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.


Hamptons Real Estate News – Bay Bluff Sells For $5.4 Million

December 12th, 2016 by Town & Country Real Estate

 

Manhattan luminaries Bill White and Bryan Eure recently sold their elegant East Coast traditional home, Bay Bluff, in Southampton's chic Atterbury Estates section listed for $5,400,000.  White, the former president of the Intrepid Sea, Air, and Space Museum and now CEO of Constellation Group, and Eure, SVP at Willis Towers Watson, married in 2011 at the iconic Four Seasons with over 650 guests in attendance and Queen of Soul Aretha Franklin in the role of wedding singer.  The pair purchased the 3,600 square foot beachouse in 2015 for $2,300,000 and the end product was a total transformation with the help of architect Bill Suk of Suk Design and contractor Joe Licciardi.  Suk previously worked on the renovations at the Intrepid Museum and with the couple on their landmark Chelsea townhouse renovation. The interior design work was the the icing on a beautiful cake, thanks to the talented Bryan Eure's designing eye.  

 

"This property has amazing views of Shinnecock Bay, Meadow Lane, and the Atlantic Ocean from nearly every room.  At sunset the home is filled with golden light.  Just stunning.  But the clincher was the decor… sheer perfection!" says Judi Desiderio of Town & Country Real Estate who sold the home.

 

 

To see more photos visit – http://www.townandcountryhamptons.com/html/projectDetails.php?innum=48333


Follow the Bouncing Community Preservation Fund Deposits

December 12th, 2016 by Judi Desiderio

CPF (Community Preservation Fund) money is revenue by and for the five East End towns of Southampton, East Hampton, Riverhead, Southold, and Shelter Island.  Revenues originate from a 2% tax charged ordinarily to the buyer at most real estate closings since its inception in 1999. Last year, total revenues collected surpassed the billion dollar mark – quite a milestone.  CPF money is earmarked for preserving sensitive or important East End properties.

Frankly, all East End properties are important.  But here potential purchases are put before committees and the public is very much apprised.  All residents are very grateful for the acquisitions made over the years.  Future generations will be fortunate to enjoy such beauty and reserved lands.

In monitoring the Community Preservation Fund and selected properties and the wish lists that exist, Town & Country Home Sales Reports give insight as to future revenues.  Town & Country Reports separate 12 individual markets that are the drivers on the East End.  Viewing the Mid-Year Report, it became clear that 2016 was going to not yield as much liquidity as 2015 did.

Clearly, the Bridgehampton Market (which also includes Watermill and Sagaponack), usually the top earner, was off by -34% from $450Million Mid-Year 2015 to $296Million, same term 2016.  Southampton Village sank over 50% to only $108Million, yet East Hampton Village rose 36% to a respectable $228Million.  These Total Home Sales Volumes let us know how much money will be put the coffers for future acquisitions.

As the local municipalities take these properties off the tax roll and add them to their holdings, maintenance of same, at times, becomes an issue.  Preserving open space and water sheds are vital to our future.  Parklands and public spaces are necessary for recreation and enjoyment are as well.

CPF income will inevitably vary year to year as our market are driven by those in the world of finance and their choice to buy or not buy move with the stock market.

Bottom line, some years will be better than others for acquisitions…such is the world of East End Real Estate.

Click here to see the full 2016 Mid- Year Report.


National Home Prices Are Back In The Zone

December 5th, 2016 by Judi Desiderio

Case-Shiller_National_Home_Price_Index

It may have taken just over a decade but the average home price is back at peak levels not seen since July 2006, prior to the Great Recession.

Based on the September report from the S&P Case-Shiller US National Home Price Index has just logged in at 0.1% above the highest levels from 10 years ago. Year over year, prices rose a solid 5.5%.  Back in 2012 housing hit its bottom at 27% below top levels.

While on a national level there are concerns of headwinds from rising interest rates, a pull back in new construction, and homeownership quotas.  Regionally, we are anticipating 2017 to pick up pace.

Based on the trajectory of the stock markets, Hamptons high end homes should see greater demand than in recent years.


Hamptons Magazine Hosts Private Party At Union Cantina

November 7th, 2016 by Town & Country Real Estate

Judi Desiderio, Ian Duke, Debra Halpert

(Town & Country CEO Judi Desiderio, Union Cantina owner Ian Duke, Hamptons Magazine publisher Debra Halpert)

Despite what you may have heard, fabulous parties in the Hamptons don't end on Labor Day – the guest lists just get more exclusive.  Hamptons Magazine, the go-to arbiter of style and all things chic, celebrated the upcoming 2017 summer season on Thursday, October 27, 2016, with a cocktail party and private dinner at the newly opened Union Cantina in Southampton.  Our own Judi Desiderio joined the celebration with Union Cantina's owner Ian Duke and chef Scot Kampf, the pair also own and manage the popular Southampton Social Club hot spot, alongside Hamptons and Gotham publisher Debra Halpert.  We can't wait to see who appears on the first summer cover in 2017.