Town & Country North Fork 3rd Quarter 2017 Home Sales Report

October 17th, 2017 by Judi Desiderio

The 3rd Quarter of 2017, for the North Fork markets at large, was a solid performer. In fact, all 3 criteria monitored by TOWN & COUNTRY increased significantly…Number of Home Sales were up 15%, Total Home Sales Volume increased 23%, and Median Home Sales Price rose 22%.

The most dazzling statistic occurred in the $1-2M price category with 140% rocket launch from 5 in 3rd Quarter 2016 to 12 for the same period in 2017! Oddly the $2-3.49M price category dropped to zero from 3 sales last year. There was 1 sale over $3.5 -$5M, the highest home sale was 9775 Nassau Point Road, a 7200 sq. ft. manor house on 2 acres of waterfront for $4.65M, originally priced at just under $8M.

Southold (which includes New Suffolk and Peconic) was the shining beacon for this quarter with an incredible display of demand. There was a 71% jump in Number of Home Sales from 24 in 2016 to 41 this year. And the Total Home Sales Volume more than doubled with over $26M changing hands and the Median Home Sales Price increased 25% to $580,000.

Orient (which includes East Marion and Greenport) was another story all together. Sales activity for the 3rd Quarter was significantly off its game, with 36% fewer Home Sales which then posted a 31% lower Total Home Sales Volume. Conversely the Median Home Sales Price rose 26% to $650,000 — the highest for all North Fork hamlets. So why such a reduction in sales? Is this an inventory issue or a softening in demand? Further exploration required.

In conclusion, the North Fork markets experienced a good up-tick in business other than Orient (which includes East Marion and Greenport) — in the 3rd Quarter of 2017

To view all reports click here – http://www.townandcountryhamptons.com/html/marketReports.php


Town & Country Hamptons 3rd Quarter 2017 Home Sales Report

October 17th, 2017 by Judi Desiderio

The 3rd Quarter, Hamptons Homes Sales Report, was akin to watching a collection of super balls bouncing in all different directions simultaneously. That said, analyzing, the data for these 3 months in this year to year comparison, yields some important insights.

The most glaring of which is that the $10-$20M price range found its groove again — whew — with 133% year over year explosion from 3 in 2016 to 7 in 2017, 3rd quarter. The kicker is 6 of the 7 home sales $10-20M were in the Bridgehampton area (which includes Water Mill and Sagaponack) – 2 in Bridgehampton, 1 in Sagaponack and 3 in Water Mill. A dazzling statistical fact; Bridgehampton area (which includes Water

Mill and Sagaponack) accounted for over 26% of the Total Home Sales Volume for the entire region! $158M of the $596M posted for the 3rd Quarter.

Both of the 2 sales over $20M occurred in East Hampton Village — no surprise there, as East Hampton’s Estate section, historically, posts the high watermark most years. But 2017 won’t shatter the ceiling as these two sales were “only” $29M (11 Lily Pond Lane) and $25.925M (81 Briar Patch). A far cry from the prior ceilings of well over $100M.

East Hampton Village posted the highest Median Home Sales Price at $4,437,500. impressive, yet 15% less than last year’s at $5.25M. Leaps and bounds over the next highest Median Home Sales Price in Bridgehampton area (which includes Water Mill and Sagaponack) at $2.71M.

On the dark side, Sag Harbor area (which includes Noyack and North Haven) went out to sea for three months! The Number of Home Sales tanked by nearly 30% and the Total Home Sales Volume sank like an anchor at nearly 60%. Closer scrutiny over the 8 price categories monitored by TOWN & COUNTRY and clearly you see why…there were no sales $5M and up. None, zero, zip!

Collectively, we know why sales under $500K went down —there simply are few to none — but why the $5-10M price range dropped 56%, from 25 in 2016 to 11 in 2017, needs to be explored further. 

