Archive for August, 2011

Harvest East End

Monday, August 22nd, 2011

Long Island has long been known for its production of fruits and veggies…but in recent years, wine has been taking over center stage. We now proudly put out some of the hot new labels on the market today.

 

During the first three weekends in September – harvest season – there will be wine tasting, dinners, lectures, auctions and tours throughout the East End, appropriately called Harvest East End.

 

Twenty eight wineries are participating in the event.

 

The money raised will go to East End Hospice, Group for the East End and the Peconic Land Trust.

 

You can find more information at harvesteastend.com


GREAT AFFORDABILITY BRINGS REAL ESTATE BUYERS FROM THE SIDELINES IN THE NORTH FORK & HAMPTONS

Thursday, August 18th, 2011

The Real Estate market in the North Fork (and the Hamptons) is brisk in the East End offices of Town&Country, we are happy to report.

Amid wild swings in the markets, caused by (international) sovereign debt crises, the Media are continuing to report on the RE market with a negative bias: a great example today was MSNBC’s, and other cable channels’- negative slant on the NAR report of existing home sales for July of 2011, down 3.5% over June 2011. The reporting is entirely ignoring that the same number is up a whopping 21% over July 2010!

Buying Real Estate makes absolute common sense in the East End: What else are you going to do with your money? Buy Gold? – at all times record highs already. Buy Bonds without any return? Bank’s CD’s or savings accounts? The Stock market? I think not. Real Estate seems a great hedge at this point against the volatility of the markets. Hence we are seeing lots of cash deals, money taken OUT of these markets.

Why does Real Estate on the East End look so good? Prices according to most quarterly Real Estate reports are no longer in decline, maybe rising a bit,and the market seems to have hit bottom last summer at 20-30% below the top of the market: so purchase prices for homes are cheap. Associated Press reported this morning that Freddy Mac’s most popular 30 Yr mortgage had interest rates today at a low since 1971 at 4.15%! Homes are more affordable than they have been in a few generations. This combination of low pricing and extreme low interest rates is unlikely to remain for long.

So home affordability to the consumer today is great. And that’s why buyers are coming from the sidelines. Makes sense to me. And it will in turn help the economy create the jobs we need.

One caveat: homes need to be priced well and prepared extremely well for sale. We are seeing bidding wars for sexy, glamorous, attractively priced homes. And your Realtor needs to work full – maybe over- time to make delas happen. Consumers need a professional Realtor more in this market than ever before, both buying and selling. So call a Town and Country agent – specifically chosen as a specialist for his or her specific area!

LI Home Prices on the Rise!

Monday, August 15th, 2011

The median Home Sales Price across Long Island rose in July from June 2011. The Number of Home Sales also rose July 2011 compared with 2010, again in both Nassau and Suffolk Counties by 15.2%!

Multiple Listing Service of Long Island (or MLSLI) published their July report.

Here on the East End all 8 Town & Country offices throughout the Hamptons & North Fork are reporting increased activity in inquiries, showings and negotiations; all leading to increased sales activity which will be calcuable in T&C 3rd & 4th Quarter Home Sales Reports.

To view the current Quarterly Home Sales Reports visit www.1TownandCountry.com/reports and click on Q2 2011 Quarterly Reports

Community Preservation Fund Used to Purchase More Land!

Wednesday, August 10th, 2011

East Hampton Town’s latest land aquisition is a 26.7 acre parcel off of Route 114 behind the Jewish Cemetary and abutting Sag Harbor Village. It is a wooded site and is part of the Pine Barrens and Ground Water Protection area. The land is continuous with other preserved land and has converging trails.