NEW HOME SALES IN THE U.S. HIT 9 YEAR HIGH

August 24th, 2016 by Judi Desiderio

Newly built single family residences across the country jumped 12.4% according to the just released U.S. New Home Sales Report. July 2016 was the best month-to-month increase since October 2007. Year-to-year the July increase was a whopping 31.3%! This puts new home sales levels back to levels equivalent with levels prior to the Great Recession, but below all-time highs reached in 2005.

According to the US Commerce Department, the seasonally adjusted annual rate of 654,000 newly built homes traded hands. In fact, the total amount of new homes sold in the U.S. for the first half of 2016 was up over 12% compared to the same period in 2015. Economists believe historically low interest rates and strong job markets are the main contributing factors.

Additionally, many young home buyers have been sitting on the sidelines for several years and are just now beginning to realize the importance of homeownership.

New homes create jobs. Not only by the construction of the home but there are jobs created with ancillary services such as landscaping, decorating, etc.  All of these jobs markets see significant increases when home sales increase.

Finally, the National Association of Realtors collaborated on the strengthening home sale markets with June’s report on previously owned homes, which hit a 10 year high. Real estate has been the beacon! 


MIXED SIGNALS

August 11th, 2016 by Judi Desiderio

Second quarter 2016 statistics have been released and they are not sending clear signals by any means.

On one hand, The National Association of Realtors reported that home prices rose in 83% of the nation’s 178 major real estate markets. Yet, according to CoreLogic Case Shiller Indices overall prices are now just 2% off the peak set in July 2006.

Homeownership rates are the lowest since the Census Bureau began tracking quarterly statistics in 1965 – now at 62.9%. Economists estimate 200,000 to 300,000 fewer US households are purchasing new homes annually, than during normal market conditions. The true American Dream of home ownership is in flux.

Personal wealth has always been driven for most by their homes. Retirement, tuition, vacations, and much more usually financed via home equity. Is there an entire generation of permanent renters out there? I hope not, for their sake.

First time home buyers are a critical piece of the puzzle and the government must support this vital future growth. Mortgage qualifications are a big part of today’s issues. Keep in mind, home sales create jobs and employ ancillary services from painting to landscaping.  It was home sales and the economic boost it provided that pulled us out of the worst economic downturn since the Great Depression.

How can lawmakers support growth from the bottom up?


TOWN & COUNTRY NORTH FORK 2ND QUARTER 2016 HOME SALES REPORT

July 29th, 2016 by Judi Desiderio

TOWN & COUNTRY’S 2nd Quarter North Fork Home Sales Report demonstrates uneven growth, but growth none the less.

Southold (which includes New Suffolk and Peconic) had the greatest up-tick in the Number of Home Sales at 25% —from 28 in 2015 to 35 in 2016 (same three months), yet experienced drops in the Total Home Sales Volume and Median Home Sales Price of 14% and 6% respectively. 

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) logged an 18% increase in the Number of Home Sales and a 20% jump in Total Home Sales Volume.

Mattituck (which includes Laurel and Cutchogue) and Orient (which includes East Marion and Greenport) each had one less home sale during the 2nd Quarter, year over year.

Looking at All North Fork Markets Combined you will note that only declines in the five price categories monitored by TOWN & COUNTRY were the $500,000 – $999,000 category by 22.45% from 49 to 38 from 2015 to 2016 and the $5M and up, where there were no sales vs. last year. The Number of Home Sales rose 8% in this year to year comparison yet the Total Home Sales Volume and Median Home Sales both experienced pullbacks of 3% and 14% respectively.

“The North Fork has established definite traction. I anticipate the 2nd half of 2016 to continue to gain momentum as more and more people discover the richness of North Fork living,” states Judi A. Desiderio.

To view the full report visit North Fork 2nd Quarter 2016 Home Sales Report. For all Town & Country Real Estate Market Reports, click here.