In closing, looking at All Hamptons Markets Combined and we see the 3rd Quarter was a healthy quarter for Hampton Home Sales. There were approximately 8% increases in all 3 criteria monitored by TOWN & COUNTRY — Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

To view all reports click here – http://www.townandcountryhamptons.com/html/marketReports.php


T&C’s Westhampton Beach Office Wins Company Contest

October 9th, 2017 by Town & Country Real Estate

Town & Country rewarded the Westhampton Beach Office a breakfast gathering for being the winners of a good spirited company competition. The food, weather, and company was fantastic!

Office manager Patrick Galway said, "Thank you to all the professionals in Westhampton Beach T&C for making every day a great day."

To reach an agent in our Westhampton Beach Office click here – http://bit.ly/2hZWKY0


Paws On Parade 2017

October 5th, 2017 by Town & Country Real Estate

Help our community by participating in Paws on Parade proudly sponsored by Town & Country Real Estate. Create a fundraising team and walk with us on October 7th. Help us reach our goal. Join us!

Register today! Here's the rundown: Participants have the option of registering as an individual, starting their own Team as a Team Captain, or joining an existing Team. You will gain access to all of the tips and tools you’ll need to spread the word and reach your personal fundraising goal! 

Create and personalize your own fundraising web page, then collect pledges from friends and family directly through the site. It’s that simple! 

PAWS ON PARADE

Paws on Parade is a fun-filled family celebration with the pets in our lives. Participants will stroll from the Rogers Mansion to the Bathing Corporation beach, a twenty-three-minute walk one way. St. John’s Church will host its “Blessing of the Animals” and be a water station. Limited return transportation from the beach will be provided courtesy of Town & Country Real Estate. Explore family-friendly activities on the Southampton Historical Museum grounds including contests, an agility course, auctions, photo ops with Bay Street’s Frankenstein Follies Halloween cast in character, face painting and much more! A light breakfast will be sponsored by Town & Country Real Estate. Come PAW’TY all morning to help us reach our goals in supporting the animals of the Southampton Animal Shelter and restoration programs at the Southampton Historical Museum. No rain date. 

LOCATION: Grounds of the Rogers Mansion, 17 Meeting House Lane

DATE & TIMES: Saturday, October 7, Gates open at 9:30 AM; Walk begins at 10:30 AM 

FEE: $20 in advance, $25 day of 

TIES & TAILS

Ties & Tails is a cocktail party with a Jazz Era theme. The benefit takes place at the 20-room, Rogers Mansion with furnishings and music from the 1920s and 30s. Guests will enjoy an open bar with hors d’oeuvres in the period rooms of the mansion developed during Southampton’s Gilded Age. The Mansion is managed by the Southampton Historical Museum. Proceeds from the event will be shared with the Southampton Animal Shelter, Southampton Village Fire Department, Southampton Village Ambulatory Corps and SYS’s Stages Children Theatre Group. Tickets to Ties & Tails include 2 tickets to Paws on Parade.

LOCATION: Rogers Mansion, 17 Meeting House Lane

DATE & TIMES: Saturday, October 7, 5:00 – 7:00 PM

FEE: $125 until October 4, $150 October 5 – 7

For more information visit: PAWS ON PARADE 2017


How Important Is Pricing?

October 4th, 2017 by Judi Desiderio

QUINTESSENTIAL EAST HAMPTON ESTATE Web # 55470

East Hampton | $10,995,000 | Web# 55470


Those of us in the industry are witness to one of the oddest phenomenons I’ve seen in my 36 years.

We are seeing homes selling for HALF of their original list price. Clearly our markets are not collapsing by any means. We are not in a recession. This is not ’87 or ’08.

So, what is going on?

Is it a handful of sellers “testing the market for their crazy price” or are some brokers over-inflating prices just to have the press write about their newly listed “highest price in America” listing? Are agents desperately pricing to “asking price” vs. “selling price” just to secure the listing? Did one stratospheric sale attempt to set a new high water mark for the entire neighborhood?

Frankly, it’s the perfect storm of all the above.

