Town & Country Hamptons 1st Quarter 2017 Home Sales Report

April 18th, 2017 by Judi Desiderio

WARNING: Before you delve deep into the extraordinary amount of negative red figures, keep in mind, all Real Estate Reports are somewhat a look in the rearview mirror. Recorded data that is analyzed reflects closings that went into contract an average of 60 days prior.

That said, Q1 home sales clearly show a tremendous pull back on the high end. TOWN & COUNTRY monitors eight separate price ranges in 12 different markets. Across the board, none of the hamlets experienced an increase in the $10m-19.99m or $20m and up price ranges. In All Hamptons Markets Combined, these two price categories declined by -83% and -67%, respectively.

The only beacon in this report would be Southampton Village, where the Total Home Sales Volume jumped a whopping +93.6%, while the Median Home Sales Price shot up 87.5% to $3.75m in 2017 from $2m in 2016. In fact, the only sale in the $20m and up category was 7 Old Town Road in Southampton Village for $26,000,000. 

While nine of the 12 markets that TOWN & COUNTRY analyzes experienced declines in both Number of Home Sales and Total Home Sales Volume criteria, the Median Home Sales Price rose in 10 of the 12 markets. This demonstrates the resiliency of East End dirt, meaning that while the sales activity may ebb with factors such as the movement of stocks and bonds, the inherent value of our real estate has true, long-term staying power.

Most of this data reflects Q4 2016 sales activity, which was apparently weak for many sectors. Just as I predicted these stats would be sad for Q1 2017, I predict that the Second Quarter will be better for most markets and price ranges, while the high end remains against headwinds.

To view all reports visit TownAndCountryHamptons.com/Reports.


Town & Country North Fork 1st Quarter 2017 Home Sales Report

April 18th, 2017 by Judi Desiderio

The North Fork markets fared well, considering – better than its cousin, the Hamptons.

Two of the four markets monitored by TOWN & COUNTRY experienced increases in both the Number of Home Sales as well as the Total Home Sales Volume. Orient, (which includes East Marion and Greenport) had a great quarter with increases of +26% in both Number of Home Sales and +23% in Total Home Sales Volume. Oddly,the Median Home Sales Price dipped -7% to $487,500. Jamesport, (which includes Aquebogue, Baiting Hollow and South Jamesport) was in the black for the first three months of 2017. Its Number of Home Sales increased +18%, while the Total Home Sales Volume rose +21.5%, and the Median Home Sales Price shot up nearly +10%.

The two markets experiencing some pain during the first quarter were Mattituck (which includes Laurel and Cutchogue) and Southold (which includes New Suffolk and Peconic). Southold decreased -36% in the Number of Home Sales and 26% in Total Home Sales Volume, while Mattituck dropped 39% in the Number of Home Sales and 24% in Total Home Sales Volume. The shining sparkle for both markets, though, is they logged in the two highest sales in the price range of $2m-3.49m: 5909 Lloyds Lane, Mattituck at $2.95m and 1350 Paradise Point Road, Southold at $3.25m.

Looking at All North Fork Markets Combined, you can see that while there may have been a pull back of -18% in the Number of Home Sales, there is a clear increase in the higher price categories. TOWN & COUNTRY monitors six specific price categories, and Q1 2017 saw increases in $1m-$1.99m of +17% and double the number of closings in the $2m-$3.49m category.

This first quarter home sales report is proof that while TOWN & COUNTRY is experiencing heightened activity in our offices, the market in general did not. I believe low inventory is one of our greatest challenges for all North Fork markets. We have the buyers and the interest. Now we need the listings.

To view all reports visit TownAndCountryHamptons.com/Reports.


US Home Prices Rose 5.9%

March 30th, 2017 by Judi Desiderio

The S&P CoreLogic Case-Shiller Index reported a 5.9% rise in home sales prices nationwide for January, year over year. That increase is the greatest since mid-2014. The 10-city index rose 5.1% January 2016 to January 2017 while the 20-city index gained 5.7%.  There are several contributing factors. The scales of supply and demand, dictate the price of anything from art to homes.

At this time in history job growth among the large demographic of 30-something-year-olds contributes to the demand side.  Economists have logged an important concern on that front that wages, rising at 2.5%, and home sale prices, increasing 5.7%, will eventually cause a disconnect.

