Archive for October, 2017

Royalton Farms: Exclusive Equestrian Community & $32M Estate Property

Friday, October 27th, 2017

Estates at Royalton Farms

 

At Royalton Farms in Mattituck, New York we have realized the vision of an equestrian community unlike any other on the North Fork of Long Island. World-class amenities, trainers of the highest caliber, and show quality rings all center around The Estate, a grand 16,000 sq.ft. house on a very private 12-acre lot with 7 bedrooms, 9 bathrooms, elegant bar, chef’s kitchen, and indoor and outdoor swimming pools.

 

For those who wish to fully immerse in the luxury equestrian lifestyle, we offer the Estates at Royalton. With the utmost in exclusively, The Estates at Royalton  are 11 custom homes designed by noted Westhampton Beach architect Nick Vero range from 3,500 to 5,500 sq.ft. each with a pool, 2 stall barn and paddock or pool house.  Trails and bridle paths surround the equestrian community and lead to a private pond and the equestrian facilities.  Located within Royalton Farms these homes offer a once in a lifetime opportunity for those who live and breathe their passions. 

 

ESTATES AT ROYALTON – Pricing Starts at $1,800,000.  Web#29522. Web#28601. Web#28332.

THE ESTATE – $32,000,000.  Web#55196

 

Call Lori MacGarva, Licensed Real Estate Salesperson, 516.242.9633, LMacGarva@TownAndCountryHamptons.com for a private tour.

 

Royalton map

Town & Country Sponsors Paws on Parade and Ties & Tails

Thursday, October 26th, 2017
Paws on Parade 2017
 
Recently Sean Deneny, a Town & Country Real Estate associate in Southampton, New York, organized two interconnected events “Paws on Parade,” a daytime family gathering with pets and “Ties & Tails,” an evening cocktail party at the Rogers Memorial Mansion. These events were created to support local charities in the Southampton K – 12 community.
 
“Paws on Parade” was a true family event, where everyone gathered on the grounds of the Southampton Historical Museum with the pets that complete their families. With about 100 in total, all strolled down South Main Street from museum grounds to Agawam Beach where pets frolicked in both sand and water. On the twenty-minute journey back, Father Patrick of St. John’s Episcopal Church performed his annual Blessing of the Animals, a tradition at St. Johns for over 75 years.
 
On returning to museum grounds, children enjoyed theatrical face painting and photo ops with the cast of Bay Street’s Stages Children's Theater "Frankenstein Follies" in character prior to their three-day weekend performances at Bay Street Theatre in Sag Harbor. Professional photography of families and pets were also provided in the Sayre barn and on surrounding grounds. A light breakfast was offered as well as Hubert’s famous Lemonade. All of this was offered for an early bird admission of $20 with children 12 & under at no charge, a price point that all families welcomed. A Chinese auction was also provided.
 
For families considering additions to their family, the Southampton Animal Shelter showcased a variety of adoptable dogs some of which were recently rescued from Texas, Florida, and Puerto Rico. Fun activities for pets included Indiana Bones, a dog agility course, and Romancing the Bone, a time test where pets must retrieve a bone hidden underneath one of four hats.
 
In conjunction with the “Paws on Parade” event, the “Ties & Tails” cocktail and hors d’oeuvres evening party was hosted at the Rogers Mansion. A slide show showcased the up close and personal photos of the day and for those who wanted a taste of television, audience tickets were part of the silent auction including “Live with Kelly Ripa & Ryan Seacrest,” Dr. Oz, as well as the "Late Show with Stephen Colbert" on CBS among other treasured items. 
 
According to Mr. Deneny, “Too often we go to the well with our local village restaurateurs and retailers, whose annual revenues are tied to seasonal traffic.” With that in mind, sponsorships were secured with the Southampton office of Town & Country Real Estate, Farmers Insurance, Riverhead Bay Subaru, and Hubert’s Lemonade. Over $16,000 was raised and distributed after expenses to the Southampton Animal Shelter, First Response volunteer fire department and ambulance corps, Stages, A Children’s Theatre Workshop, as well as the Southampton Historical Museum. Long term goals are to create a larger pool of monies to reach out to other 501 C 3 organizations.
 
