Archive for the 'Housing Market' Category

HOUSING MARKET FULLY RECOVERED

Thursday, May 2nd, 2013

February marked the first month in 7 years — since the crash—that US Home Prices rose at the fastest pace as buyers jumped in before prices and interest rates rise too much.
Standard & Poor’s Case/ Shiller index jumped 9.3%.
This widely recognized report monitors 20 major metropolitan cities – for the second consecutive month ALL 20 cities monitored saw year over year gains.. this hasn’t happened since 2005 which for the East End, was the height of the home sales market with the most number of home sales closed.
The cities that were hit the hardest in this Great Recession, seemed to realize the greatest acceleration, with Phoenix rocking a 23% year over year gain in prices.
The next important conversation needs to be about inventory levels which are at a 10 year low.
We all know what happens when demand increases and inventory levels decrease—yes that’s correct—prices go up!
 
ARE YOU IN?

INVENTORY AT 13 YEAR LOWS

Friday, April 26th, 2013

We all know of the scales of ‘supply & demand’ and how the price of any item is determined by this balance… or imbalance.
Here at Town & Country we have been blogging about how our particular housing market on the Eastern End of Long Island stabilized last year.
Well after stability, when there are fewer homes being listed, there’s only one direction for prices to go… yes that’s correct… UP!
The $75 Million dollar question—named after my favorite new listing on Georgica Pond—is how long and how fast.
The variables are inventory—this will be determined by homeowners who decide, the market’s better, now is the time to sell and buyers who decide I need to jump in now or maybe I will wait to see the long term affect.
Both in their dance to balance shall determine the future of property values.
In my professional opinion, many homeowners who did not wish to sell on the bottom of the market, and of course those who must due to personal circumstances, will list their homes… but that will not flood the market.
More buyers will move forward than sit on the sidelines.
The bottom line, our prices will continue to be stable with certain segments of the market that will experience a healthy pace of appreciation.
Nationally, home inventory level is at the lowest rate since 2000 and sales were up over 10% year over year in the month of March—which was the 22nd consecutive monthly year over year increase according to National Association of Realtors.
Locally, we are enjoying the most brisk buying spree in 6 years.. agents are all busy in all 8 T&C offices.

Little Gull Island And Lighthouse: Gavel fell at Auction for $381,000

Friday, December 28th, 2012

Yet another sign of an improving Real Estate Market on the East End:

The gavel finally fell on a historic landmark known to any LI Sound Sailor. According to the GSA, (General Services Administration) the 1-acre rocky Little Gull Island (some 8 miles east of Orient Point) and its 450 Ft2, 1869 built Lighthouse sold for $381,000 on October 25th 2012.
According to Newsday, the new owner (who was in competition with the New London Maritime Society which owns New London Harbor Lighthouse) is Mr. Fred Plum, owner of Plumb products machine tool company in Woodbury, CT.

According to WIKIPEDIA The US Coast Guard has identified Little Gull Island Light as one of its Historic Light Stations in New York.[7] In 2009 Little Gull Island Light was put up for sale under the National Historic Lighthouse Preservation Act.[8]

 

But for all of you who missed this one and still cherish the dream of owning on of this country's historic maritime relics not all is lost: the Manana Island Signal Station is up for auction by the GSA and bidding stands at a mere $30,000 – and all you need is a $5,000 deposit to participate…

The following can be your's according to the GSA website:

On top of Manana Island, 10 miles off the coast of Maine, is the former Coast Guard Signal Station. This maritime setting is picturesque with panoramic views of the ocean, rolling fields and Smutty Nose Island. A short boat ride across the bay is Monhegan Island which is home to fisherman, artist & writers.

The buildings on this site are in need of restoration work to preserve their historic value to the Monhegan Historical District, This includes a two story, white, wooden, clapboarded, four bedroom former Keeper’s quarters(1855) on a brick foundation with a brick cistern in the basement and an attached deck. Also included is a brick Sound Signal/Engine House(1855) with a wooden tower and a shed-like attachment to the north of the tower
The lot is approximately 6400sf +/-.Just bring your sweater this time of year…
 
 
 
 
 
and as always – feel free to call any of your friends at Town and Country Real Estate for professional information on this or any other Real Estate matter!

 

Happy 2013.

HOUSING VALUES INCREASE GREATEST IN 6 YEARS

Thursday, December 6th, 2012

If you follow our T&C Blog www.1TownandCountry.com/BLOG, you have been reading about increases in sales contract, home sales, building permits, and decrease in inventories… all of which result in home prices going up!
Home sales in October 2012 rose 6.3% from October 2011… that’s the greatest year to year gain since July 2006.. a key measure and important future indicator.
The study as posted by Core Logic went on to indicate the month to month decreased (September to October) but that is a function of seasonality.. nearly every October numbers are lower than September sales figures
100 metro areas are studied and 83 saw increases.. in Arizona prices rose a staggering 21.3% year over year.
The National Association of Realtors stated the number of homes available are at a 10 year low!
Additionally, the number of contracts signed in October were also at a 6 year high.
Supply & demand in that fashion dictates price increases.
So, are you in?

 

“Housing Will Save Us”

Friday, November 30th, 2012

This was a T&C Blog dated November 21st, where we predict the next evolution of the U.S. Housing Market will actually drive the economy. Then on November 28th, front page of my Wall Street Journal a similar prediction in an article by Conor Dougherty, Nick Timiraos and Neil Shah called “Now, Homes Drive Economy”.  Quoting THS Global insight who projects a 1% growth rate, with housing contributing 0.53% – the greatest contribution from housing since 2005.  S&P/Case-Shiller National Index released a 7% increase through the first 9 months of 2012, again the strongest since 2005.

2005 was the height of home sales activity in the Hamptons.

October 19th Town & Country’s Blog Post:
U.S. Home construction rose 15% in September – the fastest rate in 4 years.

October 23rd Town & Country’s Blog Post:
NAR reported existing home sales rose 11% in September 2012, from previous year…the 15th straight month of year over year gains in home sales.

November 19th Town & Country’s Blog Post:
Inventory on existing homes across the country now 22% lower than just a year ago.

November 20th Town & Country’s Blog Post:
U.S. Housing starts at a 4 year high at $894,000, highest since July 2008!

November 27th Town & Country’s Blog Post:
$1 million mortgages spike a whopping 28% year to year in the first three quarters of the year – again the highest levels since 2008.

ARE YOU IN?