean it's still a of recovery. Sales activity picked up in Bronxville, Scarsdale, Rye and - buyer's market wherever you are? significantly from 2009, and as more Larchmont towns where people who higher-end homes began selling, median work on Wall Street tend to live. Towns Chris: Yes, for the most part, but it is prices increased about more balanced definitely 10%. If we compare Westchester - Five-Year Market than it was during the County History similar properties, worst of the downturn. Median Price -g-- Units Sold Full Year however, home values The bottom line is this: - seem to be at $800,000 homes that are priced and settling $685,000 roughly 2003-2004 - $675,000 - 6000 positioned for today's $700,000 $63o coo 6 °°°° levels, which is down market will sell. We even - $600,000 - 5000 about 20-30% from saw the return of multiple the peak on - bids and deals depending $500,000 closing - 4000 where you are. above asking price in 2010. - $400 000 - 3000 However, if your home's What trends - $300,000 price doesn't asking did you see in - 2000 represent value compared $200,000 the market last year? to similar - properties, - 1000 - 000,000 - it probably won't sell. Stephen: The first 0 of those sellers find half of 2010 was 0 Many very 2006 2007 2008 2009 2010 themselves price active. Value-driven making reductions, in effect buyers returned to the chasing a declining market. market, and sellerS sources estchester County - All Single Family Homes. Information believed to be accurate but not warranted. grew more accepting Stephen: Pricing strategies of the fact that prices had come down. further from New York seemed to need to account for the reality that today's This led to a substantial increase in the City struggle to find a catalyst on the buyers are very savvy about the market, and number of transactions compared to the buy side, and the was more limited. quick to dismiss listings that are not priced first half of though momentum recovery 2009, In Dutchess County, for instance, sales accordingly. Four or five years ago, it was faded somewhat as the year went on. volume was down a bit from viable to price a little high relative to market actually 2009, and sales crept just 5 percent comps, leaving room to negotiate. Today, Chris: Demand in the first half of the up in Putnam County. sellers must price competitively to create year grew from the bottom up as first time excitement or they won't have showings home buyers took advantage of the federal : So which towns saw or receive offers. homebuyer tax credits.By the time the tax the most activity? incentives expired in June, the high end of Chris: Three of our managers the market was leading the way, which Chris: Scarsdale was the really followed this pricing strategy when wasn't enough to keep the market from first town to show signs of recovery leveling off during the second half of the year. in in part because beginning 2009, . In all three cases, they sold above prices there came down faster following Stephen: The choppiness of the stock their original asking price, whereas on the credit crisis the year before. NewYork market during the summer might have average homes sold at 5 percent under City buyers in particular seemed to affected buyer confidence. There was the final asking price. perceive value in Scarsdale and began also a lot of chatter about a double-dip there. So Scarsdale became a recession, with the Federal Reserve buying : How much of an impact bellwether town for the and ultimately announcing a second round recovery, did NYC buyers have on continues to be very active today. of quantitative easing. the Westchester market? Stephen: Bronxville showed the biggest Chris: Last year about 30 percent . Chris: Following a summer lull that increase in sales volume compared to of Westchester buyers came from NYC, stretched into the fall, we began to see versus just under 25 percent three to five 2009. Sales there nearly tripled from 29 to more buyer activity at all price levels years ago. But it's that 75 single homes, and matched not necessarily family nearly toward the end of the year, which usually transaction levels reached the there are more people coming from the during bodes well for the coming spring market. market though again at aumwhat city. It's because there were fewer in-town peak, FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 169 RECEIVED NYSCEF: 10/01/2018 moves than usual. With prices down cated consumer is the best client to work Chris: Of course, the luxury market is 25-30 percent from their peak, some with, and the internet has definitely made still not back where it was a few years ago. potential buyers don't have enough things more efficient for everyone involved. From 2005 through 2007, Westchester some- equity in their current home to roll In the old days you'd have to tak