Archive for the 'Homes' Category

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 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.

THE SKINNY ON HAMPTON RENTAL MARKET

Thursday, August 6th, 2015

Those of us in the business hear it every day… “so what’s really happening to the summer rental market?” Good question with a multifaceted answer. First let’s look at the past. 35 years ago when I began my career in real estate in the Hamptons, there were no cell phones, no computers, we had our rentals on index cards and the majority of the rentals we did were M-L. Or to the rest of the world “Memorial Day to Labor Day”. On a rare occasion there was an August or maybe a July rental, but the rule was for summer rentals. Many rental properties were owned by the same guy… or gal. Tenants paid the expenses and there were very few problems. People came out east for R&R to enjoy the natural beauty. To fish and play golf. To gather with friends at dinner parties and just a few times each season there would be a big social event.

Now, let’s fast forward to today. What has changed? Well everything, almost. With cell phones, computers, the internet and an entire generation craving immediate gratification, R&R is no longer the driver. Couple that with the change in our hamlets. We went from quaint Ma & Pa shops to big box stores and Main Streets that close down for 9 months of the year. Additionally, every weekend there are several, major, social events, fund raisers, shows, parties. No down time. The Hamptons vacation became about social events. They became all about weekends or a week or so at a clip. 

Memorial Day through Labor Day is now the exception; July or August even take a back seat to short terms.

The Great Recession was the beginning of the end of full season rentals, as that severe correction changed the way people spend money. One thing that hasn’t changed though is the demographic of our clients, they are mostly from Manhattan and work in finance. The summer after the crash we saw families sharing rentals and the huge shift toward short term rentals. Now there are uber sites which push weekly rentals, again accelerating the short term rental market. This shift toward short term rentals contributes to overcrowded roads and congestion as there’s no slack time. Every home is maximally occupied.

Another important factor contributing to this year’s down rental market is that sales and rentals have always been inversely related and sales have been quite strong for the past few seasons.

Will the seasonal Hamptons Summer Rental Market be back? Where else can you rent a home worth $8,000,000 for just $200,000, for the best 3 months of the year and not have to pay taxes, insurance and maintenance. It’s the best vacation bargain I know. And if you take a home for the summer it’s ok to miss a rainy weekend here or there.

After all there’s always next week!

Judi A. Desiderio, Chief Executive Officer
JD@TownAndCountryHamptons.com 
631.324.8080  ext: 221

TOWN & COUNTRY TOURS THE NORTH FORK

Friday, July 24th, 2015

Town & Country took their Hamptons Associates to view the finest properties on the North Fork offered exclusively through our North Fork offices and Westhampton Beach.

We began our excursion on the western end at IN#40326 a 23 acre mixed use property. Farm land with all development rights in tact as well as commercial use.

Then off to a 10+ acre horse farm IN#51500 two single and separate lots with a traditional home, barns, paddocks and an indoor riding ring.

We broke for lunch at the beautiful Mattabella Vineyard for what felt like a slice of Tuscany. Enjoying beautiful vine views, incredible food and one of the finest rosé.

The afternoon was a true delight!

First a spectacular 72 acre waterfront farm IN#34966 for an amazing $7M and limitless potential!

Lastly, a private sound front subdivision, perfect for a builder or family compound.

On the way back to the South Fork everyone was amazed at the beauty and opportunities abound. Investors were on instant dial for our Associates. Come explore the beauty and civility of the North Fork!

TOWN & COUNTRY HAMPTONS 2ND QUARTER 2015 HOME SALES REPORT

Monday, July 20th, 2015

This second quarter report of 2015 is a most unusual one. After reporting on home sales statistics for over 30 years, even I still get surprised by the factual numbers as they are recorded.

TOWN & COUNTRY’S Home Sales Reports are laser focused on 11 specific Hamptons markets, monitoring 3 criteria. The first metric of the Number of Home Sales shows 8 of the 12 markets are down, 1 flat and only 3 markets reported increases in the number of trades. Magnificent Montauk saw the greatest increase of 22% from 23 to 28 homes sold same quarter year-to-year. Sag Harbor Village and Sag Harbor Area (which includes North Sea) experienced the greatest declines of 45% and 43% respectively. 

