Archive for October, 2012

EXISTING HOME SALES CONTINUE THEIR ASCEND

Tuesday, October 23rd, 2012

The National Association of Realtors reported on Friday that existing home sales in the U.S. were selling at a seasonally adjusted annual rate of 4.75 million units in September, or 11% more than in September of 2011. This was the 15th straight month of year over year gains in home sales.
The bitter sweet news of course is less inventory with 2.32 million homes listing this September – a 20% drop from last September’s inventory level and down 3.3% from the prior month. The last time inventory was this low was 2005.. that’s right—2005 was the top of the market for home sales!
Bittersweet… yes, as we have discussed so many times before, when the scales of supply & demand shift like this, it is a precursor to price increases. Sweet for the seller, bitter for the buyer who was trying to time the market… yes, we’re off the bottom!
The Mortgage Bankers Association released a report last week stating a 12% year over year increase in mortgage applications.
It’s like a perfect storm… historically low mortgage rates, lowest inventory levels since 2005, prices on the rise, rents on the rise… what could any buyer be waiting for?
Maybe a handwritten invitation? How about a text or email instead?

MORE GOOD NEWS FOR US HOUSING MARKET

Friday, October 19th, 2012

The Commerce Department confirmed what those of us in the real estate industry have been experiencing for months. The September figures are in and U.S. home construction rose 15% to a seasonally adjusted 872,000. Construction of single family homes also rose 11% to the fastest rate in FOUR YEARS! Projections for future housing starts jumped 12% via applications for building permits to an annual rate of 894,000…  also the highest since July of 2008.
Nationally, the construction rate increased 38% year over year.  The low point was 478,000 in the middle of the great recession – April 2009; and the height of 2 million in 2007 before the world changed.
Different regions of the country fared differently with the Northeast lagging though the recovery is fully established.  Keep in mind new home sales only account for approximately 20% of all home sales.
Best of all though, according to the National Association of Home Builders, each new home built, generates about $90,000 in tax revenues and creates approximately 3 JOBS and isn’t job creation the most important economic stimulator!

OCEANFRONT REPAIR

Thursday, October 11th, 2012

In Sagaponack & Bridgehampton the beach renourishment project T&C BLOGGGED about a few months ago may not happen until the winter of 2014.

This HUGE delay is to obtain permits… REALLY??? We can’t speed track this?

I sure hope the next 2 winters are mild!

BTW.. most of the tab for this is being picked up by property owners..

ANOTHER EHT LAND ACQUISITION

Thursday, October 11th, 2012

The East Hampton Town Board voted unanimously to spend $385,000 in community preservation funds to purchase #8 Deer Path, a 1.1 acre parcel in Springs.

Open space is the intended use for this property.

Around the corner from this parcel is a building lot at the top of Three Mile Harbor Road, where the road makes a right angle turn to the south.. it is such a bad place that a few years back a young woman died in a car that didn’t navigate the turn properly.

I have personally called and written to EHT Board about purchasing this parcel so no one builds on it.. I can’t imagine what it would be like to try to enter & exit a driveway on this deadly turn.. and still no reply???

It’s MUCH less expensive than Deer Path and could save more lives to come

Town & Country would donate our entire commission to get this done!

I hope someone’s listening out there!