Preview
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019
EXHIBIT 10
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019
HOULIHANa LAWRE
EXCLUSIVE AFFILIATE OF
CHRISTIE'S
INTERNATIONAL REAL ESTATE
I
Houlihan Lawrence Corporate Headquarters
President and CEO Stephen
2011 Mate-of-me-Madet
Meyers joined the 120-yearold
familybusiness in 1995,bringing S the largest real estate brokerage in Westchester,
his Columbia University M.BA
and 10-yearsof indus-
eal estate
Dutchess Counties, Houlihan Lawrence is in
experience. Under his leader-
try
ship,Houlihan Lawrence has more
when it comes to
tracking
the trends and nuances
than doubled itsmarket share to
35% in Westchester and Putnam
market-and putting
that knowledge to work for b
Counties and expanded into
Dutchess County, and now spans
25 egional offices,with I,000
Houlihan Lawrence principals Stephen Meyers and
licensed real estateagents and
2010 sales volumeof $3.5 Billion.
recently
sat down with former New York Times
COO Chris Meyers joined Teri Rogers for a frank discussion of the 2010 real
Houlihan Lawrence in 2003
after working as a consultant OutlOOk for 2011. Their conversation touched on
at McKinsey & Co., where
he advised Fortune 500 compa- faVOred New York City
commuter towns, changing
nies on technology and growth
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019
: After of a roller- : Did some areas perform lower price
something
coaster ride the last few years, better than others? bounced
how did the Westchester-area real .
. Chris: The recovery was strongest in
estate market do m 2010? What's : E
Southern Westchester, below I-287, in the
the bottom line? h
areas most readily accesible to New York
though
Chris: 2010 could be termed a year City commuters. It was particularly strong
selling.
of recovery. Sales activity picked up in Bronxville, Scarsdale, Rye and
buyer's
from and as more Larchmont
- towns where people who
significantly 2009,
higher-end homes began selling, median work on Wall Street tend to live. Towns Chris:
prices increased about
10%. Ifwe compare Westchester - Five-Year Market
County History
similar properties,
Median Price -g-- Units Sold Full Year
however, home values
-
seem to be at $800,000
settling
$685,000
roughly 2003-2004 - $675,000 - 6000
$700,000 $63o coo
6 °°°°
levels, which is down
-
$600,000 - 5000
about 20-30% from
the peak on -
depending $500,000
- 4000
where you are.
-
$400 000
- 3000
What trends -
$300,000
did you see in - 2000
$200,000
the market last year?
- 1000
-
-
000,000
Stephen:
half of 2010
The
was
first
very
0
- 0
2006 2007 2008 2009 2010
active. Value-driven
buyers returned to the
market, and sellerS sources - All
estchester County Single Family Homes. Information
believedto be accurate but not
warranted.
grew more accepting
of the fact that prices had come down.
further from New York seemed to need to a
This led to a substantial increase in the City
struggle to find a catalyst on the buyers are
number of transactions compared to the buy
side, and the was more limited. quick to
first half of though momentum recovery
2009,
In Dutchess County, for instance, sales accordingly.
faded somewhat as the year went on.
volume was down a bit from viable to
actually
Chris: Demand in the first half of the 2009, and sales crept up just 5 percent comps, le
in Putnam County. sellers mus
year grew from the bottom up as first time
excitement
home buyers took advantage of the federal
: So which towns saw or receive
homebuyer tax credits.By the time the tax
the most activity?
incentives expired in June, the high end of
Chris:
the market was leading the way, which Chris: Scarsdale was the
really
followed
wasn't enough to keep the market from
first town to show signs of recovery
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019
moves than usual. With prices down cated consumer is the best client to work Chris:
25-30 percent from their peak, some with, and the internet has definitely made still not b
potential buyers don't have enough things more efficient for everyone involved. From 2005
some-
equity in their current home to roll In the old days you'd have to take averaged
over into a new purchase. one around to dozens of houses to $5 million,
them mar-
educate about the 12 $5 milli
Putnam - Five-Year Market ket. Today most buyers have end, over
County History
seen probably 50 houses in 2009 o
Median Price -g- Units Sold Full Year
online. They know what they each year
want and they know what of months,
-
$500,0m
they are going to pay for it. three deals
- -
$400,000 $3n.0œ 900 w
million,
53'5°®
- _ yeo a good si
$30o,00o
Stephen: All this information
R
- 5® peoples'
$200,00o -
available at fingertips : W
- 300
_ is a wonderful thing, but you lo
co ooo
- 100 need to know how to compared
really
5°
2006 2007 2008 2009 2010 interpret it,and our agents help
Chris: L
sioª
value. And
assaw-e-ons r- u-w-. to m ke for ed dec
prestigious
the market
mes, e
: Do NYC buyers think about
We tc este Coun saw a rise of
instance,
retreats.
