Archive for July, 2012

NATIONAL HOUSING MARKET HAS LEGS

Tuesday, July 31st, 2012

The S&P/Case-Stiller composite index of 20 metropolitan areas gained 0.9% in May on a seasonally adjusted basis.  This is the 4th consecutive month of positive momentum.  In May, all 20 cities realized gains.

 

Non-seasonally adjusted figures rose even more at 2.2%.  These leaps were beyond economists expectations, though we are not surprised, Town & Country Home Sales Reports (view at http://www.1TownandCountry/Reports).  We have been discussing the signs showing our market has stabilized and are poised for appreciation.

 

Recovery is sweet!

CPF FUND DOWN 6%

Thursday, July 26th, 2012

The Peconic Bay Community Preservation Fund collected $29.6 million dollars for the first half of 2012… sounds like a lot of money for land preservation, but actually is not a banner year. Last year for the same period $31.5 million was collected from the sales in the East End towns.

The CPF money is based on a 2% ‘tax’ charged to the buyer of real property over $250,000 for homes, less for vacant land.

The 6% decline can be covered by a few big sales in the second half of the year. The needle shifts widely based on when the high end market flies or flails.

East Hampton sales rose to $9 million… the best performer for all the East End towns

To read more about the 2% transfer tax, other closing costs or Home Sales Reports visit http://www.1TownandCountry.com/Reports

COME VISIT THE LVIS ANNUAL FAIR!

Thursday, July 26th, 2012

The Ladies Village Improvement Society will hold its 116th Annual Fair on Saturday, July 28th from 10:00 am to 4:00 pm on the grounds of the LVIS in East Hampton Village.  The fair will have a carousel, a magic show, story time, climbing wall, petting zoo, giant slide, pony rides, games and prizes for the children.

Different items will be for sale at the different booths from books, fashion to baked goods and other foods.  Live music will also be provided.

SUMMER PARTY 2012

Wednesday, July 18th, 2012

T&C’s NEWEST ACQUISITION

Sunday, July 8th, 2012

HOME PRICES ON THE RISE

Tuesday, July 3rd, 2012

Town & Country Exclusive Market Reports have been mentioning that nearly all our markets are poised for an uptick for months now.

Finally, the media has caught up. They are usually behind the trend by 60-90 days…simply because they're sitting in an office afar and not on the front line of fire.

The Standard & Poor's/Case Shiller home price index released a few days ago showed an increase in 19 of the 20 cities tracked. This is the second monthly increase in prices in the major US cities. National home sale prices rose 1.3% in April from March this year.

The National Association of Realtors said in May, more Americans signed contracts to purchase previously owned homes in the fastest pace in two years!

The Wall Street Journal reports that sales on newly built homes climb to the highest level in two years, driven by limited supply of previously owned homes and record low mortgage rates.

Amazingly, the home sales market, for both new & previously owned homes, is significantly improving even with the banks holding on to money with a strangle hold. So, elementary economics teaches us when supply goes down and demand goes up…what happens people?

YEP, you can say it out loud—they already know—PRICES GO UP!

There's never been a better time, don't miss out on this newly emerging market…jump in, the water's perfect!