TOWN & COUNTRY NORTH FORK MID YEAR 2016 HOME SALES REPORT

July 27th, 2016 by Judi Desiderio

In analyzing the data from the North Fork markets for the first six months of 2016, the positive trends jump right off the page. All four specific North Fork markets experienced increases in the Total Home Sales Volume.

Southold (which includes New Suffolk and Peconic) posted the greatest increase in the Number of Home Sales with a spike of 32% from 53 in the first six months of 2015 to 70 in 2016 same period. The Median Home Sales price was also up 10% and Total Home Sales Volume grew 17%.

Orient (which includes East Marion and Greenport) realized a whopping 43% increase in Total Home Sales Volume from $22.2M to $32M year to year. In fact, the Orient market was totally in the black this report.

Mattituck (which includes Laurel and Cutchogue) saw a slight uptick in homes sales activity as did Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport).

“The glaring trend is the heightened activity primarily on the eastern end of the beautiful North Fork in the first six months of 2016,” states Judi A. Desiderio.

Looking at All North Fork Markets Combined and you will note healthy growth in the Number of Home Sales (+12%), as well as the Total Home Sales Volume (+15%).

Prediction for the balance of 2016, is a continued ascend for our North Fork markets.

To view the full report visit North Fork Mid Year 2016 Sales Report. For all Town & Country Real Estate Market Reports, click here... 


Town & Country Real Estate Annual Mid-Summer Cocktail Party

July 26th, 2016 by Town & Country Real Estate

Town & Country Real Estate Judi Desiderio, Lori Feilen, Amy Forst

There’s almost nothing better than a breezy summer night in the Hamptons sipping rose under a rose-colored sky by the waterside watching the yachts and sailboats go by.  It does however get better when you are enjoying said rose at East Hampton Point surrounded by friends and colleagues at Town & Country Real Estate’s annual mid-summer cocktail party. That was the scene on July 14th when over 100 agents, brokers, family, and friends from the Hamptons and North Fork offices gathered to enjoy the good life for a few hours. 

CEO and President Judi Desiderio was thrilled to see so many agents and brokers from all seven offices at the party.  “What a great night! I love to see everyone relaxing and enjoying each other’s company.  At T&C, we’re all about our people!” said Judi.  

And what do real estate pros talk about at a cocktail party?  Real estate of course.  There must be something in the water because all around the party agents and brokers were excitedly chatting about all of the deals in the works.  From sales and last-minute summer rentals to long term commercial leases the East End real estate business is looking good for Town & Country Real Estate.

"Mother Nature blessed T&C with a beautiful sunset over the harbor," said Judi.  "Great people, great setting, great party, and spectacular sunset.  What more could you ask for?"

Town & Country Real Estate Mid-Summer Party: Joan Bischoff, Jeanmarie Bay, Mladen Bay, Amy Quaranta, Lori Feilen, Pat Richards, Maryse Bransfield, Judi Desiderio, Melinda Markland, Nicholas Planamento, Nicole B. Brewer, Bill Brewer

All Photos by CB Grubb


TOWN & COUNTRY HAMPTONS MID YEAR 2016 HOME SALES REPORT

July 25th, 2016 by Judi Desiderio
 
Analyzing the Hamptons Home Sale data for the first six months of 2016 was like being on the Cyclone at Coney Island. The highs are huge — check out Shelter Island — and the lows makes your stomach drop‚ take a look at Southampton Village.

Shelter Island broke some records with 44 sales — a 76% spike from 2015 when only 25 homes sold in the first six months and nearly $50 million changed hands — almost double that of the same period last year.

Sag Harbor Village and Sag Harbor Area (which includes Noyack and North Haven) posted the greatest gains in Median Home Sales Price at 29% and 30% respectively.

Interestingly, the usual crown jewels seem to have lost their luster a bit. Bridgehampton (which includes Water Mill and Sagaponack) saw nearly all red across the board. The Total Home Sales Volume sank 34% — primarily due to the drop in home sales activity $10M and up.

