Q3 2023 $10M+ Report

HAMPTONS MANHATTAN SOUTH FLORIDA Q3 2023 REPORT

Featured Exclusive Property: 2000 S. OCEAN DRIVE, #PH, HALLANDALE BEACH, FL

B E S P O K E R E A L E S TAT E

WE’RE REWRITING THE RULES...

AGAIN ®

$105M+

$9B+ Total $10M+ Transactions

Top Recent Bespoke Transaction

HAMPTONS

|

M A N H AT TA N

|

$27M+ Average Sales Price

SOUTH FLORIDA

Industries change. Markets evolve.

Great companies innovate.

Luxury real estate should be no exception.

Yet, the traditional brokerage/agent/commission construct has not evolved in decades—and as a client, you’ve noticed.

Recognizing the need for change, Bespoke Real Estate launched as the first and only firm to solely represent homes above $10 million with a revolutionary direct-to-client model.

Since our inception, Bespoke has been on a mission to deliver more value by streamlining and monetizing industry inefficiencies for you.

And now, after eight years of innovation and over $9 billion in $10M+ sales, weʼre taking a single point to make a single point: our clients always come first.

BESPOKE’S LIST-SIDE COMMISSIONS ARE NOW 1%.

Contact us to list with the $10M+ experts.

We’re Rewriting the Rules

TAILORED FOR $10M+.

TAILORED FOR YOU. $9 Billion+ Sold | 1% List-Side Commissions

115 Beach Lane, Wainscott, NY

Oceanfront Estate 2.55 Acres+/- | 11,000 SF+/6 Beds | 10 Full and 1 Half Baths Bespoke Exclusive. $55,000,000

TA B L E O F C O N T E N T S

2

INTRODUCTION

6

VISION

8

W H AT S E T S U S A PA R T

10

EXECUTIVE SUMMARY

12

THE HAMPTONS $10M+ MARKET

30

M A N H AT TA N $ 1 0 M + M A R K E T

42

S OUTH FLORIDA $10M+ MARKET

62

I N V I TAT I O N

T H E S Y M B O L T H AT R E D E F I N E D A N I N D U S T R Y

Bespoke’s brand mark is the symbol of ultra-luxury, exclusivity—and impeccable service.

157 W 57th Street, #51C, Midtown West, NY

The One To Look Up To Billionaires Row | Central Park & Skyline Views 3,466 SF+/- | 4 Beds | 4 Full and 1 Half Baths Bespoke Exclusive. $17,995,000

VISION

To provide our clients with more value, more resources, and a more personalized experience than anywhere else in ultra-luxury.

®

111 Beach Lane, Wainscott, NY

Expansive Oceanfront Estate 2.8 Acres+/- | 12,000 SF+/240’+/- of Ocean Frontage 7 Beds | 8 Full and 1 Half Baths Bespoke Exclusive. $39,995,000

W H AT S E T S U S A PA R T

The allure of a luxury price point is just the beginning; discover the competitive advantages of Bespoke and the unprecedented value afforded to you.

TA I LO R E D F O R $ 1 0 M +

THE BESPOKE METHOD

As the first and only firm to focus solely on selling homes above $10 million, Bespoke delivers unmatched expertise.

The Bespoke Method delivers the industryʼs most pinpoint-accurate UHNW-targeted marketing, driving powerful results for you.

1 % L I ST- S I D E C O M M I S S I O N S

In traditional brokerages, both the independent agent and the brokerage take a commission, resulting in unjustifiably high fees for the client. At Bespoke, our direct-to-client model removes these splits and delivers more value to you.

REVOLUTIONARY D I R E C T-TO - C L I E N T M O D E L

With no independent agents and no franchises, Bespoke delivers the capabilities of our entire company directly to our clients—without the dilution of resources found within traditional brokerages.

POWERED BY BESPOKE LUXURY MARKETING

Bespoke’s sister company, known for representing the worldʼs most prestigious brands, builds compelling campaigns for our clientsʼ properties.

W E A LT H I N T E L L I G E N C E

Bespoke’s Data Division uses the most exclusive wealth intelligence in the industry. With the removal of independent agents and internal competition, Bespoke controls, collects, and utilizes all incoming data and information to market and sell our clientsʼ properties.

IMMERSIVE INSIGHT

As the sole curator of national $10M+ market reports, we ensure that the Bespoke client is the most informed.

P E R P E T U A L LY E X P A N D I N G NETWORK

Bespoke’s curated roster of the worldʼs most influential UHNWIs acts as an ever-expanding advisory for our brand and the most qualified network for our clientsʼ offerings.

R E S U LT S

Bespoke has facilitated over $9B in $10M+ transactions for our clients and amassed a $2B+ portfolio of the worldʼs finest offerings, with an average sales price of $27M+.

