Archive for the 'Bridgehampton' Category

Merry Christmas to East Hampton Village

Wednesday, December 7th, 2011

What a pleasant surprise to open up the East Hampton Press this morning to see that local builder, Hummel & Associates, are donating their time to finish up our famous land mark, Hook Mill. In these times of uncertainty and economic hardships it’s wonderful to see people reach out and help the Village they grew up in.

Hook Mill is one of the windmills that you learn about in the history books in school and is an important part of East Hamptons’ history. Christmas is a time for giving and I would like to extend a very special thank you to Jon Hummel, Jr. and the partners at Hummel & Associates for bringing Hook Mill back to life and preserving a part of East Hamptons’ past.

Bridgehamptons’ Three Corner Renovation

Friday, November 18th, 2011

It seems to be the three million dollar question in Bridgehampton….What is happening with the Bull’s Head Inn and its neighboring commercial corners.  It looks to me to be the “Revival of the Historic Mansions”.  I find this very exciting and happy to see that the current owners of the properties are restoring and renovating the 19th- century mansions and keeping a part of Bridgehampton history alive (Thanks to the “Save the Bull’s Head Inn” committee).  Another happy site, as I drove into work today,  they finally razed the old dilapidated Beverage Distributor/gas station (not sure how that building didn’t fall down in the last storm).  Let the Bridgehampton Beautification Begin!

 

After years of back and forth with permits and town objections the projects are finally approved and construction has begun.  Now the question is – what will be going in the newly restored mansions and the new building on the old beverage/gas station site. 

 

The Bull’s Head Inn is being totally restored and will be the show piece for a new hotel and restaurant.  There will be five smaller buildings constructed on the property to house the conference center, health spa and lap pool.  

 

The Greek Revival Mansion across the street from the Bull’s Head Inn started renovations sometime back and is now moving along at a much faster pace.  This building is owned by the Bridgehampton Historical Society and will be made into a museum.  Thanks to all the generous donations of the Bridgehampton community this dream renovation has become a reality and hopes to open next year.

 

The Beverage Distributor site is going to be a brand new office complex built in the same style as the Bull’s Head Inn.  It will be 9,000 square feet and should be ready for occupancy next year.

 

Bridgehamptons’ Three Corner Renovation….the past restored…..

US Home Prices & New Home Sales BOTH rise!

Thursday, October 27th, 2011

WASHINGTON: The Standard & Poor's/Case-Shiller index showed home sale prices rose in August from July in 10 of the 20 cities tracked. This is an indication of stabilization in some of the hard hit portions of the country. July was the 5th straight monthly gains in half the cities monitored.

Additionally, the US Commerce Department released the New Home Sales Report for September which showed a strong increase of 5.7% to a seasonally adjusted annual rate of 313,000 homes.

The National Association of Home Builders reports that for each new home built, 3 jobs are created for a year and generates $90,000 in taxes….All good news for the National Home Markets and our financial recovery!

Now if the banks would get on board we'd see the recovery speed up.

IT’S TIME TO BUY THAT HOME

Tuesday, October 18th, 2011

Wall Street Journal's Jack Hough, titled his article on Saturday just that… "It's Time to Buy That House".
 

He discusses the National Association of Realtors, Housing Affordability Index, which Town and Country has written about several times this year, which was 183.7 in August. According to NAR a reading of 100 would indicate that the median income family with a 20% down payment can afford a mortgage on a median priced home.
 

Jack gives an example of a median priced home in greater Phoenix, purchasing it with 20%, at todays 4.12% interest rate, results in monthly payments less than half what the rental for the same home would be.

Of course, as we discussed many times in prior blogs, the banks are being piggy and not lending the money they should, even to qualified buyers. This must be rectified first, in order to move forward!
 

Personally, my sentiment has always been the same. I'd rather keep my money in "East End dirt", as I call it, rather than anywhere else on the planet!
 

As Kramer would say, "Buy, Buy, Buy".

Exciting new developments at Town and Country Real Estate

Sunday, January 23rd, 2011

These are exciting times for Town and Country Real Estate: Theresa Eurell opened our new Montauk office, Janet Hummel doubled our office in Bridgehampton (at a convenient and easy parking Main Street location)

and Patrick Galway just opened his expanded office double again-in walking distance to Beach Bakery - one of my favorites – and that has nothing to do with the fact the baker Simon is Dutch too!