value differently than
10% in median prices, but this really
7 opportune
s uyers.
reflects a change in the mix of homes that
quality, p
rather than an in prop-
are selling, increase
Chris: Yes, to some extent. For
values. It doesn't mean you can price
example, NYC buyers are more likely
erty Stepheñ:
to compare properties on a price per square
your home higher. McMansions
foot basis, which is how apartments are no longer
priced in NYC. In the suburbs, where other : Besides a great what else buyers als
deal,
factors like land value can complicate are buyers for? pristine c
looking
simple price-per-square-foot comparisons, to put a
some sellers-and even the brokers-are Chris: They no longer want a homes an
having to get used to this concept. fixer upper. That's partly because their lifesty
pricing
As it turns out, comparing prices per people are no longer looking to
square foot highlights the relative value of renovate a home and flip it as an Dutchess County
suburban In aver- and because
living. Westchester, the investment, partly
Median Price
age price per square foot is below $350, or the home equity loan market
about a third of what it is in Manhattan. is more difficult to tap than it $340,œ0
used to be. -
$300,000
Beyond square footage, city buyers are
very focused on schools, access to mass
transportation and staying within walking
year- soo00 -
. market do last 5
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019
consider their home here as their there. We'
ly : Why should it matter to
primary residence. buyers and sellers how also providin
market share you have? actually l
Stephen: And international buyers are
awence
certainly part of the mix, though not as Stephen: Buyers want to go where
Ms area
prevalent here as in New York City. the is, and sellers want to
inventory
special pl
go where the buyers are, and we have
: What's happening with
both. Our market share is also a
: W
luxury sales in second-home
reflection of the knowledge and
fo
towns like Millbrook and Rhinebeck?
expertise of our sale professionals.
Chris:
Stephen: It was quite dormant for the
Chris: It shows we're bounce b
last couple of years but we've seen doing something
recently
right and perhaps to conditions
a of activity. reacting changing
flurry
market conditions more than some 201 I will
nimbly
Chris: It's a weekend home market.
competitors. deal flow in an office transaction
Also,
Buyers often shop in both the Hamptons mo
provides additional market information we into a
and the Millbrook area, which is around balanced
can put to use for our clients. For example,
25% less expensive than the Hamptons.
we are on one side or the other of 70 a functional,
You also get a totally different kind of
percent of all homes sold over $ I million
home.You are land and lifestyle. Stephen:
buying and we track all the data on where those
buyers come from and how they found us. continuing
Stephen: And privacy.
the high
This gives us the ability to continuously
consumer
: Does Houlihan Lawrence refine our marketing strategies based
for the m
do a lot of business in the on actual buyer trends and behavior.
luxury market?
: R
: How has Houlihan Lawrence
over-
Stephen: Yes, we participated in an P
leveraged technology to
whelming majority of sales over to see pri
improve the real estate experience
$2 million, including three of the top four 7
Chns:
area sales last year. We were the listing
least before
agent for Wildflower Farm in Bedford. Chris: Through the downturn we heavily
e s
which at $9.5 million was the highest
invested in in the
technology, culminating
m
reported sale in Westchester and in our
launch of our new website last year. It
for 201 I
entire mar ke t area·
allows our agents to perform analytics for
economy.
their clients and clients informed on
We are the only company in our keep
recovery.