Weʼre on a mission to make the industry better for you.

For decades there were no other options—Now you have Bespoke.

1236 S. Venetian Way, Miami Beach, FL Miami Waterfront Living 0.61 Acres+/- | 207’+/- of Frontage Bespoke Exclusive. $27,000,000

10 | LUXURY MARKET INSIGHT

Q3 2023 REPORT

HAMPTONS M A N H AT TA N SOUTH FLORIDA

EXECUTIVE SUMMARY Across the board, the theme of the third quarter of this year has been about market stabilization in the Hamptons and New York City, and market maturation in South Florida.

Though typically the ultra-high-net-worth community is somewhat insulated from macroeconomic conditions, the 20-year highs in interest rates have artificially depressed demand, in a market with already low supply. Yet despite these two economic headwinds, each of the three markets are still trading at pre-pandemic quantity and volume averages. What’s more, despite a dip in quantity and trading volumes compared to 2021 and 2022, the markets have retained a consistent if not increased average property sale price.

If these three Alpha Markets were able to meet pre-pandemic trade levels, which were years that didn’t face as heavy economic headwinds as 2023, it gives us reason to believe that trade levels will increase as macro-economic conditions normalize throughout the rest of the year and next year.

Due to the third quarter’s economic climate, buyers were more meticulous in their purchase decisions, in search of their “perfect” home.

Yet the buyers that found it traded significantly, particularly on turnkey properties in higher price segments. In the Hamptons, the $20-$30 million category grew from 0 trades last quarter to 4 this year, while in New York City, we saw a similar pattern in the $30-$40 million segment, with 1 Q3 2022 trade to 4 in Q3 2023. For those with a long-term investment horizon, properties with inherently rare attributes, such as oceanfront

homes in the Hamptons or historic townhouses in New York City, can be attractive in their ability to weather any economic wind. For example, in the third quarter, Bespoke facilitated the sale of 140 Murray Lane in Southhampton, a premier oceanfront property with a last asking price of $42 million.

In South Florida, we saw the total number of trades increase by 22% this past quarter compared to the same time last year, reaching 55 trades compared to Q3 2022’s with 45. Trades rose across every category we analyzed, with the only decrease in land/teardown, again due to macroeconomic conditions.

As public markets and interest rates rally in the way we’ve seen this year, they have the potential to create much noise in the overall economy. To some extent, ultra-luxury real estate has been impacted by that noise. But historically, noisy markets are also the times when experts look to increasingly nuanced data that can help them find the needle of opportunity in the evergrowing haystack. At Bespoke, we have built a formidable data team to help our clients make the most informed decisions they can, with Data for Decision Makers. As both we and our clients know, making highly informed decisions in an uncertain market, even if they’re unpopular, is how true wealth and success is found.

H O P E Y O U E N J O Y.

Cody Vichinsky F O U N D I N G P A R T N E R & P R E S I D E N T, B E S P O K E

THE HAMPTONS $10M+ MARKET

12 | LUXURY MARKET INSIGHT

111 Beach Lane, Wainscott , NY

Expansive Oceanfront Estate 2.8 Acres+/- | 12,000 SF+/240’+/- of Ocean Frontage 7 Beds | 8 Full and 1 Half Baths Bespoke Exclusive. $39,995,000

B E S P O K E R E A L E S TAT E . C O M | 1 3

$10M+ HAMPTONS MARKET REPORT

57 Total $10M+ Trades in Q3 YoY Q 3 2021

32 TRADES

Q 3 2022

15 TRADES

Q 3 2023

10 TRADES

In Q3 2023, Hamptons $10M+ trades fell by 33% compared to Q3 2022, from 15 to 10.

14 | LUXURY MARKET INSIGHT

$ 1 0 M + TOTA L H A M P TO N S S A L E S BY LO C AT I O N

The data shown below includes the 9 locations surveyed within the Hamptons $10M+ real estate market for Q3 YoY.

SAG HARBOR

*WEST OF THE CANAL # OF SALES 0

2021

2023

SOUTHAMPTON

3

2023

2

2022

2023

2022

2023

2023

2

1

2022

1

0

2021

2022

2023

A M AG A N S E T T / M O N TAU K 1

# OF SALES

0

2022

3

2021

2

1

0

EAST HAMPTON

SAGAPONACK

5 # OF SALES

2021

0

5 4

2021

WAT E R M I L L

2021

2023

BRIDGEHAMPTON # OF SALES

5

2022

2022

8

7

2021

0

# OF SALES

2022

0

# OF SALES

# OF SALES

1

2021

2 # OF SALES

2

2

# OF SALES

WAINSCOTT

0

2023

*Includes Westhampton-Hampton Bays

2021

2022

2023

B E S P O K E R E A L E S TAT E . C O M | 1 5

$10M+ HAMPTONS MARKET REPORT

+ $1.2B Total $10M+ Trade Volume for Q3 YoY Q 3 2021

$631M+

Q 3 2022

$290M+

Q 3 2023

$233M+

Though trade quantity and volume fell in the third quarter, the average price rose by 20.3%, from $19.4 million in 2022 to $23.3 million.

