Archive for the 'Hamptons Real Estate' Category

National Homes Sales Are Rocking!

Wednesday, May 17th, 2017

East Hampton | $17,750,000 | IN # 42068

The National Association of Realtors has released the first quarter home sales report for 2017 and the numbers are impressive.

Total existing-home sales rose 1.4% to a seasonally adjusted annual rate of 5.64 million.  This was the highest level since the first quarter of 2007, ten years ago!  Second only to 2005.

First time home buyers are back in the game. The national median home sale price climbed nearly 7% year over year. Reports show the driver, demographically, are millennials. These young adults are some of the oldest age groups to pull the trigger on the American Dream.  Failure to launch, The Great Recession, employment issues, and outrageous prices followed by the housing market crash all contributed. 

Although mortgage rates and prices are on the rise, there seems to be no pull back in sight. This is great news for the overall economy as everyone knows when homes sell, jobs are created. In fact, after the Great Recession, I predicted the housing market would pull the country out of the troth… and it did!

Furthermore, as is the case most times, the East End markets moved conversely to National trends. 

To view the Hampton Home Sales Reports visit www.TownAndCountry.com/Reports

Barney Rosset Estate in East Hampton Sells for $5.5 Million

Thursday, March 2nd, 2017

400 Hands Creek, East Hampton - Front Facade

An East Hampton property once owned by Barney Rosset, who published works by Henry Miller and Samuel Beckett that were considered scandalous, was on the market for $6.495 million and just sold to a Hollywood actor who asked to remain anonymous for $5.5 million.

A memoir, titled “Rosset: My Life in Publishing and How I Fought Censorship,” was published last summer by OR Books. Rosset was known as a crusader against censorship in the 1960s, publishing controversial books including D.H. Lawrence’s “Lady Chatterley’s Lover,” Henry Miller’s “Tropic of Cancer” and “The Autobiography of Malcolm X” through his company, Grove Street Press. 
 
400 Hands Creek, East Hampton - Swimming Pool
 
Rosset, who died in 2012 at age 89, lived on the 13.5-acre property for about 10 years until 1993, when he sold it to the current owner, says listing agent Bill Stoecker of Town & Country Real Estate. Over seven years, the current owner salvaged and renovated a barn on the property, which is now the double-height living room for the four-bedroom home, Stoecker says. He added another 4,000 square feet of living space to the shingle-style home, which has four fireplaces, a wine cellar, and a rooftop hot tub. The property, which sits adjacent to 10 acres of town-owned reserve land, has a swimming pool, pool house, tennis court and separate garage, and is surrounded by gardens.
 
For more details about the property or the sale CLICK HERE or contact listing agent William Stoecker at BStoecker@TownAndCountryHamptons.com.
 
400 Hands Creek, East Hampton - Living Room

Town & Country 4th Quarter 2016 Home Sales Report

Tuesday, January 17th, 2017

How the mighty have fallen! 

The last 3 months of 2016 were NOT good for the Hamptons real estate markets.

11 of the 12 individual markets monitored by TOWN & COUNTRY experienced declines in the Number of Home Sales with the hardest hit being starlets East Hampton Village with a 46% drop and Bridgehampton (which includes Water Mill and Sagaponack) with a whopping 56% free fall. In turn, these two markets also experienced the worst losses in Total Home Sales Volume with Bridgehampton (which includes Water Mill and Sagaponack) down -70% from $305 million trading hands in the 4th Quarter 2015 to a scant $92 million for the same 3 months a year later, and East Hampton Village sank like a stone by -81% from $120 million to just $22.7 million year to year, 4th quarter.

Enough of the bad news, while the Number of Home Sales and Total Home Sales Volume were both poor performers in the 4th quarter, 2016, the Median Home Sales Price rose in half the markets monitored by TOWN & COUNTRY. In fact, Montauk, which remains one of the hottest markets, experienced a 61% leap in Median Home Sales Price 2015 to 2016 4th quarter from $815,000 to $1.315 million respectively. Prices are obviously going up in Montauk — “simply put, the supply is never going to out weigh the demand since Montauk is surrounded on 3 sides by ocean.”

Looking at All Hamptons Markets Combined and you clearly see activity in Hamptons home sales was pretty much on hold toward the end of 2016, particularly $10 million and up, where there were 14 closings in the last 3 months of 2015 vs. only 5 in 2016. The good news is all 8 TOWN & COUNTRY offices are reporting heightened activity since the election and I predict 2017 will be a much better year than 2016.

To view all reports visit TownAndCountryHamptons.com/Reports.

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

Hamptons Magazine Hosts Private Party At Union Cantina

Monday, November 7th, 2016

Judi Desiderio, Ian Duke, Debra Halpert

(Town & Country CEO Judi Desiderio, Union Cantina owner Ian Duke, Hamptons Magazine publisher Debra Halpert)

Despite what you may have heard, fabulous parties in the Hamptons don't end on Labor Day – the guest lists just get more exclusive.  Hamptons Magazine, the go-to arbiter of style and all things chic, celebrated the upcoming 2017 summer season on Thursday, October 27, 2016, with a cocktail party and private dinner at the newly opened Union Cantina in Southampton.  Our own Judi Desiderio joined the celebration with Union Cantina's owner Ian Duke and chef Scot Kampf, the pair also own and manage the popular Southampton Social Club hot spot, alongside Hamptons and Gotham publisher Debra Halpert.  We can't wait to see who appears on the first summer cover in 2017.