a regular basis through weekly newsletters
market with a dedicated team of luxury real
and email updates on sales that might
estate specialists. The leader of
our Properties
affect the value of their home. We also
Luxury Country division,
experi- launched HLtv, a series of short videos
Tony Cutugno, has over 20 years of
that tell the of individual communi-
ence and has participated in the sale of story Wildflower
ties narrated by people who live and work This Stone
many of the most prestigious properties in
archi- was the hig
the area. Tony's expertise in period
per-
tecture and fine art provides a unique
spective for our luxury clients. Our luxury
Preview
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019 EXHIBIT 10 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019 HOULIHANa LAWRE EXCLUSIVE AFFILIATE OF CHRISTIE'S INTERNATIONAL REAL ESTATE I Houlihan Lawrence Corporate Headquarters President and CEO Stephen 2011 Mate-of-me-Madet Meyers joined the 120-yearold familybusiness in 1995,bringing S the largest real estate brokerage in Westchester, his Columbia University M.BA and 10-yearsof indus- eal estate Dutchess Counties, Houlihan Lawrence is in experience. Under his leader- try ship,Houlihan Lawrence has more when it comes to tracking the trends and nuances than doubled itsmarket share to 35% in Westchester and Putnam market-and putting that knowledge to work for b Counties and expanded into Dutchess County, and now spans 25 egional offices,with I,000 Houlihan Lawrence principals Stephen Meyers and licensed real estateagents and 2010 sales volumeof $3.5 Billion. recently sat down with former New York Times COO Chris Meyers joined Teri Rogers for a frank discussion of the 2010 real Houlihan Lawrence in 2003 after working as a consultant OutlOOk for 2011. Their conversation touched on at McKinsey & Co., where he advised Fortune 500 compa- faVOred New York City commuter towns, changing nies on technology and growth FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019 : After of a roller- : Did some areas perform lower price something coaster ride the last few years, better than others? bounced how did the Westchester-area real . . Chris: The recovery was strongest in estate market do m 2010? What's : E Southern Westchester, below I-287, in the the bottom line? h areas most readily accesible to New York though Chris: 2010 could be termed a year City commuters. It was particularly strong selling. of recovery. Sales activity picked up in Bronxville, Scarsdale, Rye and buyer's from and as more Larchmont - towns where people who significantly 2009, higher-end homes began selling, median work on Wall Street tend to live. Towns Chris: prices increased about 10%. Ifwe compare Westchester - Five-Year Market County History similar properties, Median Price -g-- Units Sold Full Year however, home values - seem to be at $800,000 settling $685,000 roughly 2003-2004 - $675,000 - 6000 $700,000 $63o coo 6 °°°° levels, which is down - $600,000 - 5000 about 20-30% from the peak on - depending $500,000 - 4000 where you are. - $400 000 - 3000 What trends - $300,000 did you see in - 2000 $200,000 the market last year? - 1000 - - 000,000 Stephen: half of 2010 The was first very 0 - 0 2006 2007 2008 2009 2010 active. Value-driven buyers returned to the market, and sellerS sources - All estchester County Single Family Homes. Information believedto be accurate but not warranted. grew more accepting of the fact that prices had come down. further from New York seemed to need to a This led to a substantial increase in the City struggle to find a catalyst on the buyers are number of transactions compared to the buy side, and the was more limited. quick to first half of though momentum recovery 2009, In Dutchess County, for instance, sales accordingly. faded somewhat as the year went on. volume was down a bit from viable to actually Chris: Demand in the first half of the 2009, and sales crept up just 5 percent comps, le in Putnam County. sellers mus year grew from the bottom up as first time excitement home buyers took advantage of the federal : So which towns saw or receive homebuyer tax credits.By the time the tax the most activity? incentives expired in June, the high end of Chris: the market was leading the way, which Chris: Scarsdale was the really followed wasn't enough to keep the market from first town to show signs of recovery FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019 moves than usual. With prices down cated consumer is the best client to work Chris: 25-30 percent from their peak, some with, and the internet has definitely made still not b potential buyers don't have enough things more efficient for everyone involved. From 2005 some- equity in their current home to roll In the old days you'd have to take averaged over into a new purchase. one around to dozens of houses to $5 million, them mar- educate about the 12 $5 milli Putnam - Five-Year Market ket. Today most buyers have end, over County History seen probably 50 houses in 2009 o Median Price -g- Units Sold Full Year online. They know what they