Archive for the 'Mattituck' Category

TOWN & COUNTRY NORTH FORK MID YEAR 2015 HOME SALES REPORT

Wednesday, August 26th, 2015

The first 6 months of 2015 was a strong performance for the North Fork Markets!

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) was the star with all 3 criteria monitored by TOWN & COUNTRY, solidly in the black as well as the price ranges. The Number of Home Sales rose 18% and Total Home Sales Volume was up +19.3% while Median Home Sales Price gained 13.2%.

Mattituck (which includes Laurel and Cutchogue) posted the most number of sales at 73 closings along with the greatest statistical change of nearly 22%. The Median Home Sales Price for the first 6 months rose 13.2% to $505,000 from $446,250. But due to fewer sales over $2 million, year to year, the Total Home Sales Volume dipped 4.5%.

Southold (which includes New Suffolk and Peconic) also experienced heightened activity with all 3 criteria realizing gains; the Number Home Sales +6%; Total Home Sales Volume +17%, and Median Home Sales Price +1%.

Orient (which includes East Marion and Greenport) was the only North Fork market to see a pull back. The Number of Homes Sales for the first 6 months of 2015 dropped 14.3% from 2014 and Total Home Sales Volume was down 13%; the same time period. But the Median Home Sales Price rose a respectable 12.2% from $430,000 to $482,500, year to year.

Looking at All North Fork Markets Combined and you clearly see a solid first 6 months in sales activity. The Number of Home Sales was up 8%, Total Home Sales Volume +2% + Median Home Sales Price +9.4%. The strong increase in Median Home Sales Volume is a trend we are experiencing on the North Fork as more people come to discover the unique beauty.

To view all reports visit TownAndCountryHamptons.com/Reports.

TOWN & COUNTRY NORTH FORK 1ST QUARTER 2015 HOME SALES REPORT

Monday, April 20th, 2015

It may have snowed 7 weekends in the first 3 months of 2015 but it certainly didn’t slow down the tempo of the North Fork Home Sales Market!

 

Three of the 4 markets monitored by TOWN & COUNTRY experienced increases in the Number of Homes Sales. In fact, 2 of the North Fork markets, Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) and Mattituck (which includes Laurel and Cutchogue) both experienced significant increases of +45.5% and +43%, respectively.

 

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) had a blow away quarter statistically in all 3 criteria monitored by  TOWN & COUNTRY  with all prices ranges in the black. In fact, the Jamesport markets were the lead hamlets with +45.5%, +77%, and +17% for the Number of Homes Sales, Total Home Sales Volume and Median Home Sales Price respectively – all 3 record stats!

 

Surprisingly Orient (which includes East Marion and Greenport) took a back seat with a 33% drop in the Number of Homes Sales and 28% decline in the Total Home Sales Volume. The Median Home Sales Price remained relatively stable at $435,000 in 2015 from $427,500 in 2014 1st Quarter.

 

Looking at All North Fork Markets Combined and we see healthy gains of nearly 10% in the Number of Homes Sales Price as well as a 5.4% increase in Median Home Sales Price. There was a slight dip of 2.55% in the Total Home Sales Volume – which was most likely swayed by 2 less sales in the $2-$3.49M price category.

 

All told, I’m sticking with my prediction that the North Fork Markets are going to enjoy 2015 broadly!

 

To view the complete report visit 1TownandCountry.com/Reports.

 

Judi A. Desiderio, Chief Executive Officer

JD@1TownandCountry.com                    

631.324.8080 ext. 221

TASTE NORTH FORK 2014

Tuesday, May 13th, 2014

If you are thinking about Real Estate on the North Fork: a great way to meet your neighbors:

TASTE NORTH FORK 2014 – let's start the season off right – Meet the Farmers, wine-makers, innkeepers, and chefs who make the North Fork tick! This Saturday in Greenport at the NFPC Tourist Information Center! www.tastenorthfork.org

TASTE NORTH FORK – VETERANS DAY WEEKEND

Sunday, November 3rd, 2013

This coming Weekend – Veterans Day Weekend – November 8 and 9- the North Fork is the place to be for anyone who loves local farm's produce, food and wine!