16 | LUXURY MARKET INSIGHT

$ 1 0 M + TOTA L H A M P TO N S S A L E S BY P R I C E P O I N T

The data shown illustrates the total sales quantity and volume within the ultra-luxury real estate market surveyed within the Hamptons for Q3 YoY.

$10M–$20M

$30M–$40M

11 4 2021

2022

# OF SALES

# OF SALES

3 26

2023

1

2021

$20M–$30M

2022

2023

$40M+

4

0 2021

2022

1

1

1

2021

2022

2023

# OF SALES

# OF SALES

4

1

2023

B E S P O K E R E A L E S TAT E . C O M | 1 7

The declines in quarterly trades compared to third quarter last year, and really the whole year, can be seen as a return to pre-pandemic levels, a stabilization of the market in the Hamptons, reined in by prohibitively high interest rates.

Consider that with 39 $10 million+ trades so far this year, 2023 is on track to transact about 50 trades, about the same annual amount we saw, on average, between

18 | LUXURY MARKET INSIGHT

2015-2019. Those pre-pandemic years had much more favorable interest rates than today, yet the market today still reached those same levels. This suggests a strong, insatiable demand for Hamptons properties in 2023, even in the face of heavy economic headwinds. The demand is there, but the market has been manipulated on a macroeconomic level to stifle actual purchases. This means that as interest rate hikes temper in the fourth quarter and

next year, we expect this suppressed demand to unleash, driving trades in the Hamptons. The fourth quarter always has a slight uptick in trades, where we predict about 12-15 trades this year.

111 Cobb Isle Road, Water Mill, NY

Mecox Bayfront 220’+/- of Bulkheaded Frontage 1.3 Acres+/- | 12,062 SF+/7 Beds | 8 Full and 3 Half Baths Co-Exclusive. $38,950,000

B E S P O K E R E A L E S TAT E . C O M | 1 9

20 | LUXURY MARKET INSIGHT

Noyac Path Compound, Water Mill, NY Compound Hilltop Retreat 2 Single and Separare Lots 5.13 Acres+/- | 9,617 SF+/9 Beds Total | 7 Full and 1 Half Baths Total Bespoke Exclusive. $13,950,000

B E S P O K E R E A L E S TAT E . C O M | 2 1

“The third quarter at Bespoke was one of the busiest times we’ve had compared to the same time last year,” says John Hollyer, Hamptons Senior Portfolio Manager at Bespoke. Given economic conditions, the market has shifted to a buyers’ market, who are not in a rush to buy given the interest rates they are facing, unless they find what they feel is exceptional value. With more scrutiny, diligence, and 22 | LUXURY MARKET INSIGHT

assessment on properties than in the past couple of years, buyers’ perception of value has become less lenient.

That is why turnkey inventory has been so prized, and why the average home price has grown from $19.4 million in the third quarter of last year to $23.3 million this year; the deals that have closed are ones that a buyer fell in love with, where

802 Town Line Road, Sagaponack, NY

Grandfathered Compound 3 Acres+/- | 3 Structures | 20,014 SF+/11 Beds Total | 15 Full and 2 Half Baths Total Co-Exclusive. $27,500,000

they saw so much intrinsic value that made purchasing in high interest rate environment worth it. This is consistent with what we saw last quarter, as well.

“The things that I have seen trading are doing so with a 20-25% discount ask,” to compensate for stalwart buyers in unfavorable economic conditions, “except on the high end,” says Hollyer.

Cody Vichinsky, Founding Partner and

President at Bespoke, agrees; “people want a clear pathway to either value proposition or buying an asset that is scarce, like oceanfront properties,” where the value can remain untouchably high and weather any downturned market.

B E S P O K E R E A L E S TAT E . C O M | 2 3

At Bespoke, “we have been fortunate to continuously transact the majority of the ultra-luxury trades in the Hamptons, as a direct result of representing the most rarefied and special properties, and positioning them well in the market,” says Sam Kelly, Senior Portfolio Manager in the Hamptons.

As buyers trade on properties with what they believe to be the highest value, we’ve seen most trades fall in the historically most popular markets, Southampton and

24 | LUXURY MARKET INSIGHT

Bridgehampton. New construction in the Hamptons has stayed relatively consistent across quarters, signaling the completion of development projects launched in 2021 and 2022 in a lower interest rate market that were ready for sale this year.