each year want and they know what of months, - $500,0m they are going to pay for it. three deals - - $400,000 $3n.0œ 900 w million, 53'5°® - _ yeo a good si $30o,00o Stephen: All this information R - 5® peoples' $200,00o - available at fingertips : W - 300 _ is a wonderful thing, but you lo co ooo - 100 need to know how to compared really 5° 2006 2007 2008 2009 2010 interpret it,and our agents help Chris: L sioª value. And assaw-e-ons r- u-w-. to m ke for ed dec prestigious the market mes, e : Do NYC buyers think about We tc este Coun saw a rise of instance, retreats. value differently than 10% in median prices, but this really 7 opportune s uyers. reflects a change in the mix of homes that quality, p rather than an in prop- are selling, increase Chris: Yes, to some extent. For values. It doesn't mean you can price example, NYC buyers are more likely erty Stepheñ: to compare properties on a price per square your home higher. McMansions foot basis, which is how apartments are no longer priced in NYC. In the suburbs, where other : Besides a great what else buyers als deal, factors like land value can complicate are buyers for? pristine c looking simple price-per-square-foot comparisons, to put a some sellers-and even the brokers-are Chris: They no longer want a homes an having to get used to this concept. fixer upper. That's partly because their lifesty pricing As it turns out, comparing prices per people are no longer looking to square foot highlights the relative value of renovate a home and flip it as an Dutchess County suburban In aver- and because living. Westchester, the investment, partly Median Price age price per square foot is below $350, or the home equity loan market about a third of what it is in Manhattan. is more difficult to tap than it $340,œ0 used to be. - $300,000 Beyond square footage, city buyers are very focused on schools, access to mass transportation and staying within walking year- soo00 - . market do last 5 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 387 RECEIVED NYSCEF: 05/14/2019 consider their home here as their there. We' ly : Why should it matter to primary residence. buyers and sellers how also providin market share you have? actually l Stephen: And international buyers are awence certainly part of the mix, though not as Stephen: Buyers want to go where Ms area prevalent here as in New York City. the is, and sellers want to inventory special pl go where the buyers are, and we have : What's happening with both. Our market share is also a : W luxury sales in second-home reflection of the knowledge and fo towns like Millbrook and Rhinebeck? expertise of our sale professionals. Chris: Stephen: It was quite dormant for the Chris: It shows we're bounce b last couple of years but we've seen doing something recently right and perhaps to conditions a of activity. reacting changing flurry market conditions more than some 201 I will nimbly Chris: It's a weekend home market. competitors. deal flow in an office transaction Also, Buyers often shop in both the Hamptons mo provides additional market information we into a and the Millbrook area, which is around balanced can put to use for our clients. For example, 25% less expensive than the Hamptons. we are on one side or the other of 70 a functional, You also get a totally different kind of percent of all homes sold over $ I million home.You are land and lifestyle. Stephen: buying and we track all the data on where those buyers come from and how they found us. continuing Stephen: And privacy. the high This gives us the ability to continuously consumer : Does Houlihan Lawrence refine our marketing strategies based for the m do a lot of business in the on actual buyer trends and behavior. luxury market? : R : How has Houlihan Lawrence over- Stephen: Yes, we participated in an P leveraged technology to whelming majority of sales over to see pri improve the real estate experience $2 million, including three of the top four 7 Chns: area sales last year. We were the listing least before agent for Wildflower Farm in Bedford. Chris: Through the downturn we heavily e s which at $9.5 million was the highest invested in in the technology, culminating m reported sale in Westchester and in our launch of our new website last year. It for 201 I entire mar ke t area· allows our agents to perform analytics for economy. their clients and clients informed on We are the only company in our keep recovery. a regular basis through weekly newsletters market with a dedicated team of luxury real and email updates on sales that might estate specialists. The leader of our Properties affect the value of their home. We also Luxury Country division, experi- launched HLtv, a series of short videos Tony Cutugno, has over 20 years of that tell the of individual communi- ence and has participated in the sale of story Wildflower ties narrated by people who live and work This Stone many of the most prestigious properties in archi- was the hig the area. Tony's expertise in period per- tecture and fine art provides a unique spective for our luxury clients. Our luxury