The Antares Report: Westchester County Real Estate Market Update; Luxury Market Booms by 146% in Elite Westchester Towns in 2004 vs. 2003

Business Wire, June 22, 2004

LUXURY MARKET REPORT - JUNE 2004

Luxury Sales in Peer Towns                *Last third of June excluded
Prices Above $1.3 million                  in '04. Actual growth will
source: Westchester Board of Realtors      be larger due to closings
Multiple Listing Service (MLS) 6/21/2004   in last 10 days of June.

                       Jan-Jun
Town/School District     2003      Jan-Jun* 2004    Increase
-------------------------------------------------------------
                         Sold      Sold/Pending
                      -----------------------------
Scarsdale                 24            86            258%
Briarcliff                 3             9            200%
Chappaqua/Horace Greeley  11            33            200%
Rye                       18            41            128%
Harrison                  34            75            121%
Armonk/Byram Hills        13            27            108%
Bedford/Fox Lane          27            55            104%
Bronxville                13            26            100%
-------------------------------------------------------------
Totals                   143           352            146%


Recently Released Information on School District Quality:
Eight Grade Proficiency Test
2004 New York State English Language Arts Test
source: New York Times, 6/6/2004

               Percentage of Students
            ----------------------------
Peer Towns       Meeting Standards        Rank in Peer  Rank in County
----------------------------------------------------------------------
              (Point Change from 2003)  Group (out of 8)  out of 46
            ----------------------------------------------------------
Armonk                 90% ( 10)              1               1
Briarcliff             88% ( 0)               2               3
Rye                    87% ( 1)               3               5
Harrison               83% ( 7)               4               7
Bronxville             82% ( 0)               5              10
Scarsdale              79% (-1)               6              14
Bedford                74% ( 2)               7              21
Chappaqua              72% (-12)              8              22


                Number of Real Estate Brokers
                           Westchester County
        source: Westchester Board of Realtors
                                    6/16/2004

              Year                     Number
---------------------------------------------
             2003                      5,400
             2004                      5,965
         Increase:                        10%