Archive for October, 2011

US Home Prices & New Home Sales BOTH rise!

Thursday, October 27th, 2011

WASHINGTON: The Standard & Poor's/Case-Shiller index showed home sale prices rose in August from July in 10 of the 20 cities tracked. This is an indication of stabilization in some of the hard hit portions of the country. July was the 5th straight monthly gains in half the cities monitored.

Additionally, the US Commerce Department released the New Home Sales Report for September which showed a strong increase of 5.7% to a seasonally adjusted annual rate of 313,000 homes.

The National Association of Home Builders reports that for each new home built, 3 jobs are created for a year and generates $90,000 in taxes….All good news for the National Home Markets and our financial recovery!

Now if the banks would get on board we'd see the recovery speed up.


Monday, October 24th, 2011

It appears that the Bay Street Theatre will be making a move after 20 years on The Wharf after the 2012 season. They are looking for a permanent space and hope to stay in Sag Harbor.


Tuesday, October 18th, 2011

Wall Street Journal's Jack Hough, titled his article on Saturday just that… "It's Time to Buy That House".

He discusses the National Association of Realtors, Housing Affordability Index, which Town and Country has written about several times this year, which was 183.7 in August. According to NAR a reading of 100 would indicate that the median income family with a 20% down payment can afford a mortgage on a median priced home.

Jack gives an example of a median priced home in greater Phoenix, purchasing it with 20%, at todays 4.12% interest rate, results in monthly payments less than half what the rental for the same home would be.

Of course, as we discussed many times in prior blogs, the banks are being piggy and not lending the money they should, even to qualified buyers. This must be rectified first, in order to move forward!

Personally, my sentiment has always been the same. I'd rather keep my money in "East End dirt", as I call it, rather than anywhere else on the planet!

As Kramer would say, "Buy, Buy, Buy".


Wednesday, October 12th, 2011

Poxabogue Golf Club was purchased jointly in 2004 by the Towns of East Hampton and Southampton for $3.5 million each in order to keep open the 9 hole gem in Sagaponack.  Now facing staggering debt East Hampton's Town Board has voted to sell its share to Southampton for $2.4 million.


Friday, October 7th, 2011

.. I was delighted to have experienced the Peconic Land Trust Common Table in Amagansett this past Sunday. It was a beautiful day and a wonderful event for a great cause… the stars all lined up.


Friday, October 7th, 2011

… Mortgages that is! Yes for the first time in history interest rates on a 30 year fixed rate mortgage is under 4%. The only problem is banks are holding on to their money with a real death grip! There are buyers who want to buy and they have their 20% down, and under normal conditions, qualify for a conventional mortgage, but at this time in history we have banks not lending so they can keep the money in their kitty. Seems to me we need banks to loosen up first in order to get national housing on the right track.