 But the North Fork offices haven’t been sitting still either: Most recently Kate Carpluk joined our Mattituck Offices, following Sandi Caltabiano and Terri Boyle, all just in the last few weeks.  And let’s not forget to welcome Amanda Hubbard and Sarah Fesnick – the first faces you will see when you come to our North Fork Offices who run our front desks! And I could not leave out all our recent exciting activities on beautiful Shelter Island…for a separate blog.
How come – outsiders may ask – how is it possible that in these economic times a business can experience such exciting developments – helping people sell their homes so successfully in the most difficult times in recent history? While other companies may be cutting back?
Southold Office 2011All of our local professionals work hard at Town and Country to create a great atmosphere – better able to service anyone’s East-End Real Estate needs in the Hamptons, North Fork Wine Country and Shelter Island. Backed up by the basics: the best tools in the industry, and with help of  the premier professionals in our individual towns and hamlets all working together.
And I am writing this blog to share our pride in that achievement with you – just ask any of our agents, clients or customers.
A collegial atmosphere most people who get to know us comment on – it is a real difference you can feel when you walk into any of our offices from Montauk to Southold. Most of us love to come to work where we do what we do best: East End (Hamptons, Shelter Island and North Fork Wine Country) Real Estate.
And agents as well as clients and customers recognize that T&C difference – and benefit alike! So stop by at any of our offices or open houses and allow us to introduce ourselves! You’ll be happy you did: experience the Town and Country difference!
 
 

A WEEKEND OF TOWN AND COUNTRY OPEN HOUSES ON THE NORTH FORK…

Saturday, August 21st, 2010

Aren’t Open Houses are a fun way to find the home of your dreams?

If you are looking for a home with a dock – this weekend is great: Town and Country Agents are making it possible to see quite a few -priced right- waterfont homes with private docks on the North Fork- for your convenience-no appointments needed!

Our T&C agents are professionals who know the RE market – that’s their business. So do not hesitate to pick their brains while you visit their open houses. Remember-they know the best homes on the market: ask them for their favorite listings! 

Click here for this weekend’s Open Houses

HAMPTONS 1ST Quarter 2010 Homes Sales Report

Tuesday, April 20th, 2010

There’s nothing more impressive than a powerful recovery!

Town & Country was the first to identify the bottom in the middle of last year, and promised a report in 2010 that would prove activity levels were returning.

It seems some of the markets hit hardest by the recession came back with a bang!

SHELTER ISLAND posted a whooping 1300% increase in Number of Home Sales from 1 to 14 and therefore an OUT OF THIS WORLD increase of 1442% in Total Home Sales Volume from $1.24M to $19M – which is twice the $9.5M posted for 1st quarter 2008! Oddly though the Median Home Sales Price dropped 15.4% from $1,240,000 to $1,049,500 – a trend we see in 4 markets thereby clearly conforming to the public’s demand for lower priced homes.

All 11 markets monitored by Town & Country saw BLACK or increases, in the Number of Home Sales. 10 of the 11 markets saw increases in the Total Home Sales Volume with the only exception being SAG HARBOR AREA (which includes Noyac and North Haven) with a 16% dip. And 6 of the same 11 markets experienced gains in Median Home Sales Price in this year to year 1st quarter report.

EAST HAMPTON VILLAGE Median Home Sales Price rose 137% from $1,242,500 to $2,950,000. While quite impressive, it still trails the $3.45M posted 1st quarter 2008, pre-recession.

SOUTHAMPTON VILLAGE Median Home Sales Price also experienced a grand increase of 103% from $825,000 to $1,675,000, 2009 to 2010 respectively. Still a far cry from 1st quarter 2008 when SOUTHAMPTON VILLAGE Median Home Sales Price was $2,775,000.

Studying All Hamptons Markets Combined we see just how impressive this recovery is. The Number of Home Sales rose 175% from 106 in 2009 to 292 in 2010 – which trumped the 287 posted back in 2008 before the crash! Further, the Total Home Sales Volume sky rocketed 251% from $153.6M in 2009 to $539M in 2010 and the Median Home Sales Price rose 51% from $730,000 in 2009 to $1.1M in 2010 – again trumping the $975,000 Median Home Sales Price 1st quarter 2008.

Clear across the board All Hamptons Markets Combined in every category and every price range displayed pure and powerful black.

If the time were ever more right to buy,,, I haven’t seen it!

To view more specifics on your particular locations and price ranges, visit out website 1TownandCountry.com and click “Reports”.