TOWN & COUNTRY HAMPTONS 3RD QUARTER 2016 HOME SALES REPORT

Thursday, October 20th, 2016

2016 3rd Quarter Home Sales in the Hamptons was, well frankly… all over the place.

This year to year statistical comparison shows definite signs of growth.

East Hampton Village set a new high watermark for Median Home Sales Price at $5.25M. All 8 home sales during these months were over $2M — “very impressive Median Home Sales Price, possibly a national statistic”, states Judi Desiderio, Chief Executive Officer.

Hot Montauk, more than doubled the amount of home sales from 8 in 2015 to 17 in 2016. Furthermore, the Total Home Sales Volume tripled year over year with a 198% leap to nearly $28M from $9M.

The Bridgehampton market (which includes WaterMill and Sagaponack) remained the top earner with $125M trading hands during July, August and September of this year. The Median Home Sales Price was a solid $3.9M, a 42% jump from last year’s $2.75M.

All Hamptons Markets Combined showed a respectable increase of 5% in the Number of Home Sales and a rise of 8.5% in Total Home Sales Volume, yet the Median Home Sales Price dropped 13% to only $850,000.

Looking back at our last bull market of 2014 and clearly you see the pull back since then when 410 homes close, with $760 million trading hands.

To view all reports visit http://www.townandcountryhamptons.com/html/marketReports.php

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! 

MIXED SIGNALS

Thursday, August 11th, 2016

Second quarter 2016 statistics have been released and they are not sending clear signals by any means.

On one hand, The National Association of Realtors reported that home prices rose in 83% of the nation’s 178 major real estate markets. Yet, according to CoreLogic Case Shiller Indices overall prices are now just 2% off the peak set in July 2006.

Homeownership rates are the lowest since the Census Bureau began tracking quarterly statistics in 1965 – now at 62.9%. Economists estimate 200,000 to 300,000 fewer US households are purchasing new homes annually, than during normal market conditions. The true American Dream of home ownership is in flux.

Personal wealth has always been driven for most by their homes. Retirement, tuition, vacations, and much more usually financed via home equity. Is there an entire generation of permanent renters out there? I hope not, for their sake.

First time home buyers are a critical piece of the puzzle and the government must support this vital future growth. Mortgage qualifications are a big part of today’s issues. Keep in mind, home sales create jobs and employ ancillary services from painting to landscaping.  It was home sales and the economic boost it provided that pulled us out of the worst economic downturn since the Great Depression.

How can lawmakers support growth from the bottom up?

TOWN & COUNTRY HAMPTONS MID YEAR 2016 HOME SALES REPORT

Monday, July 25th, 2016
 
Analyzing the Hamptons Home Sale data for the first six months of 2016 was like being on the Cyclone at Coney Island. The highs are huge — check out Shelter Island — and the lows makes your stomach drop‚ take a look at Southampton Village.

Shelter Island broke some records with 44 sales — a 76% spike from 2015 when only 25 homes sold in the first six months and nearly $50 million changed hands — almost double that of the same period last year.

Sag Harbor Village and Sag Harbor Area (which includes Noyack and North Haven) posted the greatest gains in Median Home Sales Price at 29% and 30% respectively.

Interestingly, the usual crown jewels seem to have lost their luster a bit. Bridgehampton (which includes Water Mill and Sagaponack) saw nearly all red across the board. The Total Home Sales Volume sank 34% — primarily due to the drop in home sales activity $10M and up.

Southampton Village and East Hampton Village, both estate areas, historically blue chips, realized significant pull backs. Southampton Village didn’t have one home sale $10M and up — it’s been many years since we saw that! The Total Home Sales Volume was off by 51% with 27% less sales, all of which recalibrated the Median Home Sales Price to $1.95M. East Hampton Village saw 31% less home sales from 35 in the first six months of 2015 to only 24 in 2016 same period. The Median Home Sales Price droppped 23% from $3.1M to $2.4M year-to-year.

The silver lining for East Hampton Village was the Total Home Sales Volume spike of 36% from $167M to $228M year to year. It must be noted though that this was due to 3 home sales on Lily Pond Lane. Two were part of Scott Bommer’s $110M flip, in addition to 199 Lily Pond Lane oceanfront which closed at $70M — none of which were listed for sale.

“Looking at All Hamptons Markets Combined and you clearly see that while there were some statistically wild peaks and valleys, the prime criteria monitored by TOWN & COUNTRY shows only slight variations.The Number of Home Sales was -6%; the Total Home Sales Volume -8.7%; Median Home Sales Price rose 2%. Not a bad ride afterall,” states Judi A. Desiderio.

View the full Mid-Year 2016 Report all reports visit TownAndCountryHamptons.com/Reports.

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.