127 Dune Road, Westhampton Beach, NY

Oceanfront Between the Bridges 1.2 Acres+/- | 150’ of Frontage+/- | 5,765 SF+/6 Beds | 6 Full and 1 Half Baths Bespoke Exclusive. $12,995,000

B E S P O K E R E A L E S TAT E . C O M | 2 5

Hamptons Quarterly Transaction Quantity T O TA L 45 40 T R A N SAC T I O N Q UA N T I T Y

35 30 25 20 15 10 5 0 Q1 ‘21

Q2 ‘21

Q3 ‘21

Q4 ‘21

Q1 ‘22

Q2 ‘22

Q3 ‘22

Q4 ‘22

Q1 ‘23

Q2 ‘23

Q3 ‘23

Q2 ‘23

Q3 ‘23

QUARTER

Hamptons Quarterly Transaction Volume T O TA L

T R A N SAC T I O N VO LU M E ( M I L L I O N S )

$1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $Q1 ‘21

Q2 ‘21

Q3 ‘21

Q4 ‘21

Q1 ‘22

Q2 ‘22

QUARTER

26 | LUXURY MARKET INSIGHT

Q3 ‘22

Q4 ‘22

Q1 ‘23

Hamptons Yearly Transaction Quantity T O TA L

2023 PROJECTION

140

T R A N SAC T I O N Q UA N T I T Y

120

100

80

Though the Hamptons has only met 42% of 2020-2022’s trade quantity this year, we expect trade volume to reach 60% of the average volume across the same period, which would put 2023 on track with pre-pandemic rates of about 50 trades.

60

40

20

0 2019

2020

2021

2022

2023

YEAR

“ Though trade quantity and volume fell in the third quarter, the average price rose by 20.3%, from $19.4 million in 2022 to $23.3 million.”

CODY V I CHI NSKY | FOU N DIN G PART N ER & PRE S IDEN T, BES POKE

B E S P O K E R E A L E S TAT E . C O M | 2 7

YOY C O M PA R I S O N

HAMPTONS $10M+ MARKET

LISTINGS

VOLUME

LISTINGS

VOLUME

2023 TRADES

VOLUME

2022 TRADES

LISTINGS

BY PRICE POINT

BY V I N TAG E

BY SETTING

2021 TRADES

OCEANFRONT

5

$238,395,000

3

$83,600,000

1

$34,800,000

WATERFRONT

6

$101,745,000

3

$67,200,000

2

$37,450,000

INLAND

21

$291,355,000

9

$139,600,000

7

$160,795,000

TOTAL

32

$631,495,000

15

$290,400,000

10

$233,045,000

NEW CONSTRUCTION

8

$116,685,000

2

$42,675,000

2

$34,400,000

LAND/TEARDOWN

7

$106,880,000

3

$88,850,000

0

$0

TURN-KEY

17

$407,930,000

10

$158,875,000

8

$198,645,000

TOTAL

32

$631,495,000

15

$290,400,000

10

$233,045,000

$10M - $20M

26

$362,395,000

11

$149,150,000

4

$52,845,000

$20M - $30M

4

$93,600,000

0

$0

4

$93,400,000

$30M - $40M

1

$30,500,000

3

$96,250,000

1

$34,800,000

$40M+

1

$145,000,000

1

$45,000,000

1

$52,000,000

TOTAL

32

$631,495,000

15

$290,400,000

10

$233,045,000

28 | LUXURY MARKET INSIGHT

LISTINGS

VOLUME

LISTINGS

VOLUME

2023 TRADES

VOLUME

2022 TRADES

LISTINGS

BY LO C AT I O N

2021 TRADES

WEST OF THE CANAL

2

$39,295,000

1

$10,200,000

0

$0

SOUTHAMPTON

5

$69,145,000

7

$144,275,000

3

$68,400,000

WATER MILL

5

$208,590,000

1

$12,675,000

0

$0

SAG HARBOR

2

$24,945,000

0

$0

0

$0

BRIDGEHAMPTON

8

$151,135,000

2

$60,500,000

4

$72,150,000

SAGAPONACK

2

$21,400,000

0

$0

1

$24,500,000

WAINSCOTT

2

$22,495,000

0

$0

0

$0

EAST HAMPTON

5

$70,890,000

3

$45,400,000

2

$67,995,000

AMAGANSETT/ MONTAUK

1

$23,600,000

1

$17,350,000

0

$0

TOTAL

32

$631,495,000

15

$290,400,000

10

$233,045,000

B E S P O K E R E A L E S TAT E . C O M | 2 9

MANHATTAN $10M+ MARKET

30 | LUXURY MARKET INSIGHT

24 Leonard Street #PH9, Tribeca, NY

Custom Triplex Penthouse in the Heart of Tribeca 7,300 SF+/- | 6 Beds | 6 Full and 1 Half Baths Bespoke Exclusive. $38,000,000

B E S P O K E R E A L E S TAT E . C O M | 3 1

$ 1 0 M + M A N H AT TA N MARKET REPORT

226 Total $10M+ Trades in Q3 YoY Q 3 2021

99 TRADES

Q 3 2022

69 TRADES

Q 3 2023

58 TRADES

In Q3 2023, New York City $10M+ trade quantity fell by 16% compared to Q3 2022, from 69 to 58.