All 2017 sponsors Riverhead Bay Subaru, Farmers, and Town & Country Real Estate have confirmed renewals for our October 2018 events.
 

Closing Cost Guidelines 2017

Monday, October 23rd, 2017

Town & Country provides this guide to estimate closing costs for you, for informational purposes only. Both Buyers and Sellers should receive Estimated Closing Costs from their respective attorneys prior to closing. Purchasers using a lending institution receive a Truth in Lending Statement from the lender. These are itemized lists of expenses. Request them as early as possible so that you can best prepare for closing.

One of the buyer’s greatest expense is the Peconic Transfer Tax. In November of 1998 voters overwhelmingly approved the Peconic Bay Region Community Preservation Fund or CPF. Later, in 2012, East End residents voted in all 5 towns, by a 2:1 vote, to extend the tax for an additional 10 years, thus extending the expiration date to 2022, with an additional extension to 2030. 

Since its inception in 1999 the Peconic Bay Region Community Preservation Fund has generated over $1Billion. These funds have enabled the 5 East End Towns to preserve open space, farmland, beaches, pine barrens, water recharge areas, wetlands, and even an island. In fact, some 10,000 acres through more than 600 acquisitions have been secured. An accomplishment we can all be proud of. The money collected is managed by the respective towns. In East Hampton and Southampton, the towns have borrowed against future fund revenue. While everyone agrees the objective of preserving the rural beauty and protect our natural resources should remain top priority, some have questioned the

fairness of existing property owners voting on taxes they don’t pay – a sensitive issue. Furthermore, the levels at which the Peconic Tax begins, have come under scrutiny. Back in 1998 you could possibly buy a starter home at $250,000 and a vacant lot at $100,000 on the South Fork and $150,000 and $75,000 respectively on the North Fork and Riverhead, but our values have come along way over the past 20 years. Yet this entry level has never been adjusted to reflect where markets have appreciated to.

2014 remains the year that the 5 East End Towns collected the greatest sum — $107.69M, eclipsing the previous high water mark set back in 2007 when $96.02M was received. Both were banner years for high end real estate sales according to Town & Country Home Sales Reports. Thank you to all the buyers who have footed the bill. The 5 East End Towns have preserved sensitive land and increased park lands for public enjoyment for generations to come. To view Home Sales Reports visit TownAndCountryHamptons.com/html/MarketReports.php.

On July 7, 2017, an exception was imposed for first time home buyers purchasing their primary residence. Eligible individuals must apply with Suffolk County. Your attorney can assist with this.

It is important to mention that there are some who confuse Peconic Land Trust with Peconic Bay Region Transfer Tax, referred to as Peconic Land Tax or CPF (Community Preservation Fund,) but they are vastly different. The Peconic Land Trust is 501 (c) (3) non profit organization established in 1983 by John v.H.Halsey and a group of East End residents with a focus on protecting Long Island’s heritage of farming. The trust does not share in the taxes collected. For more information visit PeconicLandTrust.org

Town & Country North Fork 3rd Quarter 2017 Home Sales Report

Tuesday, October 17th, 2017

The 3rd Quarter of 2017, for the North Fork markets at large, was a solid performer. In fact, all 3 criteria monitored by TOWN & COUNTRY increased significantly…Number of Home Sales were up 15%, Total Home Sales Volume increased 23%, and Median Home Sales Price rose 22%.

The most dazzling statistic occurred in the $1-2M price category with 140% rocket launch from 5 in 3rd Quarter 2016 to 12 for the same period in 2017! Oddly the $2-3.49M price category dropped to zero from 3 sales last year. There was 1 sale over $3.5 -$5M, the highest home sale was 9775 Nassau Point Road, a 7200 sq. ft. manor house on 2 acres of waterfront for $4.65M, originally priced at just under $8M.

