Archive for the 'Home Sales' Category

Town & Country Hamptons 1st Quarter 2017 Home Sales Report

Tuesday, April 18th, 2017

WARNING: Before you delve deep into the extraordinary amount of negative red figures, keep in mind, all Real Estate Reports are somewhat a look in the rearview mirror. Recorded data that is analyzed reflects closings that went into contract an average of 60 days prior.

That said, Q1 home sales clearly show a tremendous pull back on the high end. TOWN & COUNTRY monitors eight separate price ranges in 12 different markets. Across the board, none of the hamlets experienced an increase in the $10m-19.99m or $20m and up price ranges. In All Hamptons Markets Combined, these two price categories declined by -83% and -67%, respectively.

The only beacon in this report would be Southampton Village, where the Total Home Sales Volume jumped a whopping +93.6%, while the Median Home Sales Price shot up 87.5% to $3.75m in 2017 from $2m in 2016. In fact, the only sale in the $20m and up category was 7 Old Town Road in Southampton Village for $26,000,000. 

While nine of the 12 markets that TOWN & COUNTRY analyzes experienced declines in both Number of Home Sales and Total Home Sales Volume criteria, the Median Home Sales Price rose in 10 of the 12 markets. This demonstrates the resiliency of East End dirt, meaning that while the sales activity may ebb with factors such as the movement of stocks and bonds, the inherent value of our real estate has true, long-term staying power.

Most of this data reflects Q4 2016 sales activity, which was apparently weak for many sectors. Just as I predicted these stats would be sad for Q1 2017, I predict that the Second Quarter will be better for most markets and price ranges, while the high end remains against headwinds.

To view all reports visit TownAndCountryHamptons.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

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 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 1ST QUARTER 2016 HOME SALES REPORT

Wednesday, April 20th, 2016

The best part about the numbers is they tell it like it is — no individuality, no over inflation, no emotions… strictly the FACTS.

The fact is, the Hamptons 1st Quarter Home Sales Report reflects, frankly, a mixed bag.

In general, the report on the first three months home sales activity shows 10 of the 12 of the individual markets monitored by TOWN & COUNTRY had fewer transfers. East Hampton Village saw a drop of 44% and Bridgehampton (which includes Water Mill and Sagaponack) saw a 39% drop in Number of Home Sales—  these are significant statistical changes.

Bridgehampton (which includes Water Mill and Sagaponack) had quite a pull back, with not only 39% less Home Sales, but 42% less Total Homes Sales Volume, and the final criteria we monitor, Median Home Sales Price, slightly lower by 3%. The $10-$19.99M price range was off by 67% in Bridgehampton (which includes Water Mill and Sagaponack).

On a positive note, Shelter Island spread its wings nicely with a whopping 70% jump in Number of Home Sales, 59% increase in Total Homes Sales Volume and nearly 10% rise in Median Home Sales Price. A shining quarter for the Island.

East Hampton Village statistics deserve close examination. Not only the slide of 44% fewer Number of Home Sales but RED in every price range … except the over $20M, where the 2 sales for the first 3 months were: 101 Lily Pond Lane at $63.8M and 93 Lily Pond Lane for $22M. SAB Capital owner Scott Bommers sold his 3 Lily Pond Lane holdings for a total of $110M — an off-market deal.

Looking at All Hamptons Markets Combined and you see that from a broadstroke the East End Real Estate market held strong, while the stock market was in a bit of a free fall followed by a bounce. The Median Home Sales Price increased a respectable 3.65% to $995,000 while the Numer of Home Sales declined by 10%. 

Thank goodness it’s Spring!

To view the full report visit TownAndCountryHamptons.com/Reports.

 

TOWN & COUNTRY HAMPTONS 6 YEAR HISTORY HOME SALES REPORT

Tuesday, February 16th, 2016

In 2005 TOWN & COUNTRY published the first of a series of multiple year Home Sales Reports.

In the last report of 2010, we witnessed the best and the worst of sales activity. 2009 saw only 1,094 homes closed title, the least since I have been reporting on market activity. Conversely, 2005 hit the high watermark with 2,544 home sales. Total Home Sales Volume, which is driven directly by the high end, had its best performance in 2007 with over $3.8 billion changing hands. That was then, this is now.

Fast forward to this 6 year study, and clearly 2005 remains the high water mark for the Number of Home Sales. The Total Home Sales Volume ran a 7 year cycle with 2014 closing nearly $4.7 billion, while 2007 saw just over $3.8 billion sold.

One notable, and interesting statistic, is that for the past 10 years the Median Home Sales Price bounced around the +/- $900,000 range with a low of $849,500 in 2005 and a high of $999,000 in 2007, followed closely by 2015 at $997,500. This statistic is much lower than market examples in many locations.

Evaluating the 12 individual markets monitored by TOWN & COUNTRY and you will see that these individual markets move independently in many ways, yet yield a definitive trend reflective of the health and stability of the overall economy, but mostly the equity markets.

To view the full report visit TownAndCountryHamptons.com/Reports.

HAMPTONS TOP 10 MOST EXPENSIVE SALES OF 2015

Tuesday, February 16th, 2016

2015 closed out the year with a solid performance on the high end. But, 2014 remains THE BEST YEAR for high end real estate sales — shattering all prior ceilings with Barry Rosenstein’s purchase of Andrew Gordon’s estate from his partner, Chris Browne at $147M. The combination of 62 Further Lane, East Hampton at a total price of $97M plus 2 contiguous lots totaling $50M yields the $147M dollar total. That record sale unseated the prior high water mark set in 2007 when Ron Baron bought the deMenil Carpenter property also on Further Lane in East Hampton at $103M.