All local businesses, vineyards, restaurants and fisheries are putting their best foot forward in a first regional Harvest Festival, TASTE NORTH FORK!

We all know as locals that the East End and the North Fork are the pearl in the oyster of New York Tourism  and that fall is among the best times here: so this regional harvest festival is a wonderful time to come out.

Visit www.tastenorthfork.org for details on this wonderful weekend – and hop on the busses which are looping around the North Fork between Riverhead to Orient with activities at lots of vineyard stops and at the two major hubs on Love Lane in Mattituck and in Greenport with – among other fun – a chance to meet the local farmers and sample their best produce.

Or click here for a program of what's going on.

Don't forget to thank the volunteers of the NFPC, the Greenport BID, the North Fork & Mattituck Chambers of Commerce  and the Town of Southold's EDC for making this terrific festival possible! (And of course EETA, LIWC and Empire State Development Corp).

For more information email gene.gluck@northfork.org

Joan Bischoff van Heemskerck, NFPC President

North Fork Year End 2011 Home Sales Report

Monday, January 23rd, 2012

 

Town & Country’s Year End North Fork Home Sales Report is of no surprise to anyone in the real estate business on the North Fork. 

The top producer on the North Fork was Orient (which includes East Marion and Greenport) with all 3 criteria monitored by Town & Country realizing increases: number of Home Sales rose 2.8% from 72 to 74 2010 to 2011,  Total Sales Volume increased nearly 7% from $36.8M to $39.3M, and the Median Home Sale Price showed approximately a 5% rise from $410,000 in 2010 to $430,000 in 2011. The number of Home Sales in the $1-$1.99M category in Orient (which includes East Marion and Greenport) doubled year over year.

Southold (which includes New Suffolk and Peconic), on the other hand, closed the year a bit lower than the previous year in all three categories.  The number of home sales dropped 8.6%; Total Home Sales Volume was down 16.6% and Median Home Sale Prices rolled back to $440,000 from $472,500.  But it’s important to point out that Southold (which includes New Suffolk and Peconic) posted the highest Median Home Sale Prices of all 4 North Fork markets Town & Country reports on 6 times a year.

Reviewing the culmination of All North Fork Markets Combined and one statistic jumps out at you…the $1-$1.99M price category rose 19% in 2011 from 2010.

Bottom line – North Fork Home Sales activity was fairly flat for the year 2011 but the green shoots are showing up on the high end.

Judi A. Desiderio, CEO

jd@1TownandCountry.com •  631-324-8080

 

*Source: The Long Island Real Estate Report

**All information is deemed reliable and correct.  Information is subject to errors, omissions and  withdrawal without prior notice.

North Fork 4th Quarter 2011 Home Sales Report

Tuesday, January 17th, 2012

 

TOWN & COUNTRY’S  4th Quarter Homes Sales Report for the North Fork demonstrates a strengthening in 3 of the 4 markets we monitor.

Southold (which includes New Suffolk and Peconic) was clearly the star performer, with black clear across the board.  In Southold (which includes New Suffolk and Peconic), the Total Sales Volume nearly doubled from $9.8M in 4th Quarter 2010 to $19.5M in 4th Quarter 2011.  Furthermore, the Number of Home Sales rose over 30% from 23 to 30 and the Median Home Sales Price up 33% from $365,000 to $485,800.  A further look at the six price categories monitored by Town & Country tells the tale with 5 sales over $1M during 4th Quarter 2011 and zero in the same quarter the year prior.

The Eastern tip of the North Fork or Orient Market (which includes East Marion and Greenport) had a strong 4th Quarter in 2011 with a 23.5% increase in the Number of Home Sales, from 17 in 2010 to 21 in 2011 and a 35% increase in Total Home Sales Volume from $8.3M to $11.2M year to year.  There was a slight decrease in the Median Home Sales Price though from $495 to $415, 4th Quarter 2010 and 4th Quarter 2011.  

The Western End of the North Fork did not perform as well as the East – Mattituck (which includes Laurel and Cutchogue) saw decreases in all three criteria monitored by Town & Country, but not by much.

Looking at all North Fork Markets Combined and you see what the late fall, early winter home sales activity was.  The Number of Homes Sales grew 8.54% and the Total Homes Sales Volume increased 23.8%.  The Median Home Sales Price was flat with a slight 4.6% drop from $440 to $420.