Southampton Village and East Hampton Village, both estate areas, historically blue chips, realized significant pull backs. Southampton Village didn’t have one home sale $10M and up — it’s been many years since we saw that! The Total Home Sales Volume was off by 51% with 27% less sales, all of which recalibrated the Median Home Sales Price to $1.95M. East Hampton Village saw 31% less home sales from 35 in the first six months of 2015 to only 24 in 2016 same period. The Median Home Sales Price droppped 23% from $3.1M to $2.4M year-to-year.

The silver lining for East Hampton Village was the Total Home Sales Volume spike of 36% from $167M to $228M year to year. It must be noted though that this was due to 3 home sales on Lily Pond Lane. Two were part of Scott Bommer’s $110M flip, in addition to 199 Lily Pond Lane oceanfront which closed at $70M — none of which were listed for sale.

“Looking at All Hamptons Markets Combined and you clearly see that while there were some statistically wild peaks and valleys, the prime criteria monitored by TOWN & COUNTRY shows only slight variations.The Number of Home Sales was -6%; the Total Home Sales Volume -8.7%; Median Home Sales Price rose 2%. Not a bad ride afterall,” states Judi A. Desiderio.

View the full Mid-Year 2016 Report all reports visit TownAndCountryHamptons.com/Reports.


TOWN & COUNTRY Hamptons 2nd Quarter 2016 HOME SALES REPORT

July 19th, 2016 by Judi Desiderio

 

The numbers are in… raising eyebrows mind you! 

The second three months of 2016 proved challenging for many of the 12 individual markets monitored by TOWN & COUNTRY.  All three criteria in the analysis showed significant drops: The Number of Home Sales dropped in eight of the 12 hamlets and the Total Homes Sales Volume and Median Home Sales Price both realized declines in nine of the 12 locales.

Southampton Village and East Hampton Village, two prime crown jewels of Hamptons Real Estate, both suffered significant declines in all three criteria. In fact, East Hampton Village’s drop of 53% in Total Homes Sales Volume ($95M to $45M year to year) was the greatest of all markets, with Southampton Village not far behind dropping 48% from $86M to $45M.

Reviewing last year’s TOWN & COUNTRY’S 2nd Quarter Home Sales Report, you will notice 2015 experienced a similar set of declines when compared to 2014. Hopefully, this is not a trend!

Thankfully, the report was not all doom and gloom. Sag Harbor Area (which includes Noyack and North Haven) posted the highest gains in the Number of Home Sales at a 100% leap from 17 in 2015 to 34 in 2016. Further, the Total Homes Sales Volume rose from $23.5M to $58M.

Sag Harbor Village and Shelter Island both showed strong growth in the Number of Home Sales, Total Homes Sales Volume and Median Home Sales Price. Is there a shift in focus to the quaint boutique markets from the estate sections, or is it a function of price?

The darling hamlet of Amagansett experienced an unexpected pull back in activity with 35% fewer homes trading hands — this certainly is not due to a lack of interest, but rather a price sensitivity with Median Home Sales Prices nearing $2M inclusive of both north and south of the highway.

View All Hamptons Markets Combined and you will see plenty of red. In fact only one of the eight price ranges monitored by TOWN & COUNTRY saw gains — an anemic 5% increase in the Number of Home Sales, $500,000 – $999,000 the most popular price category.

“While the 2nd Quarter Home Sales Report proved what I have said about the $10M and up price categories being hit the hardest, I do anticipate the next three months will see a seasonal uptick on the high end. Though, it is the stock market trajectory that dictates Hamptons high end sales. Just another cycle.” states Judi A. Desiderio, President.

To view the full report visit 2nd Quarter Home Sales Report. For all Town & Country Real Estate Market Reports, click here.

 


U.S. HOME SALES STRIKE A 9 YEAR HIGH

June 29th, 2016 by Judi Desiderio

Last week the N.A.R., National Association of Realtors, released their report on existing home sales for the month of May. The 1.8% increase to an annual rate of 5.53 million units, was the highest level since February 2007, and sales were up 4.5% from the same period in 2015.

