Archive for December, 2010

Home Sales on the Rise While Prices Stabilize

Thursday, December 23rd, 2010

 

The National Association of Realtors (NAR) released its November report on existing-home sales. The number of completed transactions on single family residence, town homes, condos and co-ops rose 5.6% to a seasonally adjusted 4.68 million in November, up from 4.43 million in October… further confirming that “bottom” of the home sales was back in July and a slow but steady climb is well under way.
 
Whew…at last the national home sales recovery begins.
 
A further testament to the recovery in the housing market was seen in the NAR report relative to national median existing-home prices for all housing types at $170,600 in November up .4% from November 2009. On a national level distressed sales remain at about 1/3 of all sales…the bad news is that is quite high, the good news is the percent has stabilized from a year ago, thus indicating the influx is not continuing to grow.
 
2011 should continue to be a great year for buyers since interest rates, while slowly creeping up, remain at historic lows while prices are favorable. In fact, the NAR report indicates investors accounted for 19% of the transactions in November 2010, a strong increase from the 12% a year ago, November 2009…and in the North East the Median Home Sale Price rose 9.2% year to year in November.
 
Time to go shopping for real estate… your future wealth will be determined by your current purchases!
 
To view our latest market reports click here.

Relight the Lighthouse

Wednesday, December 22nd, 2010

 

The Cedar Island Lighthouse was built in 1839, and was used as the home port to 29 whaling ships and 20 fishing and transportation ships. In 1934 the lighthouse was decommissioned and privately owned by numerous people until the late 1960’s when Cedar Island Lighthouse became a part of Cedar Point Park in Suffolk County.
 
Through the years, vandalism and weather have ruined one of history’s “architectural treasures,” and now the Long Island chapter of the U.S. Lighthouse Society has been authorized by Suffolk County Parks to restore the lighthouse.
 
The process to “Relight the Lighthouse,” has been started and now it’s up to us to get this transformation moving. The Committee hopes to raise approximately $2 million to convert the lighthouse into either a bed and breakfast or museum.
 
Make a donation to The Long Island Chapter of the United States Lighthouse Society

No Winter Blues Here!!

Thursday, December 16th, 2010

 

Ordinarily, from mid-August through October, Real Estate agents on the East End don’t take vacations, don’t get a day off and pretty much remain connected 24/7 via BlackBerry, iPhones, iPads, etc., as the fall is normally the busiest time of the year for us. Unfortunately nothing is “normal” or “ordinary” about the Real Estate markets these days.
 
This year, while September and October were unusually quiet, November and December – when we would ordinarily experience the winter hibernation begin – we are experiencing a heightened activity in sales…particularly at the high end markets $3 – 5 million and over $5 million.
 
It’s been 2 years since we’ve seen this much activity and when the Town & Country 4th Q Report is released you will see the actual number of sales in all the different East End hamlets in 6 different price categories.
 
Additionally, we will report to you median home sale prices and TOTAL home sales volumes. Based on what each Town & Country office is experiencing the reports will substantiate this increase in activity. One clear indicator is the 61% YTD increase in CPF (Community Preservation Fund). While the CPF collections are up 61%, the TOTAL number of home sales will not reflect such a staggering increase but the total home sales volume will – a further confirmation of heightened activity on the high end.
 
To view all Quarterly Reports click here.
 
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What’s in the name Napeague?

Thursday, December 9th, 2010

Napeague, that very narrow and not too long strip of land that lies  connects Montauk to the rest of the east end, is home to weathered homes, undulating dunes, acres of beach grass, the ‘walking dunes”, and of course, Lazy Point with windsurfing and kite boarding fanatics.

Only 11 miles long and very low lying, Napeague is also the land that connects the Atlantic to Gardiners Bay. It is also the strip of land that was flooded in the Great Hurricane of 1938 and it is this land that is affectionately known as “Napeague Stretch”.

Like so many of the names on the east end, Napeague too originated from the Indians and means, appropriately, “land overflowed by the sea”. Who would have ever guessed?

 

 

Housing Market Recovery

Friday, December 3rd, 2010

NAR, or National Association of Realtors, just released their October report for pending home sales. Pending home sales are considered fully executed contracts to buy homes.

Here in the Northeast, a remarkable 19.6% increase in signing is a clear indicator the housing market is well on its way to a recovery.

NAR said the index of sales agreements for previously occupied homes nationally rose a health 10.4%. Areas in the west brought the National numbers down via declines in pending sales.

Considering the time it takes for contracts to close and closing to be recorded, this activity will be evident in the 4th Q 2010 and 1st Q 2011, as there is a 60-90 day lag period.

Judging by the increased activity in all 8 Town & Country offices at this time I can say with confidence 1st Q 2011 will be a very good one!