32 | LUXURY MARKET INSIGHT

$ 1 0 M + TOTA L M A N H AT TA N S A L E S BY LO C AT I O N

The data shown below includes the 5 locations surveyed within the Manhattan $10M+ real estate market for Q3 YoY.

16

2021

8

8

2022

2023

UPPER EAST SIDE # OF SALES

# OF SALES

UPPER WEST SIDE

2021

2021

10 8

2022

2023

23

22

2022

2023

MIDTOWN EAST # OF SALES

# OF SALES

MIDTOWN WEST 9

21

5

2021

6

6

2022

2023

DOWNTOWN # OF SALES

48

22 14

2021

2022

2023

B E S P O K E R E A L E S TAT E . C O M | 3 3

$ 1 0 M + M A N H AT TA N MARKET REPORT

+ $4B Total $10M+ Trade Volume for Q3 YoY Q 3 2021

$ 1 .7 B

Q 3 2022

$1.3B+

Q 3 2023

$ 1 .1 B

Though trade volume fell by 15% in Q3 2023 compared to Q3 2022, the average property price stayed consistent at $18.9M across both quarters.

34 | LUXURY MARKET INSIGHT

$ 1 0 M + TOTA L M A N H AT TA N S A L E S BY P R I C E P O I N T

The data shown illustrates the total sales quantity and volume within the ultra-luxury real estate market surveyed within Manhattan for Q3 YoY.

$10M–$20M

$30M–$40M

49

2021

2022

41

# OF SALES

# OF SALES

80

7 5

1

2021

2023

6

13 10

2021

9

2022

2023

$40M+

2023

# OF SALES

# OF SALES

$20M–$30M

2022

3 2

2021

2022

2023

B E S P O K E R E A L E S TAT E . C O M | 3 5

100 Barclay Street, PHB, Tribeca, NY. 212 West 18th Street, PH8A, Chelsea, NY Modern Tribeca Penthouse

Walker Tower Modern Duplex 5,023 SF+/| 5 SF+/Beds Interior | 5F/1HSpace Baths 2 Levels | 3,071 Bespoke Exclusive. $13.495M 190 SF+/- Exterior Space | 3 Beds | 4 Full Baths Bespoke Exclusive. $15,995,000

36 | LUXURY MARKET INSIGHT

B E S P O K E R E A L E S TAT E . C O M | 3 7

As noted in New York City in our previous Market Report, we predicted to see a downturn in the second half of this year, which we have so far in the third quarter.

There were 58 trades, only 22% less than that of the three-year average of 75 trades in the third quarter between 2020 and 2022. Still, the average price per home has stayed consistent at $18.9 million over the same period.

Overall, the Upper East Side has been performing the strongest, consistent with previous years, representing 22 trades, or 37% of all the markets at a total trade volume of $398 million.

885 Park Avenue, PH, Upper East Side, NY

Newly Finished Full-Floor Park Avenue Penthouse 6,000 SF+/- Interior Space | 3,200 SF+/- Exterior Space 6 Beds | 7 Full and 1 Half Baths Bespoke Exclusive. $32,000,000

38 | LUXURY MARKET INSIGHT

Downtown, comprising of Soho, Tribeca, and the Financial District, followed with 14 trades for a total of $317 million, together making up less than the Upper East Side alone. Consider that in 2021 Downtown had 98 trades, compared to this year with 43 trades, representing a 56% decrease in the area. The Upper East Side, however, has maintained trade quantity levels between 2021 until today, suggesting its resilience in any economic environment.

“This is the most activity I have seen on the Upper East Side for a long time,” says Andrew Azoulay, Manhattan Senior Portfolio Manager at Bespoke.

B E S P O K E R E A L E S TAT E . C O M | 3 9

165 Perry Street, #PH, West Village, NY

Multi-Level Penthouse Renovation Opportunity 3 Levels | 11,425 SF+/- | 6 Beds | 7 Full and 1 Half Baths Bespoke Exclusive. $29,000,000

40 | LUXURY MARKET INSIGHT

“The quality of life is a big reason.” With a higher number of townhouses on the Upper East Side, the allure of a full house with ample outdoor space is a huge draw.

“Convenience and daily routine is another driving factor to the Upper East, with sellers seeking to be closer to schools, many of which are above 70th street,” he says.

