Archive for December, 2011

WAKE UP AND SMELL THE COFFEE!!!!

Wednesday, December 28th, 2011

In reviewing our Town and Country Monthly Reports in preparation for the year's end, it became instantly apparent that this November & December are the busiest we have seen here on the East End in many years! All 8 T&C offices showed a spike in O&A's (offer & acceptances). These O&A's are a result of late season appointments. The activity seems to be broadly noted across the various markets and price ranges. Could this be because the weather has been so mild? While that does help, I'm sure it's not the primary reason! Could it be because our fall selling season (which begins second week in August and runs until Halloween) was annihilated largely due to the stock market's August whiplash (down 300 up 200, down 400 up 200–you remember?) Could it be all the media chatter about a double dip back in the summer scared most people to the point of paralysis? Could it be the pent up demand that has been in the making for 3 years? Or could it be the undeniable statistics that surround the housing market? Now there's the meat! In our T&C blog (www.1TownandCountry.com/BLOG) there were several postings quoting siginificant statistics, such as December 20th when the November numbers came out showing foreclosure related filings in Suffolk County were down 82.5% from the prior year same month and down 30% from October this year. On October 27 our BLOG was about the US Commerce Department's New Home Sales Report posting a 5.7% gain in September. The National Home Builders Reports show each new home creates 3 jobs for a year and generates $90,000 in taxes! The T&C BLOG went on to discuss the Standard & Poor's/Case-Shiller Index which showed August Home Sales up in 10 of the 20 cities monitored for the 6th straight month! And back on October 18th, I blogged about Jack Hough's article in the Wall Street Journal titled "It's Time To Buy That House"…a clear evaluation on many levels quoting important statistics such as the National Association of Realtors Housing Affordability Index—which I discussed in several prior blogs.

So when I peruse our monthly reports and discuss my findings with the Partners and Board of Directors, it becomes clear this recovery has legs!

In conclusion, the news helps to build a foundation of much needed comfort, but in the end, the mild weather can only help!

SANTA PARTY IN SOUTHAMPTON!

Tuesday, December 20th, 2011

Santa arrived on Friday evening, Dec. 9th at the Southampton Office of Town and Country Real Estate. Agent's children and grandchildren were wide eyed when Santa walked through the door. There were homemade cookies and candy and goodies for the children. Santa went off with his list and the children were jumping for JOY!!!!!

BIG PRU SELLS TO CANADIAN FIRM

Tuesday, December 20th, 2011

On December 6th, Brookfield Residential Property spends $110 Million on Prudential Financial Inc.'s real estate broker services.  Brookfield Asset Management division said that the acquisition positions Brookfield as the world's second biggest relocation service.

Stay tuned for more acquisitions by Brookfield – maybe NRT is next!

LONG ISLAND’S FORECLOSURE RATE DOWN SIGNIFICANTLY!

Tuesday, December 20th, 2011

AS THE HOUSING RECOVERY ACROSS LONG ISLAND TAKES A STRONG HOLD November's numbers confirm such. In Nassau county there were 257 foreclosure related filings – down 12.6% from October and down 3.4% from the prior year same month. In Suffolk the downward trend was even greater….the 141 filings were 30% fewer than October and a whopping 82.5% less than the prior year.

Here on Eastern end of Long Island foreclosures are a VERY small segment of our market, and always have been.

These stats were quoted from RealtyTrac, a California based foreclosure data provider. Filings include new cases, auction notices & repossessions.

County Has Taken Title to Riverhead’s 300-acre North Fork Preserve

Tuesday, December 13th, 2011

Suffolk County Executive Steve Levy announced last week that the county has taken title to Riverhead's 300-acre North Fork Preserve, which it purchased for $17.8 million.

"This is a crown jewel in the county holdings," Levy said in a brief ceremony Thursday in front of the entryway's stone pillars. "This is a parcel that generations in the future will look back fondly on."

Park officials have preliminary plans for the southern 180 acres that include trailer and tent camping sites, cabins, ballfields and paddle boating. Tennis courts and a clubhouse already exist on the property. There is no timetable for the park's full development. The northern 126 acres will be limited to passive park uses such as hiking.

Legis. Edward Romaine (R-Center Moriches), who sponsored the acquisition, said the county would begin negotiating to acquire 50 adjoining acres for an equestrian center.

The price for that parcel is expected to be far lower than market value because Suffolk already owns development rights under the county farmland program.

Town and Country Acquires Kathleen Beckmann Real Estate

Monday, December 12th, 2011

Town and Country is pleased to announce the arrival of Kathleen Beckmann and her Associates & staff to our Montauk Office.

Kathleen has done a superior job as an owner Broker and holds the respect & regard of her contemporaries. She has and remain an integral part of the fabric that is Montauk.

Here again we have 2 great companies, 1 great culture.

Good Samaritan

Thursday, December 8th, 2011

Town & Country Real Estate wants to say a big "Thank You" to John Hummel and his wonderful crew for donating their time to reshingle the hook mill in East Hampton. It's an iconic landmark structure in our village and we have sadly missed it not being dressed in Christmas Lights!

Riverhead – Legislature Approves Planning Steps Resolution for 50 Acres

Thursday, December 8th, 2011

Suffolk lawmakers yesterday took the first step toward adding 50 acres to the county's $17 million purchase of the 300 acre North Fork Preserve in Riverhead to create an equestrian center.

The legislature approved a planning-steps resolution that will lead to appraisal and a purchase offer for the added parcel, to which Suffolk already has acquired development rights under the county farmland program. Backers say the private hunting group, which owned the preserve as well as the 50 acres, is looking to sell all its holdings.

The county plans to put out a request for proposals from private investors willing to build stables, an indoor arena and corrals under a long-term lease.

Backers say the equestrian center will only add to the appeal of the North Fork preserve, dubbed Suffolk's last great park, which is scheduled to have nature trails, camping, cabins, ballfields, paddleboats and fishing.

Legis. Edward Romaine hopes negotiations with Riverhead Town can be completed within three to six months.

Merry Christmas to East Hampton Village

Wednesday, December 7th, 2011

What a pleasant surprise to open up the East Hampton Press this morning to see that local builder, Hummel & Associates, are donating their time to finish up our famous land mark, Hook Mill. In these times of uncertainty and economic hardships it’s wonderful to see people reach out and help the Village they grew up in.

Hook Mill is one of the windmills that you learn about in the history books in school and is an important part of East Hamptons’ history. Christmas is a time for giving and I would like to extend a very special thank you to Jon Hummel, Jr. and the partners at Hummel & Associates for bringing Hook Mill back to life and preserving a part of East Hamptons’ past.