Archive for January, 2012

Nothing beats a night at the Opera at the Met… but the Met, Life in a theater near you!

Wednesday, January 25th, 2012

Who doesn't love a night at the Met! But how often do we East Enders really live up to the promise of the City nearby? Now you can see live opera performances by the Metropolitan Opera at East Hampton's John Drew Theater at Guild Hall or at Island 16 Cinemas in Holtsville a bit further West… The program includes Gotterdammerung (Wagner) , Verdi's Hernani, Massenet's Manon and Verdi's La traviata – my favorite… For a schedule visit here

And during intermission you get an extra you won't get even in the Met itself – a view behind the scenes and interviews with some of the principals and performers… A great experience.

3RD STRAIGHT MONTH OF INCREASES IN HOME SALES SAY IT ALL

Tuesday, January 24th, 2012

The National Association of Realtors released their report on existing home sales, and for the 3rd straight month increases were posted month over month. Existing-home sales increased 5% in December from November. This is a seasonally adjusted annual rate of 4.61 million units.

An important statistic for any potential home buyer is that of inventory levels…they are the lowest since 2006 at 2.38 million or the statistical equivalent of a 6.2 month supply should the pace of sales remain at December's level. As we all know, the price of anything is dictated by the ration of supply & demand.

Bottom line, if you want to get in at the bottom, all indicators point to NOW!

Hampton Year End 2011 Home Sales Report

Monday, January 23rd, 2012

 

Town & Country’s  Year End Home Sales Report holds no surprises.

Looking at the 11 individual markets monitored by Town & Country, we see 4 of the 11 specific markets rose in the number of home sales  by as much as 12% as seen on Shelter Island. One market, Sag Harbor area (which includes Noyack and North Haven) was flat, but 7 of the 11 markets saw declines.  Southampton Village sales activity dropped to 76 in 2011 from 97 in 2010 or 21.7% .  Yet Southampton Village saw a 40% increase in the Median Homes Sales Price from $1,675,000 in 2010 to $2,337,500 in 2011, and the Total Home Sales Volume rose just over 10%.

Bridgehampton (which includes Water Mill and Sagaponack) had the best year of all 11 South Fork markets with increases in all 3 criteria Town & Country reports on 6 times a  year.  The Total Home Sales Volume in Bridgehampton (which includes Water Mill and Sagaponack) increased 26% from $555M to $700M. The Median Home Sales Price rose 13% from $2.295 to $2.6 year to year and the number of home sales rose nearly 6% from 163 to 172.

Reviewing the cumulative All Hamptons Markets Combined and one glaring statistic jumps out at you – 2011 was a good year for the high end.  The highest two priced categories monitored by Town & Country -$3.5 to $4.99M was +16% and $5M and up logged in at 3.7% increase.  Thus in 2011 150 homes priced at $3.5M+ traded as opposed to 138 in 2010.

The Total Home Sales Volume and Median Home Sales Price was flat for the year and the number of home sales realized a slight decrease of 6.4%. 

The foundation has been laid for healthier markets to come.

Judi A. Desiderio, CEO

jd@1TownandCountry.com •  631-324-8080

*Source: The Long Island Real Estate Report

**All information is deemed reliable and correct.  Information is subject to errors, omissions and  withdrawal without prior notice.

North Fork Year End 2011 Home Sales Report

Monday, January 23rd, 2012

 

Town & Country’s Year End North Fork Home Sales Report is of no surprise to anyone in the real estate business on the North Fork. 

The top producer on the North Fork was Orient (which includes East Marion and Greenport) with all 3 criteria monitored by Town & Country realizing increases: number of Home Sales rose 2.8% from 72 to 74 2010 to 2011,  Total Sales Volume increased nearly 7% from $36.8M to $39.3M, and the Median Home Sale Price showed approximately a 5% rise from $410,000 in 2010 to $430,000 in 2011. The number of Home Sales in the $1-$1.99M category in Orient (which includes East Marion and Greenport) doubled year over year.

Southold (which includes New Suffolk and Peconic), on the other hand, closed the year a bit lower than the previous year in all three categories.  The number of home sales dropped 8.6%; Total Home Sales Volume was down 16.6% and Median Home Sale Prices rolled back to $440,000 from $472,500.  But it’s important to point out that Southold (which includes New Suffolk and Peconic) posted the highest Median Home Sale Prices of all 4 North Fork markets Town & Country reports on 6 times a year.