As with what we’ve seen in the Hamptons, there has been a shift in perceived buyer value to justify trades in such a high interest climate. “No buyer wants to take on a project right now, they are only looking for turnkey inventory,” Azoulay continues. “Even major cosmetic renovations are a deterrent.” The buyer profile overall has shifted from NYC’s 2021 heights. “Many third quarter buyers are New Yorkers who stuck in the city through the pandemic and are doubling down on their investments,” he says. There are also some LA-based buyers coming for Pieda-Terra homes on the lower end of the $10 million+ spectrum, with few overall international buyers in the market. On the seller side, many are simply downsizing, where taking on a high interest rate on a smaller home can be financially sound, unlike when sellers with low interest rate homes move to homes with the same or higher values, but with higher interest rates.

The one niche category where there is inventory is new development opportunities in New York City, as the cost of construction, land, and capital is too high to make purchasers’ investments whole.

B E S P O K E R E A L E S TAT E . C O M | 4 1

40 Fifth Avenue, #15D, Greenwich Village, NY. Greenwich Village Expansive Duplex 2 Levels | 3,500 SF+/5 Beds | 5 Full and 1 Half Baths Bespoke Exclusive. $14,995,000

42 | LUXURY MARKET INSIGHT

B E S P O K E R E A L E S TAT E . C O M | 4 3

Manhattan Quarterly Transaction Quantity T O TA L 120

T R A N SAC T I O N Q UA N T I T Y

100

80

60

40

20

0 Q1 ‘21

Q2 ‘21

Q3 ‘21

Q4 ‘21

Q1 ‘22

Q2 ‘22

Q3 ‘22

Q4 ‘22

Q1 ‘23

Q2 ‘23

Q3 ‘23

Q2 ‘23

Q3 ‘23

QUARTER

Manhattan Quarterly Transaction Volume T O TA L

T R A N SAC T I O N VO LU M E ( M I L L I O N S )

$1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $Q1 ‘21

Q2 ‘21

Q3 ‘21

Q4 ‘21

Q1 ‘22

Q2 ‘22

QUARTER

44 | LUXURY MARKET INSIGHT

Q3 ‘22

Q4 ‘22

Q1 ‘23

Manhattan Yearly Transaction Quantity T O TA L

2023 PROJECTION

300

Heading towards the last quarter of 2023, Manhattan’s trade volume is at 72% of the average annual trade quantity since 2020, with a projection to perform slightly below the historical average trade quantity.

T R A N SAC T I O N Q UA N T I T Y

250

200

150

100

50

0 2019

2020

2021

2022

2023

YEAR

“ Many third quarter buyers are New Yorkers who stuck in the city through the pandemic and are doubling down on their investments.”

A NDREW A ZOUL AY | M AN HATTAN S EN IOR PORTFOLIO MAN AGER, BES P OK E

B E S P O K E R E A L E S TAT E . C O M | 4 5

YOY C O M PA R I S O N

MANHATTAN $10M+ MARKET

LISTINGS

VOLUME

LISTINGS

VOLUME

2023 TRADES

VOLUME

2022 TRADES

LISTINGS

BY PRICE POINT

BY V I N TAG E

BY TYPE

2021 TRADES

CONDO/CO-OP

73

$1,236,582,422

53

$961,495,168

45

$852,813,676

TOWNHOUSE

26

$446,004,000

16

$337,300,000

13

$245,950,000

TOTAL

99

$1,682,586,422

69

$1,298,795,168

58

$1,098,763,676

NEW DEVELOPMENT

14

$314,150,990

25

$506,129,176

18

$319,021,276

TURN-KEY

85

$1,368,435,432

44

$792,665,992

40

$779,742,400

TOTAL

99

$1,682,586,422

69

$1,298,795,168

58

$1,098,763,676

$10M - $20M

80

$1,099,830,432

49

$668,004,443

41

$534,103,426

$20M - $30M

10

$250,895,990

13

$308,845,000

9

$219,660,250

$30M - $40M

7

$240,360,000

1

$32,664,000

5

$172,000,000

$40M+

2

$91,500,000

6

$289,281,725

3

$173,000,000

TOTAL

99

$1,682,586,422

69

$1,298,795,168

58

$1,098,763,676

46 | LUXURY MARKET INSIGHT

LISTINGS

VOLUME

LISTINGS

VOLUME

2023 TRADES

VOLUME

2022 TRADES

LISTINGS

BY LO C AT I O N

2021 TRADES

DOWNTOWN

48

$751,246,433

22

$381,741,630

14

$317,000,000

MIDTOWN EAST

5

$70,045,000

6

$122,535,225

6

$100,350,000

MIDTOWN WEST

9

$221,294,999

10

$233,665,313

8

$165,376,588

UPPER EAST SIDE

21

$427,634,990

23

$430,153,000

22

$398,297,088

UPPER WEST SIDE

16

$212,365,000

8

$130,700,000

8

$117,740,000

TOTAL

99

$1,682,586,422

69

$1,298,795,168

58

$1,098,763,676

B E S P O K E R E A L E S TAT E . C O M | 4 7

SOUTH FLORIDA $10M+ MARKET

48 | LUXURY MARKET INSIGHT

1236 S. Venetian Way, Miami Beach, FL

Miami Waterfront Living 0.61 Acres+/- | 207’+/- of Frontage Bespoke Exclusive. $27,000,000