Most of the steep discounts are at the uber high end. The unfortunate fall out lies with the sellers of homes over $10M who truly would like to sell and have priced to their appraised values only to languish on the market due to an excessive amount of competition. Historically, we have never had so much inventory.

StreetEasy, Trulia and Zillow give false impression on inventory and market status. This is primarily because the East End is not MLS nor is the market monitored by a totally encompassing real estate board.

So, what does this mean?

The bottom line:

For sellers — pricing today is more important than ever, yet even with proper pricing the length of time on the market will be longer than usual due to the scales of supply outweighing that of demand in a big way.

For buyers — it’s a great time to go shopping! You are in a position to get tremendous values.

For sellers and buyers — both benefit from choosing the right professional to assist in navigating current market trends.

To view all reports visit TownAndCountryHamptons.com/Reports.


Hamptons & North Fork Luxury Real Estate Specialists Celebrate Summer in East Hampton

August 2nd, 2017 by Town & Country Real Estate

“2017 Town & Country Summer Party was a grand success at East Hampton Point,” said Judi Desiderio, CEO and President of Town & Country Real Estate of the late-July 2017 event in East Hampton.  “It was wonderful to see our associates who work so hard take the time to simply enjoy each other’s company. #greatgroup!

The weather was picture perfect, classic cocktails flowed, and delish noshes provided the ideal setting to talk real estate of course.  Over 100 real estate agents from all eight offices -  Westhampton, Southampton, Bridgehampton, East Hampton & East Hampton Annex, Montauk, Southold, and Mattituck – dropped by the mid-summer soiree to mix, mingle, and discuss deals for Hamptons real estate and North Fork homes for sale in the works.

Photos by Charlie Grubb and Linda Kabot


Hamptons Real Estate Q2 Market Report: The High End Recovers

July 18th, 2017 by Judi Desiderio

The 2nd Quarter of 2017 was clearly the 3 months that the high end made a recovery rebound. The blue chips of Southampton Village, East Hampton Village and Bridgehampton (which includes Water Mill and Sagaponack) all came roaring back from the tepid 2016.

All Hamptons Markets Combined for the 2nd Quarter of 2017 saw 4 closings over $20M, where there were none in 2016 same period. Two from Southampton:

 328 Gin Lane – $31,000,000

 1510 Meadow Lane – $24,600,000

One from East Hampton and Water Mill each:

 32 Middle Lane, East Hampton – $25,000,000

 1285 Flying Point Road, Water Mill – $20,500,000

In the $10-$19,99M price range 10 homes sold in 2017 compared to 4 in 2016, a 150% jump. And 6 of the 10 closed were from the Bridgehampton, Water Mill and Sagaponack region.

Seven of the 12 markets monitored by TOWN & COUNTRY saw increases in all 3 criteria – Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

The 2nd Quarter wasn’t all rosy for certain markets. Two popular niche markets, Montauk and Shelter Island,each experienced significant pull back in all 3 criteria. In fact, statistically, the greatest declines of all of the 12 hamlets both experienced solid red across the board.

In all, the 2nd Quarter of 2017 shows just how unique each of our Hamptons markets are and how they each move independent of one another.

Water Mill | $6,495,000 | IN # 15218


To view all reports visit TownAndCountryHamptons.com/Reports


North Fork Q2 Market Report: T&C Real Estate Business Up 20%

July 18th, 2017 by Judi Desiderio

The second 3 months of 2017 were not so kind to North Fork home sales.

At our Mattituck and Southold Town & Country Real Estate offices business was up approximately 20%.

Obviously, that was not reflective of the overall market conditions. This is why statistics are so important.

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) was hit the hardest with 40% and 42% declines in Number of Home Sales and Total Home Sales Volume, yet the Median Home Sales Price rose a healthy 6.8%.