Existing home sales surged 4.1% in the Northeast, 4.6% in the South and 5.4% in the West. The Mid-West was the only natural region to slide… and it fell hard with a loss of 6.5%. Ratios of inventory to demand jumped around this year.

In the Hamptons and North Fork we expect the second quarter report, which will be released mid-July, to be a bit soft. Visit www.TownandCountryHamptons.com/Reports to view all market reports.

Real Estate sales are closely watched by those in the financial world, due to the jobs created with every new home built and the increase in ancillary services whenever a new buyer turns the key to their new home.

From painting to planting, we all enjoy perusing our American Dream. 


Brexit, Done!

June 24th, 2016 by Judi Desiderio

This morning, we all awoke to a changed world… again!

A historic number of British voters came out to be heard.  When the polls were all done, by a mere 3.78%, the UK decided to exit the European Union (EU).

No one knows for certain just how far reaching such a decision’s impact will be, but if the global markets are any indication, the short term affect will not be good. Markets hate uncertainty and the broad scope of uncertainty around this is huge.

What does this mean for our local real estate markets?

If I had a crystal ball, I would predict that our high-end markets will feel the brunt of the pain. The demographic of the buyer population of luxury real estate is deeply rooted in the financial markets, so more than likely, those buyers will view this as a future buying opportunity and park their money in a safe liquid asset.

The rest of our markets may feel an initial pull back only to recover once they realize the broad base of buyers, for what they have to sell, are even more eager than before to invest in East End dirt!

In the meantime, buckle in. It’s going to be quite a ride.


Truck Beach

June 22nd, 2016 by Judi Desiderio

I would like to weigh in on the issue of “truck beach”—a real hot potato… or should I say hot sand. I am stupefied by the town’s decision to fight this for 7 years and vow to continue the fight should the judge not rule in their favor. While I see both sides of this issue, I clearly see a resolution that will not cost the town a dime AND allow for only fishermen pulling in nets to continue as the town claims has happened for many years.

Nearly 30 years ago I sold both properties at the end of Mitchell Dunes Lane… the oceanfront properties. At that time there truly was only the occasional dawn or dusk fisherman casting his or her line in… frankly I never saw a fisherman hauling in his nets as the town describes.

One of those purchasers has become a lifelong dear friend of mine and my family… so I have spent many days at that beach. The current use of the shoreline is not even remotely close to what East Hampton Town describes as its allowable use and hasn’t been for many years. 

Did you know it is the ONLY ‘drive on’ beach that is not on public lands?  Did you also know that just to the east is NY State Parkland? That is THE ANSWER! If truck beach were relocated to this state land there is NO ISSUE! Private property owner rights are then not in question. The town claims this is a title issue. The lawsuit that has cost tax payers TENS OF THOUSANDS OF DOLLARS will cease instantly. Local residents who enjoy driving on the beach and parking there for the day will continue to enjoy the activity… Just a few feet to the East! A WIN WIN situation for EVERYONE! Property owners, tax payers, and beach driving enthusiasts!

Town residents who wish to drive on the beach will need to get a NY State pass to drive and park there and may even need a NYS fishing license , but remember that WAS the original allowable use as described by East Hampton Town. It has been asked – why not allow driving on every town beach  – this would dilute the impact on this beach. Or impose the same hours of use as on other town beaches.  Let’s also consider the impact on the environment… the precious dunes with its important vegetation, the piping plovers and other wildlife.

We can open Pandora’s Box and discuss the importance of comfort stations – which there currently are none. On the state land this could all be cured with cooperation. If a resolution is the true object, the answer is right in front of everyone’s eyes. I am befuddled at why this simple and comprehensive resolution has not simply been done.

The existing tact is a waste of time, energy and money… let’s get smart… PLEASE!