B E S P O K E R E A L E S TAT E . C O M | 4 9

$10M+ SOUTH FLORIDA MARKET REPORT

171 Total $10M+ Trades in Q3 YoY Q 3 2021

71 TRADES

Q 3 2022

45 TRADES

Q 3 2023

55 TRADES

The only alpha market that outperformed this quarter compared to Q3 2022 was South Florida, with 55 $10M+ trades, 10 more than last year.

50 | LUXURY MARKET INSIGHT

$ 1 0 M + TOTA L S O U T H F LO R I DA S A L E S BY LO C AT I O N

The data shown below includes the 2 locations surveyed within the South Florida $10M+ real estate market for Q3 YoY.

PA L M B E A C H C O U N T Y # OF SALES

33

2021

21

20

2022

2023

MIAMI-DADE COUNTY # OF SALES

38

35 24

2021

2022

2023

B E S P O K E R E A L E S TAT E . C O M | 5 1

$10M+ SOUTH FLORIDA MARKET REPORT

+ $3.5B Total $10M+ Trade Volume for Q3 YoY Q 3 2021

$ 1 .7 B

Q 3 2022

$823M

Q 3 2023

$1B+

Sales volume increased by 25% in the third quarter compared to the same time last year, the only alpha market to have seen overall volume increases.

52 | LUXURY MARKET INSIGHT

$ 1 0 M + TOTA L S O U T H F LO R I DA S A L E S BY P R I C E P O I N T

The data shown illustrates the total sales quantity and volume within the ultra-luxury real estate market surveyed within South Florida for Q3 YoY.

38

2021

36

2022

42

$30M–$40M 10 # OF SALES

# OF SALES

$10M–$20M

2023

4 1 2021

6

17

6

6

2022

2023

# OF SALES

# OF SALES

2023

$40M+

$20M–$30M

2021

2022

3 2

2021

2022

2023

B E S P O K E R E A L E S TAT E . C O M | 5 3

142 S. Island Drive, Golden Beach, FL

Golden Beach Waterfront Estate 0.41 Acres+/- | 188’+/- of Frontage 11,337 SF+/- | 6 Beds | 8 Full and 1 Half Baths Co-Exclusive. $23,499,000

54 | LUXURY MARKET INSIGHT

Though during the pandemic there were many similarities between the Hamptons and South Florida markets as secondary vacation markets, this year South Florida has very much charted its own way. The only market to have outperformed this quarter compared to the same time last year was South Florida, with 55 $10 million+ trades, 10 more than Q3 2022’s 45, with an additional $200 million in sales volume. As we wrote in our reports in 2022,

South Florida’s rapid decline in 2022 compared to 2021 was a sign of market maturation and stabilization. The increase we’re seeing between the third quarters of this and last year suggests that the region has newly achieved a consistency in buying patterns across quarters and can sustain sales year-round, and that our assessment of the market last year proved correct.

B E S P O K E R E A L E S TAT E . C O M | 5 5

In another example of its maturation, unlike the other two alpha markets, South Florida is performing strongly across all price segments. It is staying consistent with New York City and Hamptons as far as the increases in $30-$40 million price ranges, from 1 trade in Q3 2022 to 4 trades in Q3 2023, where the highest range homes with rare features are somewhat insulated from

56 | LUXURY MARKET INSIGHT

the unfavorable economic conditions. Still, South Florida is the only market whose $10-$20 million segments outperformed last year, with 42 trades totaling $568 million, six more trades and $172 million more in volume than during the same time 2022.

What’s more, as interest rates stop rising or even possibly ease, this momentum provides

optimism for the fourth quarter, where we predict about 60 more trades, bringing the region’s total to 235 $10 million+ trades.

Like the other markets, “you’re seeing well positioned properties sell, while others struggle to justify value finding themselves without a buyer” says Zachary Vichinsky,

Founding Partner and CEO of Bespoke (between Q3 2022 and Q3 2023, there was a 55% decrease in land/teardown sales).

The buyer profile is more patient with less supply in the market, and, he says, they are “willing to wait for good value properties.”