The second metric of Total Home Sales Volume tells a different story for the 2nd Quarter of 2015 with 6 of the 12 markets enjoying increases by as much as 69% in Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue). In fact, the Westhampton markets had a statistical joy ride with significant increases in all 3 criteria monitored by TOWN & COUNTRY. Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) had 20% increase in the Number of Home Sales, a 69% explosion in Total Home Sales Volume and a giant 76% up-tick in the Median Home Sales Price from $697,500 to $1,225,000. Looking closely at the 8 specific price ranges we track and the picture is clear that the increases in activity were at the higher price points.

While the 76% jump in the Westhampton’s Median Home Sales Price is impressive, East Hampton Village was off the charts with a 93% leap from $2,678,750 for the 2nd Quarter of 2014 to $5,175,000 for the same Quarter 2015. East Hampton Village logged 4 of the 10 sales $10-$20M for the entire Hamptons. Bridgehampton (which includes Water Mill and Sagaponack) was an honorable mention with 3 sales in that price category and the only Hampton market to log a home sale over $20M. In fact, the top sale for the quarter was a $29.5M sale of 493 Rose Hill Road in Water Mill, Andrew Zaro’s beautiful home on Mecox Bay.

Looking at All Hamptons Markets Combined and you see that the 2nd Quarter of 2015 was only slightly off from 2014 or 40 less transfers, but the Median Home Sales Price and Total Home Sales Volume both increased due to heightened activity in the higher price points. In fact the $3.5M – $4.99M price range saw the greatest increase in activity with 47% more sales.

Click HERE for full report & statistics: 

Judi A. Desiderio, Chief Executive Officer
JD@TownAndCountryHamptons.com       
631.324.8080 ext. 221

Avenue Magazine Fashion Photo Shoot

Friday, June 5th, 2015

Avenue Magazine had a fashion photo shoot for their July Issue on Wednesday June 3rd at 8 Mitchell Dunes Lane, a Town & Country oceanfront exclusive in prime Amagansett. Eva Saleh and Susan Feinman Senior Account Directors, from Avenue Magazine and their wonderful team, Jessica Lee and Haley Friedlich as well as Claudia Talamas – Stylist, Ryan Plett – Photographer, Juliette Perreux – Hair, Bianna Joelle – Makeup, Sian Osborne – Model, all there helping to make this shoot a success. Special thanks to Mother Nature who was very cooperative providing a day of sunshine glistening off the ocean.

To view full listing details click here: http://www.1townandcountry.com/html/projectDetails.php?innum=28219

Judi A. Desiderio, Chief Executive Officer

JD@1TownandCountry.com                    

631.324.8080 ext. 221

Housing Starts Hit Pre-Recession Levels

Wednesday, May 20th, 2015

Nationally, US home building hit the highest level since November 2007. US Commerce Department said housing starts rose 20.2% in April from the prior month to a seasonally adjusted 1.135 million. This is the greatest percentage increase since February 1991. The issuance of new building permits which gives insight to future construction is up 10%.

 

Housing starts rose 16.7% on single-family units, which represent two-thirds of the market. This shows a wide base to this expanse and the most since January 2008.

 

Condos, Co-Ops and multifamily units are up 27.2%. This is good news for the overall US Economy as construction of homes creates jobs for contractors, electricians, plumbers, masons, pool contractors, landscapers, decorators, furniture, and much more! 

 

 

Judi A. Desiderio, Chief Executive Officer

JD@1TownandCountry.com                     

631.324.8080 ext. 221

TODAY’S WALL STREET JOURNAL

Thursday, September 27th, 2012

Justin Lahart, writer for the WSJ wrote the article, ‘U.S. Consumer Rebound on More-Solid Foundations’. He outlines how the steadily improving housing market will keep the national economy from buckling.

He discusses economic issues abroad, corporate profits tied to same, corporate confidence, jobs, the Case-Shiller 20 City home-price index (which T&C BLOGGED about earlier this week) .. the bottom line.. when home values improve, so betters consumer spending.. the single most important component to our overall economic recovery.

Thank you Justin!

NEWS12 EDITORIAL ON LUXURY REAL ESTATE ON LONG ISLAND

Thursday, September 20th, 2012

Check out this new video clip on two T&C agents listings! 