The one eye opener is the price category of $1-1.99M which shot up 350% from 2 sales in 2010 to 9 in 2011 4th Quarter.  The North Fork high end is picking up momentum.

 

To view more specifics on your particular locations visit www.1TownandCountry.com/reports.

 

Judi A. Desiderio, CEO

jd@1TownandCountry.com •  631-324-8080

*Source: The Long Island Real Estate Report

**All information is deemed reliable and correct.  Information is subject to errors, omissions and  withdrawal without prior notice.

Winterfest starting February 11th – Jazz on the Vine

Monday, January 16th, 2012

Windmill at McCall's vineyards in MattituckIt is not just the windmills that are creating energy on the North Fork this winter – the beautiful winter weather has continued the hustle and bustle we normally see in Fall with its Harvest festivals. Not just most Realtors ™ are experiencing well above normal activity: but – wait until the Winterfest starts February 11! Internationally acclaimed Jazz artists will perform over 6 weekends at vineyards on the North Fork in February and March – a unique event that over the years has allowed thousands to enjoy the best the North Fork has to offer Winterfest 2012 - Jazz on the VineFor more information on where to go to hear fantastic Jazz and enjoy a glass of wine  – visit the Winterfest Website here or for info on where to stay – visit the North Fork Promotion Council site Winter in the vineyards on the North Fork

It takes (more than) a community to buy a theater…

Friday, January 13th, 2012
It takes a community to buy a theater

North Fork Community Theater

Roughly $150K to go – according to the sign on the North Fork CommunityTheater – before the

Mattituck Presbyterian ChurchMattituck Presbyterian Church

Mattituck based Theater can close on its contract to purchase the Theater from the Mattituck Presbyterian Church before the end of 2012! The North Fork Communy Theater has been a staple on the North Fork life as a tenant of the Presbyterian Church in this mid 19th century building for over 54 years…and was allowed – 228 shows and well over 100,000 patrons later- the opportunity to purchase the property two years ago to ensure its ability to continue and thrill Theater-goers for many decades to come !

To see what’s going on, buy tickets for performances, or contribute, visit the Theater’s website ; opportunities to become a sponsor still exist: to help buy the theater visit this link.It takes (more than) a community to buy a theater

HAPPY NEW YEAR – IN REAL ESTATE on the North Fork

Tuesday, January 3rd, 2012

The big question is – what will 2012 bring in business – besides the health and peace we all hope for – especially in the Real Estate Market?

Is an investment in Real Estate a good one right now on the North Fork? In this blog I will try and provide a lot of information to allow you to come to one conclusion – besides the shear enjoyment of a (second) home in our beautiful East End region, an hour and a half outside of Manhattan’s mid-town tunnel…: YES!

Who would have thought that the budget deficit in Greece would affect the sale of your home in the US? With the huge amount of news we are bombarded with on a daily basis, what should we pay attention to (and what not) to make smart decisions? We need to incorporate in our decisions 1) a bit of economic history, 2) some international economic news , 3) US economic factors and finally, and 4) very local real estate concepts as all real estate in the end is hyper local.

The fall of Lehman in the fall of 08 was a first calamity, a tip of an iceberg making the world aware of unprecedented inter-connectedness caused by economic globalization. A globalization providing challenges but importantly also overall benefits for all participants – often overlooked in analysis. The USA and its “American Dream” tie more than any other country the success of its citizens to home ownership. A great system where banks provide mortgages, then re-sell them (to semi Government entities or private parties), and sell more mortgages allowing people the American Dream is unique in its multiplying effect in any developed world economy. The larger scale applications of futures (starting in the days of Aristotle to stabilize grain markets), options and and derivatives augmented this crisis of confidence and economies were thrown in unexpected tailspins. This finally resulted in doubts even in that rock of financial trust – the possibility of default in important economies’ souvereign debt as budget deficits sky rocket as a result of efforts to stabilize financial markets and stave off deep recessions world wide.