On the other side of the scales we have supply.  According to the National Association of Realtors inventory in December hit the lowest level since they began tracking this data in 1999.  The number of homes for sale in January 2017 was over 7% less than the number of homes for sale same month last year.

How do these national statistics compare with our niche markets? Frankly, they don’t.  It is not uncommon to see our markets move inversely to national trends.  Because our markets are so diverse and so specialized, they don’t always move in tandem.  Right now, there are segments of our markets that desperately need inventory and others that are, well, flooded.

These vast differences are precisely why Town & Country Real Estate has always broken down our Home Sales Reports into individual markets and different price ranges within those markets in the Hamptons and across the North Fork. 

To view our published market reports visit www.TownAndCountryHamptons.com/Reports weigh in on your market concepts.


Barney Rosset Estate in East Hampton Sells for $5.5 Million

March 2nd, 2017 by Town & Country Real Estate

400 Hands Creek, East Hampton - Front Facade

An East Hampton property once owned by Barney Rosset, who published works by Henry Miller and Samuel Beckett that were considered scandalous, was on the market for $6.495 million and just sold to a Hollywood actor who asked to remain anonymous for $5.5 million.

A memoir, titled “Rosset: My Life in Publishing and How I Fought Censorship,” was published last summer by OR Books. Rosset was known as a crusader against censorship in the 1960s, publishing controversial books including D.H. Lawrence’s “Lady Chatterley’s Lover,” Henry Miller’s “Tropic of Cancer” and “The Autobiography of Malcolm X” through his company, Grove Street Press. 
 
400 Hands Creek, East Hampton - Swimming Pool
 
Rosset, who died in 2012 at age 89, lived on the 13.5-acre property for about 10 years until 1993, when he sold it to the current owner, says listing agent Bill Stoecker of Town & Country Real Estate. Over seven years, the current owner salvaged and renovated a barn on the property, which is now the double-height living room for the four-bedroom home, Stoecker says. He added another 4,000 square feet of living space to the shingle-style home, which has four fireplaces, a wine cellar, and a rooftop hot tub. The property, which sits adjacent to 10 acres of town-owned reserve land, has a swimming pool, pool house, tennis court and separate garage, and is surrounded by gardens.
 
For more details about the property or the sale CLICK HERE or contact listing agent William Stoecker at BStoecker@TownAndCountryHamptons.com.
 
400 Hands Creek, East Hampton - Living Room


Town & Country 4th Quarter 2016 Home Sales Report

January 17th, 2017 by Judi Desiderio

How the mighty have fallen! 

The last 3 months of 2016 were NOT good for the Hamptons real estate markets.

11 of the 12 individual markets monitored by TOWN & COUNTRY experienced declines in the Number of Home Sales with the hardest hit being starlets East Hampton Village with a 46% drop and Bridgehampton (which includes Water Mill and Sagaponack) with a whopping 56% free fall. In turn, these two markets also experienced the worst losses in Total Home Sales Volume with Bridgehampton (which includes Water Mill and Sagaponack) down -70% from $305 million trading hands in the 4th Quarter 2015 to a scant $92 million for the same 3 months a year later, and East Hampton Village sank like a stone by -81% from $120 million to just $22.7 million year to year, 4th quarter.

Enough of the bad news, while the Number of Home Sales and Total Home Sales Volume were both poor performers in the 4th quarter, 2016, the Median Home Sales Price rose in half the markets monitored by TOWN & COUNTRY. In fact, Montauk, which remains one of the hottest markets, experienced a 61% leap in Median Home Sales Price 2015 to 2016 4th quarter from $815,000 to $1.315 million respectively. Prices are obviously going up in Montauk — “simply put, the supply is never going to out weigh the demand since Montauk is surrounded on 3 sides by ocean.”

Looking at All Hamptons Markets Combined and you clearly see activity in Hamptons home sales was pretty much on hold toward the end of 2016, particularly $10 million and up, where there were 14 closings in the last 3 months of 2015 vs. only 5 in 2016. The good news is all 8 TOWN & COUNTRY offices are reporting heightened activity since the election and I predict 2017 will be a much better year than 2016.

To view all reports visit TownAndCountryHamptons.com/Reports.