The greatest Number of Home Sales occurred in the Southold (which includes New Suffolk and Peconic) market with 32 closings… just 3 less than the 2nd Quarter 2016. The Total Home Sales Volume and Median Home Sales Price price rose 2.3 and 2.7% respectively.

Mattituck (which includes Laurel and Cutchogue) experienced a big bump up in Median Home Sales Price from $414,985 to $757,000 — an 82.4% jump. The only sale over $3.5M was 397 Marratooka Road, Mattituck which sold for $4,500,000.

Looking at All North Fork Markets Combined and you see a nearly 25% drop in Number of Home Sales yet the Median Home Sales Price rose 18%. This tells us inventory is way low and demand high which results in price increases.

Southold | $2,200,000 | IN# 28807

Southold | $2,200,000 | IN# 28807


 

To view all reports visit TownAndCountryHamptons.com/Reports


Hamptons Real Estate – A Glass Half Full

July 12th, 2017 by Judi Desiderio

Maybe I’m the eternal optimist or maybe I’ve just been doing this too long – HA!

Either way, I believe it is important to address the grim snapshot of the state of Hamptons Real Estate as described by some of my contemporaries, all for whom I have tremendous respect.

I have been reporting on East End Home Sales for 25 of the 35 years of my real estate career. During my tenure, I have seen two crashes, a few recessionary markets, and several bull markets. As they say, “The only thing constant, is change.” And change it does.

For the most part, the homes we sell are vacation homes – which frankly, are luxury items to the buyer – few are primary residences. These buyers don’t have to have what we are selling, as they can always opt to rent. The majority of our buyers work in some area of the financial markets: stocks, bonds, hedge funds, banking, etc. These particular buyers, for the most part, buy at the top end of our markets.

Definitely, there has been a strenuous pull back on the high end over the past 12-18 months due to various factors. But as with all cycles, this one, too, will come to an end, and a shift from a buyers’ market to a seller’s market will take place. We are already experiencing an uptick in showings, contracts and sales. The stock market is strong, bank stocks have rallied due to dividends, the Federal Reserve has shown confidence in our overall economy, and lending regulations are easing. All are indicative of a strong selling season.

On the high end, price adjustments are yielding some incredible bargains. There are several examples where you couldn’t buy the land, build the house, landscape, and accessorize, and pay less than the asking. So, for those value-driven buyers, the time to pounce is now.

As for the mid markets, all eight Town & Country Real Estate offices have experienced heightened sales activity. Last week, there were 82 closings on the East End and $135 million changed hands. That is a respectable statistic!

While our markets may have faced some headwinds such as the presidential election, geopolitical concerns, heightened emotions, there is change in the air. After all, the only thing constant is change. 

This Letter to the Editor originally appeared in the July 6, 2017 edition of the East Hampton Star.


First Offering: Ammon Estate, East Hampton, NY

June 8th, 2017 by Town & Country Real Estate

59 Middle Lane, Ammon estate

The 59 Middle Lane East Hampton home, owned by siblings Greg and Alexa Ammon, is up for sale for $12.7 million with Judi Desiderio of Town & Country Real Estate.

“Having been the broker for the Ammon family for nearly 15 years, we have rented the home to several families with children, all of whom have throughly enjoyed the beautiful home and outstanding sprawling grounds, for some two years running," said Desiderio. "A few tenants were interested in purchasing the property but the family wasn't ready to let it go."

"Alexa and I are now ready to sell our childhood home as we are both moving forward with exciting new ventures," said Greg Ammon. "We truly hope our family home finds the right buyer who can enjoy the many happy memories we had here and appreciate the true beauty that it has to offer."

Inspired by these memories, Greg founded Big Flower, a Hamptons lifestyle brand with a flagship in East Hampton and expansion plans in the fall. Alexa recently graduated from USC School of Cinematic Arts and is currently pursuing a career in film and photography.

The family's decision to sell presents a very rare opportunity to own the famed East Hampton estate. With Katie Couric around the corner and Jerry Seinfeld a stone's throw away, the new owners will be in fabulous company.