Archive for April, 2013

INVENTORY AT 13 YEAR LOWS

Friday, April 26th, 2013

We all know of the scales of ‘supply & demand’ and how the price of any item is determined by this balance… or imbalance.
Here at Town & Country we have been blogging about how our particular housing market on the Eastern End of Long Island stabilized last year.
Well after stability, when there are fewer homes being listed, there’s only one direction for prices to go… yes that’s correct… UP!
The $75 Million dollar question—named after my favorite new listing on Georgica Pond—is how long and how fast.
The variables are inventory—this will be determined by homeowners who decide, the market’s better, now is the time to sell and buyers who decide I need to jump in now or maybe I will wait to see the long term affect.
Both in their dance to balance shall determine the future of property values.
In my professional opinion, many homeowners who did not wish to sell on the bottom of the market, and of course those who must due to personal circumstances, will list their homes… but that will not flood the market.
More buyers will move forward than sit on the sidelines.
The bottom line, our prices will continue to be stable with certain segments of the market that will experience a healthy pace of appreciation.
Nationally, home inventory level is at the lowest rate since 2000 and sales were up over 10% year over year in the month of March—which was the 22nd consecutive monthly year over year increase according to National Association of Realtors.
Locally, we are enjoying the most brisk buying spree in 6 years.. agents are all busy in all 8 T&C offices.

CANNONBALL EXPRESS RETURNS

Monday, April 22nd, 2013

The Hampton’s Cannonball Express train from Manhattan will begin service out of Penn Station as of Memorial Day.

The whistle will blow on Friday afternoons as you sit back and let the conductor do all the work.

For a mere $27 you will be able to take a direct ride out east… in 94 minutes you will arrive in Westhampton Beach then off to Montauk.

It happens to be the longest train operated by LIRR with 14 cars including 2 locomotives, transporting 1,400 riders each day.

If you’re feeling particularly celebratory, you can pay an additional $20 to reserve a seat in special cars with food and drinks available.

Hassle free Fridays…. Gotta luv it!