Southold (which includes New Suffolk and Peconic) was the shining beacon for this quarter with an incredible display of demand. There was a 71% jump in Number of Home Sales from 24 in 2016 to 41 this year. And the Total Home Sales Volume more than doubled with over $26M changing hands and the Median Home Sales Price increased 25% to $580,000.

Orient (which includes East Marion and Greenport) was another story all together. Sales activity for the 3rd Quarter was significantly off its game, with 36% fewer Home Sales which then posted a 31% lower Total Home Sales Volume. Conversely the Median Home Sales Price rose 26% to $650,000 — the highest for all North Fork hamlets. So why such a reduction in sales? Is this an inventory issue or a softening in demand? Further exploration required.

In conclusion, the North Fork markets experienced a good up-tick in business other than Orient (which includes East Marion and Greenport) — in the 3rd Quarter of 2017

To view all reports click here – http://www.townandcountryhamptons.com/html/marketReports.php

Town & Country Hamptons 3rd Quarter 2017 Home Sales Report

Tuesday, October 17th, 2017

The 3rd Quarter, Hamptons Homes Sales Report, was akin to watching a collection of super balls bouncing in all different directions simultaneously. That said, analyzing, the data for these 3 months in this year to year comparison, yields some important insights.

The most glaring of which is that the $10-$20M price range found its groove again — whew — with 133% year over year explosion from 3 in 2016 to 7 in 2017, 3rd quarter. The kicker is 6 of the 7 home sales $10-20M were in the Bridgehampton area (which includes Water Mill and Sagaponack) – 2 in Bridgehampton, 1 in Sagaponack and 3 in Water Mill. A dazzling statistical fact; Bridgehampton area (which includes Water

Mill and Sagaponack) accounted for over 26% of the Total Home Sales Volume for the entire region! $158M of the $596M posted for the 3rd Quarter.

Both of the 2 sales over $20M occurred in East Hampton Village — no surprise there, as East Hampton’s Estate section, historically, posts the high watermark most years. But 2017 won’t shatter the ceiling as these two sales were “only” $29M (11 Lily Pond Lane) and $25.925M (81 Briar Patch). A far cry from the prior ceilings of well over $100M.

East Hampton Village posted the highest Median Home Sales Price at $4,437,500. impressive, yet 15% less than last year’s at $5.25M. Leaps and bounds over the next highest Median Home Sales Price in Bridgehampton area (which includes Water Mill and Sagaponack) at $2.71M.

On the dark side, Sag Harbor area (which includes Noyack and North Haven) went out to sea for three months! The Number of Home Sales tanked by nearly 30% and the Total Home Sales Volume sank like an anchor at nearly 60%. Closer scrutiny over the 8 price categories monitored by TOWN & COUNTRY and clearly you see why…there were no sales $5M and up. None, zero, zip!

Collectively, we know why sales under $500K went down —there simply are few to none — but why the $5-10M price range dropped 56%, from 25 in 2016 to 11 in 2017, needs to be explored further. 

In closing, looking at All Hamptons Markets Combined and we see the 3rd Quarter was a healthy quarter for Hampton Home Sales. There were approximately 8% increases in all 3 criteria monitored by TOWN & COUNTRY — Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

To view all reports click here – http://www.townandcountryhamptons.com/html/marketReports.php

T&C’s Westhampton Beach Office Wins Company Contest

Monday, October 9th, 2017

Town & Country rewarded the Westhampton Beach Office a breakfast gathering for being the winners of a good spirited company competition. The food, weather, and company was fantastic!

Office manager Patrick Galway said, "Thank you to all the professionals in Westhampton Beach T&C for making every day a great day."

To reach an agent in our Westhampton Beach Office click here – http://bit.ly/2hZWKY0

Paws On Parade 2017

Thursday, October 5th, 2017

Help our community by participating in Paws on Parade proudly sponsored by Town & Country Real Estate. Create a fundraising team and walk with us on October 7th. Help us reach our goal. Join us!

