Archive for October, 2013

Check Dr.Oz Show Tomorrow, Thursday, 10/24

Wednesday, October 23rd, 2013

Town and Country Real Estate client Mary McGuire Wien will appear on the Dr. Oz show tomorrow, ABC 7 at 5pm (Thursday, 10/24). She is introducing her 'raw' key lime pie.

T&C Agent Nicholas Planamento has Mary's listing in South Jamesport home for sale  – $1.2m – she lives with Charles Wildbank a noted east end artist.

Town & Country North Fork 3rd Quarter 2013 Home Sales Report

Wednesday, October 23rd, 2013

Press Release: October 18, 2013

This 3rd Quarter North Fork Home Sales Report is a perfect example of how the numbers never lie!

It’s rare that I get truly surprised by the statistics but this is one of those times. Activity levels in all 8 Town & Country offices, along with lots of media hype of a strong Home Sales market, had me anticipating mostly black but instead, as you can see, red is the dominant color. Contrary to what Town & Country is experiencing, the facts of our North Fork market for July, August and September are as follows:

Searching for a break in the clouds we see Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) saw a slight shift in the needle for the median Home Sales price up 5.12% from $361,500 to $380,000 year to year.

Southold (which includes New Suffolk and Peconic) seemed to be least affected with just one less home sale, but the interest in price range seemed to focus on the under $500,000 where 12 of the 20 transfers occurred.

Mattituck (which includes  Laurel and Cutchogue) appeared to experience the most significant pull back with half the amount of sales this year from last, which then profoundly affects the Total Home Sales Volume (-71%). Again, seeing more interest in the under $500,000 price range where 15 of the 16 transfers occurred.

Looking at All North Fork Markets Combined and you can see the red is glaring. While the Median Home Sales Price was the least affected, the Total Home Sales Volume for all 4 North Fork markets monitored by Town & Country sunk 48% from $55.2M in 3rd Quarter 2012 to $29M in 3rd Quarter 2013.

While it may initially look like a sad 3rd Quarter Home Sales Report, I see opportunities abound. There hasn’t been a better time in over ten years to grab some East End dirt, as I call it, at incredible prices. Adding that interest rates remain at historic lows, BUT, these opportunities won’t last!

To view all reports visit 1TownandCountry.com/reports.

Town & Country Hamptons 3rd Quarter 2013 Home Sales Report

Tuesday, October 22nd, 2013

Press Release: October 18, 2013

This 3rd Quarter Hamptons Home Sales Report is a perfect example of how the numbers never lie!

It’s rare that I get truly surprised by the statistics but this is one of those times. Activity levels in all 8 Town & Country offices, along with lots of media hype of a strong Home Sales market, had me anticipating mostly black but instead, as you can see, red is the dominant color. Contrary to what Town & Country is experiencing, the facts of our Hamptons market for July, August and September are as follows:

The darling of the 3rd Quarter Hamptons Home Sales Report is glaringly Southampton Village. While 2012 was not a great year for Southampton Village, 2013 put this crown jewel back on its pedestal. A whopping 88% leap in Median Home Sales Price from $1,385,250 in 2012 to $2.6M in 2013 which then pushed the Total Home Sales Volume up 54% from $41.1M to $63.4M. The Number of Home Sales changed insignificantly from 18 to 17 year to year.

East Hampton Village, on the other hand, seems to be experiencing a significant pull back in all 3 criteria monitored by Town & Country. The Number of Home Sales dropped 64% from 11 to only 4, which of course affected the Total Home Sales Volume by 22% from $46.6M to $36.5M and the Median Home Sales Price dropped 44.3% from $2.9M to $1.615M.

Sag Harbor Village had a wild statistical swing with an 83% increase in the Number of Home Sales from 6 to 11, yet the Median Home Sales Price slid 45% from $1,267,500 in 2012 3rd Quarter to $700,000 in 2013 same quarter — very odd!

Looking at the All Hamptons Markets Combined, where Town & Country tallies 12 individual markets, you clearly see the trend for actual transfers was off 9% year to year and the Total Home Sales Volume dropped 22%. Noteworthy, however, is that of the 7 different price ranges we monitor, only the $1 – $1.99M range grew (by 16%) while the rest saw declines anywhere from 3% to 75%.

As they said yesterday at Goldman, “ It’s only one quarter.”

To view all reports visit 1TownandCountry.com/reports.

Another Montauk Harbor establishment prime FOR SUMMER 2014 occupant

Friday, October 11th, 2013

With the ever changing face of Montauk, Cross Eyed Clam is an opportunity to add to the “new” look of the furthest hamlet on the east end of Long Island. First Salivar’s went on the market and sold (by Town &Country Real Estate), and then Lenny’s went on the market and sold (by Town & Country Real Estate, now it is Cross Eyed Clam on the market. But Cross Eyed Clam offers something the other two did not – three sources of income: a full service restaurant, a take-out snack bar and dockage for eight boats.

And what better a location than in the heart of the harbor in a town famous for its fishing, claiming to have more world records for saltwater fishing than any other port and home to the largest commercial and recreational fishing fleet in the state of New York.