Archive for the 'East End' Category

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

NEW HOME SALES IN THE U.S. HIT 9 YEAR HIGH

Wednesday, August 24th, 2016

Newly built single family residences across the country jumped 12.4% according to the just released U.S. New Home Sales Report. July 2016 was the best month-to-month increase since October 2007. Year-to-year the July increase was a whopping 31.3%! This puts new home sales levels back to levels equivalent with levels prior to the Great Recession, but below all-time highs reached in 2005.

According to the US Commerce Department, the seasonally adjusted annual rate of 654,000 newly built homes traded hands. In fact, the total amount of new homes sold in the U.S. for the first half of 2016 was up over 12% compared to the same period in 2015. Economists believe historically low interest rates and strong job markets are the main contributing factors.

Additionally, many young home buyers have been sitting on the sidelines for several years and are just now beginning to realize the importance of homeownership.

New homes create jobs. Not only by the construction of the home but there are jobs created with ancillary services such as landscaping, decorating, etc.  All of these jobs markets see significant increases when home sales increase.

Finally, the National Association of Realtors collaborated on the strengthening home sale markets with June’s report on previously owned homes, which hit a 10 year high. Real estate has been the beacon! 

TOWN & COUNTRY NORTH FORK 2ND QUARTER 2016 HOME SALES REPORT

Friday, July 29th, 2016

TOWN & COUNTRY’S 2nd Quarter North Fork Home Sales Report demonstrates uneven growth, but growth none the less.

Southold (which includes New Suffolk and Peconic) had the greatest up-tick in the Number of Home Sales at 25% —from 28 in 2015 to 35 in 2016 (same three months), yet experienced drops in the Total Home Sales Volume and Median Home Sales Price of 14% and 6% respectively. 

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) logged an 18% increase in the Number of Home Sales and a 20% jump in Total Home Sales Volume.

Mattituck (which includes Laurel and Cutchogue) and Orient (which includes East Marion and Greenport) each had one less home sale during the 2nd Quarter, year over year.

Looking at All North Fork Markets Combined you will note that only declines in the five price categories monitored by TOWN & COUNTRY were the $500,000 – $999,000 category by 22.45% from 49 to 38 from 2015 to 2016 and the $5M and up, where there were no sales vs. last year. The Number of Home Sales rose 8% in this year to year comparison yet the Total Home Sales Volume and Median Home Sales both experienced pullbacks of 3% and 14% respectively.

“The North Fork has established definite traction. I anticipate the 2nd half of 2016 to continue to gain momentum as more and more people discover the richness of North Fork living,” states Judi A. Desiderio.

To view the full report visit North Fork 2nd Quarter 2016 Home Sales Report. For all Town & Country Real Estate Market Reports, click here.

TOWN & COUNTRY NORTH FORK MID YEAR 2016 HOME SALES REPORT

Wednesday, July 27th, 2016

In analyzing the data from the North Fork markets for the first six months of 2016, the positive trends jump right off the page. All four specific North Fork markets experienced increases in the Total Home Sales Volume.

Southold (which includes New Suffolk and Peconic) posted the greatest increase in the Number of Home Sales with a spike of 32% from 53 in the first six months of 2015 to 70 in 2016 same period. The Median Home Sales price was also up 10% and Total Home Sales Volume grew 17%.

Orient (which includes East Marion and Greenport) realized a whopping 43% increase in Total Home Sales Volume from $22.2M to $32M year to year. In fact, the Orient market was totally in the black this report.

Mattituck (which includes Laurel and Cutchogue) saw a slight uptick in homes sales activity as did Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport).

“The glaring trend is the heightened activity primarily on the eastern end of the beautiful North Fork in the first six months of 2016,” states Judi A. Desiderio.

Looking at All North Fork Markets Combined and you will note healthy growth in the Number of Home Sales (+12%), as well as the Total Home Sales Volume (+15%).

Prediction for the balance of 2016, is a continued ascend for our North Fork markets.

To view the full report visit North Fork Mid Year 2016 Sales Report. For all Town & Country Real Estate Market Reports, click here... 

TOWN & COUNTRY Hamptons 2nd Quarter 2016 HOME SALES REPORT

Tuesday, July 19th, 2016

 

The numbers are in… raising eyebrows mind you! 

The second three months of 2016 proved challenging for many of the 12 individual markets monitored by TOWN & COUNTRY.  All three criteria in the analysis showed significant drops: The Number of Home Sales dropped in eight of the 12 hamlets and the Total Homes Sales Volume and Median Home Sales Price both realized declines in nine of the 12 locales.

Southampton Village and East Hampton Village, two prime crown jewels of Hamptons Real Estate, both suffered significant declines in all three criteria. In fact, East Hampton Village’s drop of 53% in Total Homes Sales Volume ($95M to $45M year to year) was the greatest of all markets, with Southampton Village not far behind dropping 48% from $86M to $45M.

Reviewing last year’s TOWN & COUNTRY’S 2nd Quarter Home Sales Report, you will notice 2015 experienced a similar set of declines when compared to 2014. Hopefully, this is not a trend!

Thankfully, the report was not all doom and gloom. Sag Harbor Area (which includes Noyack and North Haven) posted the highest gains in the Number of Home Sales at a 100% leap from 17 in 2015 to 34 in 2016. Further, the Total Homes Sales Volume rose from $23.5M to $58M.

Sag Harbor Village and Shelter Island both showed strong growth in the Number of Home Sales, Total Homes Sales Volume and Median Home Sales Price. Is there a shift in focus to the quaint boutique markets from the estate sections, or is it a function of price?

The darling hamlet of Amagansett experienced an unexpected pull back in activity with 35% fewer homes trading hands — this certainly is not due to a lack of interest, but rather a price sensitivity with Median Home Sales Prices nearing $2M inclusive of both north and south of the highway.

View All Hamptons Markets Combined and you will see plenty of red. In fact only one of the eight price ranges monitored by TOWN & COUNTRY saw gains — an anemic 5% increase in the Number of Home Sales, $500,000 – $999,000 the most popular price category.

“While the 2nd Quarter Home Sales Report proved what I have said about the $10M and up price categories being hit the hardest, I do anticipate the next three months will see a seasonal uptick on the high end. Though, it is the stock market trajectory that dictates Hamptons high end sales. Just another cycle.” states Judi A. Desiderio, President.

To view the full report visit 2nd Quarter Home Sales Report. For all Town & Country Real Estate Market Reports, click here.

 

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!  

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 

NEW HOME SALES HIT HEIGHTS NOT SEEN SINCE 2008

Wednesday, May 25th, 2016

US Commerce Department released its April report on purchases of single family homes sales which jumped nearly 17% from the month earlier to a seasonally adjusted annual rate of $619,000. This was the fastest pace since January 2008.

Additionally, the median home sale price rose 9.7% from the prior year… the highest level on record!

We were one of the first market observers to predict that the housing market was going to drive the country out of the last recession. This has come to fruition! All indications point to this trend to continue in the years to come as jobs and wages improve and interest rates remain low.

So, time to ask yourself… what are you waiting for… prices to go up???