Congrats to Nicholas Planamento, Joan Bischoff & Linda Statam!!

http://www.newsday.com/blogs/business/real-li-1.812034/news-12-clip-see-3-big-long-island-properties-1.4016864

BUILDING PERMITS UP 6.8% NATIONWIDE FOR THE MONTH OF JULY…HERE’S WHAT WE CAN EXPECT

Thursday, August 16th, 2012

National Housing Federation responds to the Chancellor's statement.

21 March 2012

Responding to the Budget and its impact on the housing sector, National Housing Federation chief executive David Orr says:

'We welcome the Chancellor’s move to close the loophole that allowed wealthy individuals to buy properties through companies and avoid stamp duty. It meant people on high incomes could avoid paying tax on the purchase of expensive homes.

'However it is disappointing that the Chancellor has failed to put investment in housing at the forefront of driving forward economic growth in the UK.

'Supporting housing associations to maximize the investment they make in building and maintaining homes creates new jobs, saves the Government benefit payments, invests in local communities and boosts general economic activity.

'Every new home built creates 1.5 new jobs directly and up to four times as many in the wider economy. It also improves access to housing overall particularly for those on lower and middle incomes. Few other sectors can offer this potential with such short lead-in times and the prospect of so much growth directly benefiting local communities.
'Boosting the housing sector would be an easy win for the economy, for taxpayers and for families. And with 4.5 million people on waiting lists and one million children in overcrowded accommodation a big boost for fairness too.'

Responses to specific housing issues are below:

VAT for repairs and maintenance

On failure to reduce the rate of VAT to works to repair and maintain social housing property:

National Housing Federation chief executive David Orr says:

'The Government missed a vital opportunity to extend the reduced rate of VAT to works to repair and maintain social housing property. This simple measure, which wouldn’t have cost the Government more money, would have released in excess of £620 million a year for housing associations. This would not only improve the quality of the housing provision but also assist in meeting the growing need for more social housing. This relief is already available in other parts of the EU.'

Energy efficiency improvements

On failing to extend the reduce rate of VAT (to 5%) to works to improve the energy efficiency to housing association homes:

National Housing Federation chief executive David Orr says:

'The Government has missed a crucial opportunity to extend the reduced rate of VAT on works to improve the energy efficiency for all housing association tenants, who could benefit from cheaper energy bills and reduced fuel poverty.

'Only minor changes to the legislation would have allowed the reduced rate to be extended to all housing association tenants so housing associations can improve the energy efficiency of existing homes. But this anomaly has opened a chasm between those who had housing associations as their landlords and those who don’t.
“If the reduced rate was applied to all, the VAT saving would be almost £12 million – meaning a further 3,300 homes could have their heating replaced in 2011.'

National Planning Policy Framework

On the National Planning Policy Framework:

National Housing Federation chief executive David Orr says:

'We are pleased to hear the Chancellor say that the National Planning Policy Framework next week will strongly emphasize growth.

'For local businesses to flourish, housing for people of all income levels is needed. We urge the Government to ensure the NPPF requires local plans with strong policies on the supply of affordable housing.

'With average house prices still at 11 times average incomes and 4.5 million people on waiting lists, local plans have a vital role to play in ensuring we can also build housing for people on low to moderate incomes.'

Welfare Reform

On Welfare Reform:

National Housing Federation chief executive David Orr says:

'Social tenants – including those in work – are facing significant cuts in their support for housing costs under the Welfare Reform Act.

'We are concerned that the Chancellor wants to make further savings on welfare payments before the impact of the current cuts on families has been understood. The Government should wait to assess the impact of the bedroom tax, the overall benefit cap and the shift to Universal Credit before embarking on a fresh round of changes.

'The best way of reducing the welfare bill is to get people into work. Economic growth – which can be boosted by building new homes – is central to this.'

Feed in Tariffs

On equalizing Feed in Tariffs (FiTs) schemes in charitable and non-charitable housing associations:

National Housing Federation chief executive David Orr says:

'Recent government changes have made it difficult for housing associations to consider FiTs as a means to reduce carbon emissions and fuel poverty. However, despite that, many have persisted with FiTs.

'We are disappointed the Government has not equalized this anomaly that exists in the taxation of FiTs in the hands of charitable and non-charitable housing associations.

'Equalization of the tax treatment will allow housing associations to carry out more of these installations – reducing both carbon emissions and fuel poverty.”