Archive for December, 2016

Town & Country Real Estate Holiday Party

Thursday, December 15th, 2016

Rick Slater, Kim Slater, Judi Desiderio, Geraldine Vitale, John Tracy, and Joan Bischoff

Celebrating the season!  Town & Country Real Estate marked a great year in Hamptons and North Fork real estate and toasted the holiday season at Southampton Social Club this week.  From cocktails to awards given to noted agents and thru dessert it was agreed that we have so much to be grateful for and even more to celebrate.  

Cheers to a tremendous 2016 and wishing everyone a wonderful 2017!

All photos CB Grubb

Panoramic Views In Montauk – Town & Country Real Estate Sells Pair of Montauk Oceanfront Estates Listed For $13M

Thursday, December 15th, 2016

Town & Country Real Estate congratulates Associate Jeff Sztorc, licensed real estate salesperson in our East Hampton Office, on the sale of two magnificent oceanfront properties in Montauk. Just west of Gurney's and offering fantastic panoramic views, the properties offer some of the highest elevations on Old Montauk Highway. Listed for $13 million.

 

"The properties are very special," says Sztorc.  "With quite a bit of elevation, the views of the Atlantic are impossible to beat.  I'm excited to be a part of this on a stretch of the ocean I'm passionate about." 


To see more about the property visit - http://www.townandcountryhamptons.com/html/projectDetails.php?innum=30862 and http://www.townandcountryhamptons.com/html/projectDetails.php?innum=04130

Montauk Toy Drive Brightens Up Christmas For Deserving Farming Families

Wednesday, December 14th, 2016

"We often forget that there are farms here on Long Island who make use of migrant farm workers," says Town & Country Real Estate's Rori Finazzo, of the Montauk Office.  "These folks are still very much like the days of Tobacco Road.  They go from crop to crop."  

Finazzo and her Montauk colleagues worked this past month to spread the word and raised awareness of the needs of the Eastern Farm Workers Association.  In total they collected dozens of toys between our Montauk, Bridgehampton, and East Hampton offices that will spread the giving message of the season and brighten quite a few Christmas mornings here on the East End.

Upon reflecting on the efforts Finazzo said, "It made me feel good to do this as I am sure it made everyone who donated."

Town & Country East End Winter Coat Drive

Monday, December 12th, 2016

In the giving spirit of the season Town & Country Real Estate is collecting new and gently used winter coats and accessories to help those in need here on the East End.  

Please bring your donations to our Montauk Office, 1 Carl Fisher Plaza, Montauk before December 19, 2016.

Hamptons Real Estate News – Bay Bluff Sells For $5.4 Million

Monday, December 12th, 2016

 

Manhattan luminaries Bill White and Bryan Eure recently sold their elegant East Coast traditional home, Bay Bluff, in Southampton's chic Atterbury Estates section listed for $5,400,000.  White, the former president of the Intrepid Sea, Air, and Space Museum and now CEO of Constellation Group, and Eure, SVP at Willis Towers Watson, married in 2011 at the iconic Four Seasons with over 650 guests in attendance and Queen of Soul Aretha Franklin in the role of wedding singer.  The pair purchased the 3,600 square foot beachouse in 2015 for $2,300,000 and the end product was a total transformation with the help of architect Bill Suk of Suk Design and contractor Joe Licciardi.  Suk previously worked on the renovations at the Intrepid Museum and with the couple on their landmark Chelsea townhouse renovation. The interior design work was the the icing on a beautiful cake, thanks to the talented Bryan Eure's designing eye.  

 

"This property has amazing views of Shinnecock Bay, Meadow Lane, and the Atlantic Ocean from nearly every room.  At sunset the home is filled with golden light.  Just stunning.  But the clincher was the decor… sheer perfection!" says Judi Desiderio of Town & Country Real Estate who sold the home.

 

 

To see more photos visit – http://www.townandcountryhamptons.com/html/projectDetails.php?innum=48333

Follow the Bouncing Community Preservation Fund Deposits

Monday, December 12th, 2016

CPF (Community Preservation Fund) money is revenue by and for the five East End towns of Southampton, East Hampton, Riverhead, Southold, and Shelter Island.  Revenues originate from a 2% tax charged ordinarily to the buyer at most real estate closings since its inception in 1999. Last year, total revenues collected surpassed the billion dollar mark – quite a milestone.  CPF money is earmarked for preserving sensitive or important East End properties.

Frankly, all East End properties are important.  But here potential purchases are put before committees and the public is very much apprised.  All residents are very grateful for the acquisitions made over the years.  Future generations will be fortunate to enjoy such beauty and reserved lands.

In monitoring the Community Preservation Fund and selected properties and the wish lists that exist, Town & Country Home Sales Reports give insight as to future revenues.  Town & Country Reports separate 12 individual markets that are the drivers on the East End.  Viewing the Mid-Year Report, it became clear that 2016 was going to not yield as much liquidity as 2015 did.

Clearly, the Bridgehampton Market (which also includes Watermill and Sagaponack), usually the top earner, was off by -34% from $450Million Mid-Year 2015 to $296Million, same term 2016.  Southampton Village sank over 50% to only $108Million, yet East Hampton Village rose 36% to a respectable $228Million.  These Total Home Sales Volumes let us know how much money will be put the coffers for future acquisitions.

As the local municipalities take these properties off the tax roll and add them to their holdings, maintenance of same, at times, becomes an issue.  Preserving open space and water sheds are vital to our future.  Parklands and public spaces are necessary for recreation and enjoyment are as well.

CPF income will inevitably vary year to year as our market are driven by those in the world of finance and their choice to buy or not buy move with the stock market.

Bottom line, some years will be better than others for acquisitions…such is the world of East End Real Estate.

Click here to see the full 2016 Mid- Year Report.

National Home Prices Are Back In The Zone

Monday, December 5th, 2016

Case-Shiller_National_Home_Price_Index

It may have taken just over a decade but the average home price is back at peak levels not seen since July 2006, prior to the Great Recession.

Based on the September report from the S&P Case-Shiller US National Home Price Index has just logged in at 0.1% above the highest levels from 10 years ago. Year over year, prices rose a solid 5.5%.  Back in 2012 housing hit its bottom at 27% below top levels.

While on a national level there are concerns of headwinds from rising interest rates, a pull back in new construction, and homeownership quotas.  Regionally, we are anticipating 2017 to pick up pace.

Based on the trajectory of the stock markets, Hamptons high end homes should see greater demand than in recent years.