Register today! Here's the rundown: Participants have the option of registering as an individual, starting their own Team as a Team Captain, or joining an existing Team. You will gain access to all of the tips and tools you’ll need to spread the word and reach your personal fundraising goal! 

Create and personalize your own fundraising web page, then collect pledges from friends and family directly through the site. It’s that simple! 

PAWS ON PARADE

Paws on Parade is a fun-filled family celebration with the pets in our lives. Participants will stroll from the Rogers Mansion to the Bathing Corporation beach, a twenty-three-minute walk one way. St. John’s Church will host its “Blessing of the Animals” and be a water station. Limited return transportation from the beach will be provided courtesy of Town & Country Real Estate. Explore family-friendly activities on the Southampton Historical Museum grounds including contests, an agility course, auctions, photo ops with Bay Street’s Frankenstein Follies Halloween cast in character, face painting and much more! A light breakfast will be sponsored by Town & Country Real Estate. Come PAW’TY all morning to help us reach our goals in supporting the animals of the Southampton Animal Shelter and restoration programs at the Southampton Historical Museum. No rain date. 

LOCATION: Grounds of the Rogers Mansion, 17 Meeting House Lane

DATE & TIMES: Saturday, October 7, Gates open at 9:30 AM; Walk begins at 10:30 AM 

FEE: $20 in advance, $25 day of 

TIES & TAILS

Ties & Tails is a cocktail party with a Jazz Era theme. The benefit takes place at the 20-room, Rogers Mansion with furnishings and music from the 1920s and 30s. Guests will enjoy an open bar with hors d’oeuvres in the period rooms of the mansion developed during Southampton’s Gilded Age. The Mansion is managed by the Southampton Historical Museum. Proceeds from the event will be shared with the Southampton Animal Shelter, Southampton Village Fire Department, Southampton Village Ambulatory Corps and SYS’s Stages Children Theatre Group. Tickets to Ties & Tails include 2 tickets to Paws on Parade.

LOCATION: Rogers Mansion, 17 Meeting House Lane

DATE & TIMES: Saturday, October 7, 5:00 – 7:00 PM

FEE: $125 until October 4, $150 October 5 – 7

For more information visit: PAWS ON PARADE 2017

How Important Is Pricing?

Wednesday, October 4th, 2017

QUINTESSENTIAL EAST HAMPTON ESTATE Web # 55470

East Hampton | $10,995,000 | Web# 55470


Those of us in the industry are witness to one of the oddest phenomenons I’ve seen in my 36 years.

We are seeing homes selling for HALF of their original list price. Clearly our markets are not collapsing by any means. We are not in a recession. This is not ’87 or ’08.

So, what is going on?

Is it a handful of sellers “testing the market for their crazy price” or are some brokers over-inflating prices just to have the press write about their newly listed “highest price in America” listing? Are agents desperately pricing to “asking price” vs. “selling price” just to secure the listing? Did one stratospheric sale attempt to set a new high water mark for the entire neighborhood?

Frankly, it’s the perfect storm of all the above.

Most of the steep discounts are at the uber high end. The unfortunate fall out lies with the sellers of homes over $10M who truly would like to sell and have priced to their appraised values only to languish on the market due to an excessive amount of competition. Historically, we have never had so much inventory.

StreetEasy, Trulia and Zillow give false impression on inventory and market status. This is primarily because the East End is not MLS nor is the market monitored by a totally encompassing real estate board.

So, what does this mean?

The bottom line:

For sellers — pricing today is more important than ever, yet even with proper pricing the length of time on the market will be longer than usual due to the scales of supply outweighing that of demand in a big way.

For buyers — it’s a great time to go shopping! You are in a position to get tremendous values.

For sellers and buyers — both benefit from choosing the right professional to assist in navigating current market trends.

To view all reports visit TownAndCountryHamptons.com/Reports.