Repackaging good and bad loans and selling unscrupulous financial instruments caused an international crisis in confidence in worldwide financial markets. A crisis in general about the value of any collateral. But in three years we have come far in dealing with these issues, and I think the corrective pendulum swung to far and is about to swing back to the middle! Let’s not throw out the baby with the bath water when looking at the causes of economic troubles of 2008, and better understand and appreciate the improvements in the world ecomomy seen today. Let us not overlook the fact that these same maligned instruments properly applied provide businesses a stable planning opportunity, and that smart people profit even when markets go down. Isn’t it just unfair manipulation of markets to achieve such profits that we should be wary of? Hedgefunds in the US and worldwide use this principle-as flow of capital is more important in today’s world economy than production of goods and services. My point: not all effects of more complicated financial instruments are bad.

The good news in the US economy is – the doomsayers didn’t get their way in 2011 – but neither did the bulls. The economy remained flat and since August 2011 the European Souvereign debt crisis seems to dominate any economic news even today. But the news is getting better. Unemployment is finally improving – important precursor to a better Real Estate market. On the East End the bottom did not fall from under the Real Estate market, quite the contrary. As the following graph shows, the market has remained flat but has remained at much higher levels in tranactions and values than all the bad news would suggest- so is the glass half full or half empty? Data suggest it’s filling up again.

Real Estate Activity in New York North Fork Wine Country

Annual Real Estate Sales - Contracts Signed - North Fork

With respect to international news: the truth is: nobody knows for sure what the future will bring. But (according to Onno Ruding, past Treasury Secretary in the Netherlands, Executive Director for IMF, and executive at Citibank) when one looks at the balance of payments for the entire Euro zone things do not look as bad as one would expect from the news – hence the Euro which has not collapsed at all and is stable strong in a range of $1.20-$1.40 to the US Dollar (only a decade ago at 1:1 and nobody thought anything of it). German, Dutch and Finnish Unemployment all are at a long term low. In effect, this crisis of confidence has given rise to the idea of a “German Euro”, and a “Greek Euro” on the other side of the spectrum. The Euro is a strange hybrid of a monetary unity without economic and political unity for the sake of national souvereignty (mostly France’s identity). So is all the Euronews exeggarated in its influence on the US Economy and the US housing market? The fear and a doomsday scenario would be that a failure in Greece’s ability to meet its souvereign obligations might cause a domino effect to Portugal, Spain and Italy, and even France. But short of that happening, a default of just Greece would-worst case- not be catastrophic but quite manageable. I think you can make that case easily – as long as we do not see major unforeseen calamities in 2012, in which case all predictions fail.

In August, the Chief economist for NAR , Lawrence Yun spoke before the NYSAR conference and made an interesting statement: housing starts are not keeping up with household growth for the past three years, possibly creating a housing shortage if trends continue. Might I add that I think that the US consumer is plain tired of bad news – showing up in droves at the stores in the 2011 Holiday Shopping season?

All Real Estate is local, and everyone knows the saying “location, location, location”. So let’s look at the local facts first. I keep track of an interesting statistic: RE contracts signed, in what I call the “Real North Fork” market area, about from Rte 105 East. Please do not hold this statistic to precise measures, as it is very volatile, but the advantage is that it gives you a very quick overview of what the reports on closings later will tell you more exactly, it is a measure of the activity of RE sales in our market with very little delay. A great predictor.

Pictures speak louder than a thousand words, and the facts speak for themselves:

Residential Sales Contracts Signed North Fork - Over $ One Million - (from MLSLI)

2011 saw 34 transactions over $1 Million, vs 35 in 2010, 33 in 2009 and 2008, and 52 in 2007. The upper end of the market has undoubtedly stabilized. I have seen some very good prices fetched for very good properties – almost comparable to the top of the market in the most spectacular homes segment.

Number of Residential Contracts of sale signed in New York's North Fork Wine Country

Number of Residential Contracts of sale signed in New York's North Fork Wine Country

2011 saw 279 transactions vs 280 in 2010, 243 in 2009, 217 in 2008, and 293 in 2007 but this story is not complete without a picture of the median price and days on market:

Median Prices Contracts Signed North Fork WIne Country

Median Prices Contracts Signed North Fork WIne Country

Days on market before contracts were signed

Days on market before contracts were signed

The North Fork Market stabilized in the Summer of 2010. The full picture would indicate that properties for which contracts were signed seem to have taken longer to get to that point – but any experienced Real Estate broker will tell you that a well priced property sells quickly as there are buyers out there looking for opportunities. The median price of homes sold also is at the bottom of the three years as expected: it is either a beauty contest or a price war – and the buyers still have the upper hand here.

