Just released! Our company’s annual Shore Report for high-end sales of Long Island Sound-front homes in Westchester County, N.Y. and Fairfield County, Conn., is now out and available for viewing. The latest report, which details results for the calendar year of 2015, continues to find significant sales gains year over year.
The Shore Report takes an in-depth look at the waterfront segment, discerning how it has performed alongside the overall market improvements that have occurred in recent years, which is detailed in our company’s quarterly Market Watch reports. After thorough analysis, the results reveal that both Fairfield and Westchester County’s high-end markets, which include direct waterfront homes priced over $1 million, experienced a positive surge in year over year sales volume from 2014 to 2015.
One contributing factor to this increase in waterfront activity is the recent modifications made to both flood and homeowner insurance. This includes the Homeowner Flood Insurance Affordability Act of 2014, which aims to permit easier access to flood insurance for most buyers. Reversing an earlier bill that removed subsidized insurance rates for older waterfront homes, the new bill reinstates the ability for a seller to sign over an insurance policy, while also restoring original discounted rates. In addition to this change, a homeowner insurance revision has altered former mitigation requirements in which storm shutters, pre-drilled holes for shutters, impact-resistant glass and other precautions were necessary to qualify for insurance.
Westchester County’s shoreline towns of Rye, Larchmont, Mamaroneck and New Rochelle experienced an increase in sales dollar volume by 14.6% for the year. This growth was mainly driven by the Rye community, which had a 90% increase in volume. For each of these towns, year over year unit sales generally remained even. In Fairfield County, the shoreline towns of Stamford, Darien, Norwalk, Westport and Fairfield, saw a 35.9% increase in sales volume, as well as a 19.1% increase in units. Overall results did change, however, when Greenwich was factored into the data, revealing increases of 11.4% in volume and 3.9% in units. Greenwich was considered separately in the report largely due to the fact that the region is so much larger and varies greatly from other nearby areas.
“Waterfront is a unique segment of the market, especially considering the weather-related challenges and flood insurance issues that buyers must take into account. So we are very happy to report that waterfront is just as active as the rest of the real estate market,” said President and CEO Paul Breunich. “The ongoing increase in waterfront sales activity is exciting news for our areas, and we will continue to watch this sector carefully throughout 2016.”
The Shore Report is available to view online here.