Reviewing the culmination of All North Fork Markets Combined and one statistic jumps out at you…the $1-$1.99M price category rose 19% in 2011 from 2010.

Bottom line – North Fork Home Sales activity was fairly flat for the year 2011 but the green shoots are showing up on the high end.

Judi A. Desiderio, CEO

jd@1TownandCountry.com •  631-324-8080

 

*Source: The Long Island Real Estate Report

**All information is deemed reliable and correct.  Information is subject to errors, omissions and  withdrawal without prior notice.

100 DEED TRANSFERS LAST WEEK!!!

Tuesday, January 17th, 2012

According to Pat Ammirati of The Real Estate Report Inc., there were 100 deed transfers last week on the East End. This is a significant milestone. According to Pat, in the past 3 years there was only one other single week period that hit 100 or more — it was May 6, 2011–when 120 deed transfers were recorded. During the past 3 years, the average weekly figure has been 51. Town and Country will be monitoring these weekly numbers closely.

Stay tuned.

North Fork 4th Quarter 2011 Home Sales Report

Tuesday, January 17th, 2012

 

TOWN & COUNTRY’S  4th Quarter Homes Sales Report for the North Fork demonstrates a strengthening in 3 of the 4 markets we monitor.

Southold (which includes New Suffolk and Peconic) was clearly the star performer, with black clear across the board.  In Southold (which includes New Suffolk and Peconic), the Total Sales Volume nearly doubled from $9.8M in 4th Quarter 2010 to $19.5M in 4th Quarter 2011.  Furthermore, the Number of Home Sales rose over 30% from 23 to 30 and the Median Home Sales Price up 33% from $365,000 to $485,800.  A further look at the six price categories monitored by Town & Country tells the tale with 5 sales over $1M during 4th Quarter 2011 and zero in the same quarter the year prior.

The Eastern tip of the North Fork or Orient Market (which includes East Marion and Greenport) had a strong 4th Quarter in 2011 with a 23.5% increase in the Number of Home Sales, from 17 in 2010 to 21 in 2011 and a 35% increase in Total Home Sales Volume from $8.3M to $11.2M year to year.  There was a slight decrease in the Median Home Sales Price though from $495 to $415, 4th Quarter 2010 and 4th Quarter 2011.  

The Western End of the North Fork did not perform as well as the East – Mattituck (which includes Laurel and Cutchogue) saw decreases in all three criteria monitored by Town & Country, but not by much.

Looking at all North Fork Markets Combined and you see what the late fall, early winter home sales activity was.  The Number of Homes Sales grew 8.54% and the Total Homes Sales Volume increased 23.8%.  The Median Home Sales Price was flat with a slight 4.6% drop from $440 to $420.

The one eye opener is the price category of $1-1.99M which shot up 350% from 2 sales in 2010 to 9 in 2011 4th Quarter.  The North Fork high end is picking up momentum.

 

To view more specifics on your particular locations visit www.1TownandCountry.com/reports.

 

Judi A. Desiderio, CEO

jd@1TownandCountry.com •  631-324-8080

*Source: The Long Island Real Estate Report

**All information is deemed reliable and correct.  Information is subject to errors, omissions and  withdrawal without prior notice.

Hamptons 4th Quarter 2011 Home Sales Report

Tuesday, January 17th, 2012

 

TOWN & COUNTRY’S 4th Quarter Hamptons Home Sales Report shows in black and white (and red) exactly what the home sales activity for late fall, early winter of 2011 was all about.

Ordinarily, we close these reports with looking at all the All Hampton Markets Combined, but this time we will begin with evaluating the cumulative figures as it is a good indicator.  In All Hampton Markets Combined, the number of home Sales increased 9.43% from 265 to 290 4th Quarter Year to Year, yet the Median Home Sales Price dropped 16.22% from $940,000 to $787,500 same period.

A further look at the six price categories we examine show strong increases in activity below $2M,  flat over $3–5M, and a decrease of 43.24% from 37 in 4th Quarter 2010 to 21 in 4th Quarter 2011 in the  $2–3.49M price range.  We can speculate on buyer demographics to explain this phenomenon but we will hold off until the Town & Country Year End Report is released next week.