Main Streets of The Hamptons Prepare For Summer 2009

Thursday, May 14th, 2009

 Things are bustling in the Hamptons with one week left before Memorial weekend. Many newcomers to the Main Streets of the Villages are preparing to open their doors for the first time scurrying to get merchandise in and displayed, other  stand-by retailers are redecorating windows for maximum curb-appeal, town highway department are out cleaning up the streets, parking lot meters are up and running and delivery trucks are rapidly unloading merchandise.

Some new names ready to pop open any day include Hermes, Brooks Brothers, Tommy Hilfiger, and a larger J.Crew to name a few. Oldies but goodies such as multiple Ralph Lauren stores, Scoop, Calypso and Lilly Pulitzer are preparing for another successful season

After a  long, cold winter it is entertaining and energizing to see the activity and preparations for what promises to be another fun and sun-filled summer in The Hamptons. Come visit us, we too are right in the middle of all the activity in the Villages.

 

 

Location, Location, Location and TIMING

Tuesday, April 28th, 2009

 It has been said “The only three rules of Real Estate are location, location, location.”  I’d like to add a fourth, “TIMING”!

 
All indicators are loudly sounding the “Buy” alerts… or as Cramer’s button screams, “ Buy, Buy, Buy” on MAD MONEY, CNBC.  
 
Let’s review some of the signs in today’s Real Estate Market that confirms the time to buy is NOW:
 
#1 Interest rates are at the lowest 30 year mortgage rate (below 5%) since Freddie Mac began it’s weekly survey in 1971. (source:  bizjournals.com)
#2 Existing U.S Home Sales spiked 5% in February to a seasonally adjusted annual rate of 4.72 million from a rateof 4.49 million in January (source:  money.cnn.com)
#3 First time home buyers AND anyone who has not owned a home in the past 3 years are eligible for an $8,000 tax credit for the purchase of a primary residence between January 1, 2009 and December 1, 2009.  NO REPAYMENT! (source: FederalHousingTaxCredit.com
#4 National Association of Realtors (NAR) Housing Affordability Index is a whopping 173 (123.4 in the Northeast).  Factors contributing to this index include median home sale prices, mortgage percentage rates, monthly principal and interest payment as related to income, as well as median family income. (source:  NYSAR)
#5 National Association of Realtors reported existing home sale prices corrected by 15.5% (4.4% in the Northeast) making homes more affordable.  (source:  NYSAR)
#6 National Association of Realtors Research Report indicated Real Estate has delivered the most consistent, positive return over any investment during the past 40 years.  Nationwide, the average annual appreciation over 10 years was 5% given the leverage in purchasing a home. (source:  NYSAR)
#7 Realty Trac ranked New York among the states with the lowest number of foreclosures.  In fact, of the top 10 most populated states, New York had the fewest. (source:  Realtytrac.com)
#8 The Federal government is investing billions of dollars and adopting new programs designed by the most brilliant minds to stabilize and grow the US Housing Market. (source: www.wikipedia.org/wiki.TARP)
#9 Although the regular conforming mortgage limit remains at $417,000 on a single family residence, there is a high conforming mortgage limit of $625,000 with an expected increase to $729,750, which is guaranteed by Fannie Mae and FHA. (source: www.hud.cov/offices/hsg/fhahistory.CFM)
#10 On Long Island, there was a 21% jump in the number of Home Sales closed in March 2009 compared to February 2009, with a further increase of 29% for fully executed contracts, same time period.  This increase in month to month activity, indicates a floor is being established. (source:  MLSLI)
#11 East End Real Estate has proven its undeniable blue chip quality.  At www.LIProfiles.com/Historyselect.asp there are 10 year stats for Long Island specific to each hamlet.  In Bridgehampton for instance, the Median Home Sales Price skyrocketed from $300,000 in 1997 to $2 Million in 2006.
#12 Real Estate is the safest haven for your hard earned cash, in my experience. Unlike a bank, there’s no $250,000 limit insured and unlike a stock, it can’t ever be worth pennies and most importantly, you can see it and touch it…
 
Homes rejuvenate our souls, provide shelter and a personalized space to gather with friends and family.  Lastly, those of us aged Baby Boomers, have seen enough volatility to know – Real Estate is the best way to invest in our future and there hasn’t been a better time, and one as beneficial as now.
 
Timing has never been better. 
 

Santa Visits The Hamptons Real Estate Office

Tuesday, December 16th, 2008

Santa came early this year, at least to Town & Country Real Estate’s Bridgehampton office. On Friday, Dec 2, jolly old St. Nick appeared bearing goodies for children of all ages. Bells were a jingling,  cookies were flowing, children with smiling and the magic of Christmas was felt by all.