Town & Country Hamptons Year End 2016 Home Sales Report

January 17th, 2017 by Judi Desiderio

The 2016 Hamptons Home Sales Market closed out with a thud. In fact, the full report is covered with lots of RED!

Only 3 of the 12 markets monitored by TOWN & COUNTRY experienced an increase in the Number of Home Sales. Shelter Island had the greatest statistical change of +16%, from 73 to 85, year over year. Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) still logged in the most Number of Home Sales with 318 — a slight difference from 2015’s count of 324.

Bridgehampton (which includes Water Mill and Sagaponack) had the greatest pullback with -27%, totaling for the year only 172 sales, a far cry from 237 in 2015. The Sag Harbor Area (which includes Noyack and North Haven) Total Home Sales Volume shot up 45% from $186 million to $271million year to year. But Bridgehampton (which includes Water Mill and Sagaponack) remained #1 for Total Home Sales Volume with $701million trading hands in 2016, though quite a dip (-32%) from 2015’s impressive $1Billion dollar volume.

Half of the markets monitored by TOWN & COUNTRY realized increases in the Median Home Sales price by as much as 25% in Sag Harbor Village from $1.2 million to $1.5 million, 2015 to 2016. East Hampton Village, on the other hand, sank 37% from $3.8 million in 2015 to $2.4 million in 2016. Looking at All Hamptons Markets Combined and the RED is glaring — losses nearly across the boards. In fact the $10-19.99 million price range dropped 32% year over year.

The good news is 2017 is poised to be a much better year than 2016. All indicators point to increased activity. All 8 TOWN & COUNTRY offices are reporting more inquiries and greater traffic flow at Open Houses.

To view all reports visit TownAndCountryHamptons.com/Reports.


Town & Country Real Estate Holiday Party

December 15th, 2016 by Town & Country Real Estate

Rick Slater, Kim Slater, Judi Desiderio, Geraldine Vitale, John Tracy, and Joan Bischoff

Celebrating the season!  Town & Country Real Estate marked a great year in Hamptons and North Fork real estate and toasted the holiday season at Southampton Social Club this week.  From cocktails to awards given to noted agents and thru dessert it was agreed that we have so much to be grateful for and even more to celebrate.  

Cheers to a tremendous 2016 and wishing everyone a wonderful 2017!

All photos CB Grubb


Panoramic Views In Montauk – Town & Country Real Estate Sells Pair of Montauk Oceanfront Estates Listed For $13M

December 15th, 2016 by Town & Country Real Estate

Town & Country Real Estate congratulates Associate Jeff Sztorc, licensed real estate salesperson in our East Hampton Office, on the sale of two magnificent oceanfront properties in Montauk. Just west of Gurney's and offering fantastic panoramic views, the properties offer some of the highest elevations on Old Montauk Highway. Listed for $13 million.

 

"The properties are very special," says Sztorc.  "With quite a bit of elevation, the views of the Atlantic are impossible to beat.  I'm excited to be a part of this on a stretch of the ocean I'm passionate about." 


To see more about the property visit - http://www.townandcountryhamptons.com/html/projectDetails.php?innum=30862 and http://www.townandcountryhamptons.com/html/projectDetails.php?innum=04130


Montauk Toy Drive Brightens Up Christmas For Deserving Farming Families

December 14th, 2016 by Town & Country Real Estate

"We often forget that there are farms here on Long Island who make use of migrant farm workers," says Town & Country Real Estate's Rori Finazzo, of the Montauk Office.  "These folks are still very much like the days of Tobacco Road.  They go from crop to crop."  

Finazzo and her Montauk colleagues worked this past month to spread the word and raised awareness of the needs of the Eastern Farm Workers Association.  In total they collected dozens of toys between our Montauk, Bridgehampton, and East Hampton offices that will spread the giving message of the season and brighten quite a few Christmas mornings here on the East End.

Upon reflecting on the efforts Finazzo said, "It made me feel good to do this as I am sure it made everyone who donated."


Town & Country East End Winter Coat Drive

December 12th, 2016 by Town & Country Real Estate

In the giving spirit of the season Town & Country Real Estate is collecting new and gently used winter coats and accessories to help those in need here on the East End.  

Please bring your donations to our Montauk Office, 1 Carl Fisher Plaza, Montauk before December 19, 2016.