So while the 2015 top slots don’t come close to those record sales, the 10th spot was held at a respective $23M for 377 Jobs Lane in Bridgehampton.

In keeping with past Top 10 Most Expensive Sales reported by TOWN & COUNTRY, 9 of the 10 sales were waterfront with 7 of the 9 being oceanfront. The hamlet count was fairly consistent with Southampton logging in the most at 4, Bridgehampton with 2, East Hampton with 2, and Montauk with 1.

East Hampton once again takes the crown with 226 Further Lane at $57.3 M.

To view all Top 10 Most Expensive Sales visit TownAndCountryHamptons.com/Reports.

2015 HOME SALES POISED TO REACH 2007 LEVELS

Wednesday, November 4th, 2015

The National Association of Realtors September report confirmed what Realtors across the United States have been experiencing. Existing home sales climbed to a seasonally adjusted rate of 5.55 million or 4.7% — a huge gain of nearly 8% over 2014!

This spike made up for some of August’s soft spots. We suspect the stock market’s wild ride in August set the stage for the August weakness. However, the September spike was a welcome sign that the home sales in 2015 nationally are on target to hit levels not seen since the crash. The American Dream is alive & well! Yet there are a few rain clouds in the sky…

First time buyers seem to have lost some strength with logging 29% of all sales vs the 32% in August. We will be watching this to see if it is a trend or an anomaly. First time home buyers are significant players as they ear mark future demand.

Let’s seek to the Home Affordability Index at year’s end for more insight.

TOWN & COUNTRY NORTH FORK 3RD QUARTER 2015 HOME SALES REPORT

Tuesday, October 20th, 2015

TOWN & COUNTRY’S Judi A. Desiderio has been reporting on North Fork Home Sales statistics for over 20 years. This 3rd Quarter Home Sales Report epitomizes why Judi always states “The numbers don’t lie. Individual agents and companies can have record quarters, but individuals don’t make the market.” This is a true eye opener for the amount of RED throughout the report. This is a big surprise since the TOWN & COUNTRY offices are reporting 3rd Quarter sales growth in all markets. In fact, 2 markets more than doubled.

All 4 markets monitored by TOWN & COUNTRY saw dramatic decreases in the Number of Home Sales with Orient (which includes East Marion and Greenport) dropping the most – 47% from 34 sales to 18 year over year.

Southold (which includes New Suffolk and Peconic) realized a 51% plunge in Total Home Sales Volume from $29M to $14.3M.

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) and Orient (which includes East Marion and Greenport) experienced increases in their Median Home Sales Price. Orient by as much as 11%.

Looking at All North Fork Markets Combined and the RED straight across the boards is glaring! All three criteria and all 6 price ranges monitored by TOWN & COUNTRY posted declines by as much as 35.5% in Total Home Sales Volume year over year, with the high end suffering the worst.

Doing a year over year analysis may not give the full and comprehensive picture. To illustrate let’s look at the 3rd Quarter 2013 and we see comparable figures as 2015. Thus the conclusion that 2014 was a banner year would be most correct. 

Click HERE for full report & statistics.

TOWN & COUNTRY HAMPTONS 3RD QUARTER 2015 HOME SALES REPORT

Monday, October 19th, 2015

TOWN & COUNTRY’S Judi A. Desiderio has been reporting on Hamptons Home Sales statistics for over 20 years. This 3rd Quarter Home Sales Report epitomizes why Judi always states “The numbers don’t lie. Individual agents and companies can have record quarters, but individuals don’t make the market.” This is a true eye opener for the amount of RED throughout the report. This is a big surprise since the TOWN & COUNTRY offices are reporting 3rd Quarter sales growth in all markets.

Doing a year over year analysis may not give a full and comprehensive picture. The 3rd Quarter of 2014 was a statistical rocket where all markets monitored by TOWN & COUNTRY saw gains — in fact, 5 markets doubled in the Number of Home Sales 3rd Quarter 2014. The 2015 3rd Quarter Report demonstrates a pull back from the heightened activity of 2014. 8 of the 12 specific markets saw a decline in the Number of Home Sales and all but one market – Sag Harbor Village – saw declines in Total Home Sales Volume. 

Sag Harbor Village was the one shining beacon of the report, as it was the only market that was in the BLACK for the 3 criteria which TOWN & COUNTRY monitors: Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

Montauk experienced a steep decline of 60% less Home Sales and the greatest drop in Total Home Sales Volume of 65%. Who would have guessed that?

Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) was on a wild ride for those 3 months with the greatest decrease in Number of Home Sales (64%) and the greatest increase in the Median Home Sales Price (35.4%), statistically speaking.

Looking at All Hamptons Markets Combined, you see all RED except for a 7% tick up in Median Home Sales Price The two ends of the market – high end and low end – suffered the most but for vastly different reasons. Low end is due to lack of inventory, high end is due to the demographic of the buyer wanting to “park” their money in the sidelines for now.

Looking back at 2013 3rd Quarter Home Sales Report and it seems as though 2015 is more the norm and 2014 was a banner year.

To view the complete report visit TownAndCountryHamptons.com/Reports.