Archive for June, 2016

U.S. HOME SALES STRIKE A 9 YEAR HIGH

Wednesday, June 29th, 2016

Last week the N.A.R., National Association of Realtors, released their report on existing home sales for the month of May. The 1.8% increase to an annual rate of 5.53 million units, was the highest level since February 2007, and sales were up 4.5% from the same period in 2015.

Existing home sales surged 4.1% in the Northeast, 4.6% in the South and 5.4% in the West. The Mid-West was the only natural region to slide… and it fell hard with a loss of 6.5%. Ratios of inventory to demand jumped around this year.

In the Hamptons and North Fork we expect the second quarter report, which will be released mid-July, to be a bit soft. Visit www.TownandCountryHamptons.com/Reports to view all market reports.

Real Estate sales are closely watched by those in the financial world, due to the jobs created with every new home built and the increase in ancillary services whenever a new buyer turns the key to their new home.

From painting to planting, we all enjoy perusing our American Dream. 

Brexit, Done!

Friday, June 24th, 2016

This morning, we all awoke to a changed world… again!

A historic number of British voters came out to be heard.  When the polls were all done, by a mere 3.78%, the UK decided to exit the European Union (EU).

No one knows for certain just how far reaching such a decision’s impact will be, but if the global markets are any indication, the short term affect will not be good. Markets hate uncertainty and the broad scope of uncertainty around this is huge.

What does this mean for our local real estate markets?

If I had a crystal ball, I would predict that our high-end markets will feel the brunt of the pain. The demographic of the buyer population of luxury real estate is deeply rooted in the financial markets, so more than likely, those buyers will view this as a future buying opportunity and park their money in a safe liquid asset.

The rest of our markets may feel an initial pull back only to recover once they realize the broad base of buyers, for what they have to sell, are even more eager than before to invest in East End dirt!

In the meantime, buckle in. It’s going to be quite a ride.

Truck Beach

Wednesday, June 22nd, 2016

I would like to weigh in on the issue of “truck beach”—a real hot potato… or should I say hot sand. I am stupefied by the town’s decision to fight this for 7 years and vow to continue the fight should the judge not rule in their favor. While I see both sides of this issue, I clearly see a resolution that will not cost the town a dime AND allow for only fishermen pulling in nets to continue as the town claims has happened for many years.

Nearly 30 years ago I sold both properties at the end of Mitchell Dunes Lane… the oceanfront properties. At that time there truly was only the occasional dawn or dusk fisherman casting his or her line in… frankly I never saw a fisherman hauling in his nets as the town describes.

One of those purchasers has become a lifelong dear friend of mine and my family… so I have spent many days at that beach. The current use of the shoreline is not even remotely close to what East Hampton Town describes as its allowable use and hasn’t been for many years. 

Did you know it is the ONLY ‘drive on’ beach that is not on public lands?  Did you also know that just to the east is NY State Parkland? That is THE ANSWER! If truck beach were relocated to this state land there is NO ISSUE! Private property owner rights are then not in question. The town claims this is a title issue. The lawsuit that has cost tax payers TENS OF THOUSANDS OF DOLLARS will cease instantly. Local residents who enjoy driving on the beach and parking there for the day will continue to enjoy the activity… Just a few feet to the East! A WIN WIN situation for EVERYONE! Property owners, tax payers, and beach driving enthusiasts!

Town residents who wish to drive on the beach will need to get a NY State pass to drive and park there and may even need a NYS fishing license , but remember that WAS the original allowable use as described by East Hampton Town. It has been asked – why not allow driving on every town beach  – this would dilute the impact on this beach. Or impose the same hours of use as on other town beaches.  Let’s also consider the impact on the environment… the precious dunes with its important vegetation, the piping plovers and other wildlife.

We can open Pandora’s Box and discuss the importance of comfort stations – which there currently are none. On the state land this could all be cured with cooperation. If a resolution is the true object, the answer is right in front of everyone’s eyes. I am befuddled at why this simple and comprehensive resolution has not simply been done.

The existing tact is a waste of time, energy and money… let’s get smart… PLEASE!  

T&C Opens New Office In Montauk

Wednesday, June 22nd, 2016

Town & Country Real Estate Montauk Office Opening Party

In January, Town & Country Real Estate acquired Pospisil Real Estate in Montauk.  That acquisition begat the months long process of combining two Hamptons real estate offices into one out on The End.  After months of careful renovation directed by Montauk office manager Theresa Eurell and overseen by CEO Judi Desiderio the new T&C Montauk office opened at 1 Carl Fisher Plaza, right on the circle, in Montauk.  A high-tech, chic, light-filled office replaced a much more traditional agency.  This weekend it was time to celebrate and with a flourish Theresa and the Montauk agents welcomed a few hundred friends, associates, and colleagues to take a peek at the new digs, enjoy a splash of bubbly from Sparkling Point, and a little nosh.  In the mix of real estate movers and shakes from within T&C and across the East End community we spotted Jim Miller the publisher of Hamptons Real Estate Showcase and North Fork Real Estate Showcase and mortgage guru Melissa Cohn.

Town & Country Real Estate Montauk Office Dave Ryan, Gina Decker

Town & Country Real Estate Montauk Office Opening Party - Marge Harvey, Theresa Eurell

Town & Country Real Estate Montauk Office Opening Party - Gina Decker, Nancy McGann, JudiDesiderio, Marge Harvey, Theresa Eurell

Fighting Chance Annual Summer Gala

Tuesday, June 7th, 2016

Fighting Chance, East End’s Cancer Support Organization had its 14th Annual Summer Gala On Saturday, June 4, 2016 at the Maidstone Club in East Hampton Village. The reception was a celebration for the care and support given to our local communities. Congratulations to honorees, Robert S. Chaloner, President and CEO of Southampton Hospital and Yusuf A. Hannun, MD, Director at Stony Brook University Cancer Center both this year’s recipients of the Medal of Honor… And a special thanks to Duncan Darrow, Founder & Chairman for founding this much needed organization. Judi Desiderio, Chief Executive Officer of Town & Country proudly serves on the Board of Directors. The location, the food and all the guests made this event such a success! Thank you to all who support Fighting Chance.

  

Photo Credit: Charlie Grubb