To make the right decision, and benefit from the trends these data show, follow our North Fork T&C experience in this market:

Tips for sellers: your pricing decision will determine if and when you will sell. This is what I would consider if I were selling my house: A good Realtor (r) will help you get first prize in the “beauty contest” and suggest ways to present your property in the best light. Make sure you Realtor (r) works full time – so any buyer can reach him or her easily, and so the home can be shown promptly and easily to buyers when they are available. Also make sure your Realtor makes use of the best technology available. Look at the way their listings show online before choosing an agent. And like-it-or-not: statistics show that most buyers today will find the property they are going to buy online. Feel free to use our Town and Country Website as a standard: again, a picture speaks louder than a thousand words and our state-of-the-art web technology showcases your home beautifully. Ask the question: where will your buyer come from? Does your agent have the wherewithall to reach that buyer? Is there a fit between his or her personality and the buyer you are trying to attract? Is the way this agent markets other properties attractive to that buyer for your home? In the end luck will play a role, but you can reallly improve your odds by selecting the right agent and the right RE company. If you were a buyer – would you enjoy looking at homes with this agent? Is he or she enthusiastic, happy, and a goal getter? All characteristics we look at before we ask associates to join Town and Country Real Estate.

Sellers: things are probably not going to get better quicklier than your running expenses if you hang on. Make use of the fact there’s a lot less market competition now with fewer properties on the market. And think of it this way: if you are going to make use of any buying opportunities after you sell- best to grab them now, so better to sell now and not wait! The only good reason to take a property off the market is if you do not want to sell. And buyers can afford your home now better now than in the (nearer) future- you can almost take that one to the bank.

Tips for buyers: work with a Realtor (r) who knows the market and loves Real Estate – only then will he or she be able to tell you which homes are the ones that you want to look at, know the ins and outs of each home, and allow you to use your time efficiently. You want to be ahead of the curve – once everybody catches on that the worst is over – you will be too late for the best time to buy. Come prepared with a mortgage pre-approval in hand. Be available and ready to go when a home pops up (either new on the market or suddenly lowered to the right price) – for a great deal you will have competition from other buyers and you need to be quick and ready to compete. This morning only 397 homes showed up on MLS, in a market area where normally 550 homes are on the MLS. So be prepared to act. Waiting will not get you a better deal – so if you find what you are looking for and the price is right – buy now while interest rates are still low.

To buy or not to buy is the question, or for sellers: to sell or not to sell. Buyers may have to pay higher interest rates if they wait longer, and I see prices going up. So buyers who are going to “wait and see” may well have to pay for that privilege. And don’t forget – what banks think buyers can afford will go down very quickly under that scenario.

Town and Country is excited to report that we are experiencing remarkable growth and development in this challenging market. Our T&C agents have helped more buyers and sellers succesfully conclude deals on the North Fork than ever before. December was the busiest month of December most of our agents can recall. Our careful selection of professionals to service your needs is responsible for that. Call us if you are interested in joining us in our success, to buy, sell, or rent, in our Mattituck office at 631 209 0600 or Southold office at 631 765 0500! At Town and Country Real Estate – we are quietly getting the job done.

US Home Prices & New Home Sales BOTH rise!

Thursday, October 27th, 2011

WASHINGTON: The Standard & Poor's/Case-Shiller index showed home sale prices rose in August from July in 10 of the 20 cities tracked. This is an indication of stabilization in some of the hard hit portions of the country. July was the 5th straight monthly gains in half the cities monitored.

Additionally, the US Commerce Department released the New Home Sales Report for September which showed a strong increase of 5.7% to a seasonally adjusted annual rate of 313,000 homes.

The National Association of Home Builders reports that for each new home built, 3 jobs are created for a year and generates $90,000 in taxes….All good news for the National Home Markets and our financial recovery!

Now if the banks would get on board we'd see the recovery speed up.