The shining star in The Hamptons was Sag Harbor.  Sag Harbor area (which includes Noyack and North Haven) Number of Houses has sky rocketed 87% from 15 to 28 year to year in the 4th Quarter.  The Total Home Sales Volume shot up nearly 80% from $18.7M to $33.4M 4th Quarter 2010 to 2011, yet the Median Home Sales Price dropped 28%.  Again a further look at the six specific price categories monitored by Town & Country clearly depicts 25 of the 28 sales were under $2M and the only price category to decline was $2-3.49M price category which went from 5 home sales in 2010 to 1 in 2011 4th Quarter.

Sag Harbor Village had a sterling 4th Quarter 2011 with increases in all three criteria monitored – 60% increase in Number of Home Sales; 35% increase in Total Home Sales Volume, and 2% increase in Median Home Sales Price.

Neighboring Shelter Island enjoyed a 45.45% spike in Home Sales from 11 to 16 year to year.

The 3 crown jewels, East Hampton Village, Southampton Village and Bridgehampton (which includes Water Mill and Sagaponack) remain impressive by any standards.

Southampton Village Median Home Sales Price 4th Quarter 2011 came in at $2.3M.

Bridgehampton Market (which includes Water Mill and Sagaponack) posted a Median Home Sales Price of $2.8M.

East Hampton Village a staggering $3.575 Median Home Sales Price.

To view more specifics on your particular locations visit www.1TownandCountry.com/reports.

 

Judi A. Desiderio, CEO

jd@1TownandCountry.com •  631-324-8080

*Source: The Long Island Real Estate Report

**All information is deemed reliable and correct.  Information is subject to errors, omissions and  withdrawal without prior notice.

THE MEDIA JUST DOESN’T GET IT!

Monday, January 16th, 2012

If I read one more article on how the housing market remains stalled, I think I'll scream! I won't name names–but a major daily publication out of NYC, ran a story on how buyers were holding back because they think prices MAY come down A BIT more and some are choosing to rent instead.

HELLO!!!! YOU'RE MISSING THE BIG PICTURE!!

The BIG picture is that BANKS are to blame…PERIOD!!

Tell me, for real, you honestly believe most people would prefer to pay someone else's mortgage than their own — NOT! Most people who are settled in a particular location, would much prefer the stability and comfort–not to mention, the long term benefits–of home ownership. It remains THE AMERICAN DREAM!

And regarding the POSSIBILITY of prices DROPPING A BIT MORE… homes are not commodities–no pork bellies here–homes are not stocks–You would have to be clairvoyant to know where the absolute bottom is–and then time the sale on the absolute top–Do you have a Jeannie in a bottle too?

The single problem, at this time, to increase the number of home sales, are BANKS! Lending has become a bad word to them. The bottom line is, there are buyers who want to buy & sellers who want to sell, banks need to get on board!

Winterfest starting February 11th – Jazz on the Vine

Monday, January 16th, 2012

Windmill at McCall's vineyards in MattituckIt is not just the windmills that are creating energy on the North Fork this winter – the beautiful winter weather has continued the hustle and bustle we normally see in Fall with its Harvest festivals. Not just most Realtors ™ are experiencing well above normal activity: but – wait until the Winterfest starts February 11! Internationally acclaimed Jazz artists will perform over 6 weekends at vineyards on the North Fork in February and March – a unique event that over the years has allowed thousands to enjoy the best the North Fork has to offer Winterfest 2012 - Jazz on the VineFor more information on where to go to hear fantastic Jazz and enjoy a glass of wine  – visit the Winterfest Website here or for info on where to stay – visit the North Fork Promotion Council site Winter in the vineyards on the North Fork

MORTGAGE RATES DROP AGAIN!

Sunday, January 15th, 2012

Freddie Mac said yesterday that the average fixed mortgage rates have dropped to a record 3.89%. So why isn't every Mortgage Broker and bank inundated with applicants?

Simply put….after lending money to anyone with a pulse, they now went to the opposite extreme and we are finding qualified buyers being turned down for 75-80% on conventional loans and on second homes, buyers are asked to put 50% down and provide other collateral.

It's time for Mr. President to step in and balance the regulations so banks will be forced to lend money…a necessary step to not only boost housing but, in turn, boost the overall economy.