2000 S. Ocean Drive, PH, Hallandale Beach, FL Newly Renovated Oceanfront Penthouse 6,781 SF+/- | 5 Beds | 6 Full and 1 Half Baths Bespoke Exclusive. $10,800,000

B E S P O K E R E A L E S TAT E . C O M | 5 7

South Florida Quarterly Transaction Quantity T O TA L 160 140 T R A N SAC T I O N Q UA N T I T Y

120 100 80 60 40 20 0 Q1 ‘21

Q2 ‘21

Q3 ‘21

Q4 ‘21

Q1 ‘22

Q2 ‘22

Q3 ‘22

Q4 ‘22

Q1 ‘23

Q2 ‘23

Q3 ‘23

Q2 ‘23

Q3 ‘23

QUARTER

South Florida Quarterly Transaction Volume T O TA L

T R A N SAC T I O N VO LU M E ( M I L L I O N S )

$3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $Q1 ‘21

Q2 ‘21

Q3 ‘21

Q4 ‘21

Q1 ‘22

Q2 ‘22

QUARTER

58 | LUXURY MARKET INSIGHT

Q3 ‘22

Q4 ‘22

Q1 ‘23

South Florida Yearly Transaction Quantity T O TA L

2023 PROJECTION

400

T R A N SAC T I O N Q UA N T I T Y

350 Heading towards the last quarter of 2023, South Florida is at 75% of the average annual trade quantity since 2019, we expect an increase in trade volume leading South Florida to perform within the historical average and outperforming prepandemic levels.

300 250 200 150 100 50 0 2019

2020

2021

2022

2023

YEAR

“ In South Florida, you are seeing well positioned properties sell, while others struggle to justify value as they find themselves without a buyer.”

Z ACHA RY V I CHI NSKY | FOU N DIN G PART N ER & CEO, BES POKE

B E S P O K E R E A L E S TAT E . C O M | 5 9

YOY C O M PA R I S O N

SOUTH FLORIDA $10M+ MARKET

LISTINGS

VOLUME

LISTINGS

VOLUME

2023 TRADES

VOLUME

2022 TRADES

LISTINGS

BY TYPE

BY V I N TAG E

BY SETTING

2021 TRADES

OCEANFRONT

17

$454,277,100

11

$209,175,000

5

$127,910,000

WATERFRONT

49

$1,107,029,000

17

$353,255,000

29

$575,727,665

INLAND

5

$110,150,000

17

$260,416,997

21

$321,575,000

TOTAL

71

$1,671,456,100

45

$822,846,997

55

$1,025,212,665

NEW CONSTRUCTION

13

$400,795,000

9

$175,350,000

19

$373,944,350

LAND/TEARDOWN

18

$449,697,100

9

$131,481,675

4

$73,147,000

TURN-KEY

40

$820,964,000

27

$516,015,322

32

$578,121,315

TOTAL

71

$1,671,456,100

45

$822,846,997

55

$1,025,212,665

SINGLE FAMILY

8

$176,280,000

35

$664,246,997

42

$836,752,665

TOWNHOUSE

63

$1,495,176,100

10

$158,600,000

13

$188,460,000

TOTAL

71

$1,671,456,100

45

$822,846,997

55

$1,025,212,665

60 | LUXURY MARKET INSIGHT

LISTINGS

VOLUME

LISTINGS

VOLUME

2023 TRADES

VOLUME

2022 TRADES

LISTINGS

BY PRICE POINT

BY LO C AT I O N

2021 TRADES

PALM BEACH COUNTY

33

$903,737,000

21

$341,171,997

20

$421,386,915

MIAMI-DADE COUNTY

38

$767,719,100

24

$481,675,000

35

$603,825,750

TOTAL

71

$1,671,456,100

45

$822,846,997

55

$1,025,212,665

$10M - $20M

38

$537,396,100

36

$480,281,425

42

$568,082,065

$20M - $30M

17

$410,210,000

6

$152,810,572

6

$142,610,000

$30M - $40M

10

$341,100,000

1

$34,000,000

4

$139,375,000

$40M+

6

$382,750,000

2

$155,755,000

3

$175,145,600

TOTAL

71

$1,671,456,100

45

$822,846,997

55

$1,025,212,665

B E S P O K E R E A L E S TAT E . C O M | 6 1

I N V I TAT I O N

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HAMPTONS: 631.500.9030 | NYC: 212.542.4582 | SOUTH FLORIDA: 305.800.9030 P M @ B E S P O K E R E A L E S TAT E . C O M B E S P O K E R E A L E STAT E . C O M © 2022 Bespoke Real Estate LLC (“Bespoke”), a licensed real estate broker. All rights reserved. 1% commission is for the listing fee only. Buyer’s agent fee not included, all fees are subject to Bespoke’s terms and conditions and may be changed at any time. Bespoke disclaims any and all warranties, express or implied, including, but not limited to, warranties as to the reliability, accuracy or currency of any information, images and/or other content herein. Bespoke fully supports and complies with the fair housing act, equal housing opportunity act and related state and local laws that prohibit discrimination.