Archive for September, 2012

TODAY’S WALL STREET JOURNAL

Thursday, September 27th, 2012

Justin Lahart, writer for the WSJ wrote the article, ‘U.S. Consumer Rebound on More-Solid Foundations’. He outlines how the steadily improving housing market will keep the national economy from buckling.

He discusses economic issues abroad, corporate profits tied to same, corporate confidence, jobs, the Case-Shiller 20 City home-price index (which T&C BLOGGED about earlier this week) .. the bottom line.. when home values improve, so betters consumer spending.. the single most important component to our overall economic recovery.

Thank you Justin!

CASE-SHILLER JULY REPORT

Tuesday, September 25th, 2012

There’s no disputing the current housing market trend. For the 6th straight month in a row single family home sale prices rose in July across the United States.

All 20 metropolitan areas monitored by Case-Shiller, gained 0.4% on a seasonally adjusted basis and an impressive 1.6% on a non-adjusted bases.

The month over month improvement (June to July) was strong 1.6%.

The future trend of real estate is clear… are you in?

EAST HAMPTON TOWN BOARD APPROVES LAND PURCHASES

Tuesday, September 25th, 2012

The town board has approved, unanimously, the purchase of 3 properties.

The first is a 5.9 acre waterfront lot at 41 Three Mile Harbor Road, owned by the Prand Corp. the parcel has 670’ of shoreline and has approximately 2 acres of low-lying area which helps absorb rainwater and prevent flooding in the area.

The other two parcels are in Montauk.

One lot at 20 Gloucester Ave, .44 acres, owned by L. La Ruffa for $190,000 and the second at 117 North Greenwich St, 0.3, owned by C. Foti for $225,000.

All three parcels will be used for open space, park, nature preserve or recreation area.

All good additions to East Hampton’s land holdings.

Bravo!

Great Shows at Westhampton Beach Performing Arts

Monday, September 24th, 2012

Westhampton Beach Performing Arts Center is one of the hidden gems on the East End!

Every time I go , I wonder why I don’t go more often.

Last night, my husband and I went to see Joe Jackson perform.. what a treat! He played his music as well as that of Duke Ellington’s. Regina Carter and the rest of his orchestra was wonderful. Such talent, just a few feet away.

 

http://www.whbpac.org check out their calendar

 

HOME VALUES CONTINUE TO RISE

Sunday, September 23rd, 2012
The Federal Reserve said Thursday, the value of Americans' real estate holdings jumped approximately $400 billion dollars to $19.1 trillion or 2.1%, in the second quarter to the highest level since the 4th quarter of 2008. This increase is a of the similar rise in the 1st quarter of this year. This news follows the rise in home prices and new construction activity which T&C BLOGGED about yesterday. CoreLogic Inc said home prices rose 6.9% in the 2nd quarter from the 1st quarter. Consumer confidence is a critical factor to this recovery, as consumer spending fuels 2/3rd of the US economic activity. With household debt down and real estate values rising, we are poised for a steady recovery.


US HOME SALES

Sunday, September 23rd, 2012

Nationwide, home sales rose in August, to their highest levels in over two years.

The National Association of Realtors published a 7.8 % increase, to a seasonally adjusted rate of 4.82 million. This is the most monthly home sales since May of 2010.

Town & Country has been reporting, that, regionally, we began our ascend months ago..

Now, clearly, nationwide, the housing market has moved off the floor!

More good news came from the government, which reported that construction of single family homes nationwide rose to the strongest level in more than two years, this past August.

Wise will be the investors who have been in acquisition mode; sorry will be those who chose to sit on their hands. As when the demand returns to normal levels, inventory will be at ridiculously low levels.. and we all know what that means when the scales of supply & demand take that tact.. go ahead you can say it, we’re all thinking the same thing.. yes.. prices will go up .. and in this scenario, at impressive rates.

Have you pulled the trigger yet?

NEWS12 EDITORIAL ON LUXURY REAL ESTATE ON LONG ISLAND

Thursday, September 20th, 2012

Check out this new video clip on two T&C agents listings! 

Congrats to Nicholas Planamento, Joan Bischoff & Linda Statam!!

http://www.newsday.com/blogs/business/real-li-1.812034/news-12-clip-see-3-big-long-island-properties-1.4016864

August 2012 – Record contracts signed on the North Fork!

Wednesday, September 19th, 2012

According to MLSLI – the month of August saw a record number of residential transactions going into contract of sale in 2012 – highest since I started tracking in April of 2006. 40 residential properties went into contract in the area I track. One more than August 2011, the prior record. Interestingly, average days on market (DOM) for these sold properties rose to 241 days. Median lowered a bit to $450K – still showing lower priced properties selling. MLS showed 431 residential properties listed – very low, normally around 500 this time of year with a high of 550-600 over the past few years.

The most important trend is that sales above $1 Million – 7 out of 40 contracts in August- the upper echelon showed drastic improvements – while the middle of the road between $500K and $ 1 Million showed some improvement at 11 transactions but still lacks a bit given higher inventory and fewer buyers in that range – and the lower end below $500K saw 22 contracts signed, less active then in prior months at low inventory.

Price Range On the Market Sold in August
Under $500K 135 22
Between $500K and $1 Million 203 11
  • $1 Million
98 7

There is no doubt in my mind that sold inventory is not easily replaced with new listings – sellers are waiting. Buyers are undoubtedly influenced by the news about the economy – even when purchasing second homes. The higher end buyers may have pulled the trigger convinced of getting a good deal at very low mortgage interest rates which may start inching up.

The North Fork market remains a brisk one – at the right price! Sellers should work with an agent who helps determine the best price for their home to prevent it from languishing on the market and helps with tips on how to best present your home in the best possible light. We see activity on any property that is priced right – so if you do not see activity – try reviewing your price and ask your real estate professional for an analysis of other homes on the market -your competition- and recent sales of comparable properties to make sure your pricing strategy is on target.

Notes: for The North Fork I used the MLS hamlets of Cutchogue, East Marion, Greenport, Jamesport, Laurel, Mattituck, Nassau Point, New Suffolk, Northville, Orient, Orient Point, Peconic, S. Jamesport, Southold data from MLSLI properties under contract

Image

Image

Image

Great House-Great Tennis Court

Friday, September 7th, 2012

As seen on News Channel 12 – Town & Country Exclusive!

 

http://www.newsday.com/classifieds/real-estate/real-li-1.812034/tennis-without-the-crowds-1.3957468