Archive for the 'New Suffolk' Category

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

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.

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

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.

IT’S TIME TO BUY THAT HOME

Tuesday, October 18th, 2011

Wall Street Journal's Jack Hough, titled his article on Saturday just that… "It's Time to Buy That House".
 

He discusses the National Association of Realtors, Housing Affordability Index, which Town and Country has written about several times this year, which was 183.7 in August. According to NAR a reading of 100 would indicate that the median income family with a 20% down payment can afford a mortgage on a median priced home.
 

Jack gives an example of a median priced home in greater Phoenix, purchasing it with 20%, at todays 4.12% interest rate, results in monthly payments less than half what the rental for the same home would be.

Of course, as we discussed many times in prior blogs, the banks are being piggy and not lending the money they should, even to qualified buyers. This must be rectified first, in order to move forward!
 

Personally, my sentiment has always been the same. I'd rather keep my money in "East End dirt", as I call it, rather than anywhere else on the planet!
 

As Kramer would say, "Buy, Buy, Buy".

NO-VACANCY SIGNS ARE GOING UP AT BRAND NEW “BLUE INN” IN EAST MARION FOR 4TH OF JULY WEEKEND

Friday, July 1st, 2011
Blue Inn at East Marion, North Fork

Montauk Hotelier Sam Glass succeeded in bringing the best of the North Fork and South Fork & the Hamptons together: the owner of Montauk’s Ocean Resort Inn is opening the Blue Inn this fourth of July weekend!

Visitors to the North Fork looking for a place to stay: pay attention! The Blue Inn will be the place to be beginning this weekend and no vacancy signs are going up quickly (still call to see if there are a few no-shows or cancellations – worth a try!!)

The renovations which took place since Sam Glass bought this famous North Fork watering hole and Inn last year made all the

Blue Inn Guestroom

rooms and suites conform to the highest standards in hospitality: clean, luxurious and tasteful! Each room has its own small kitchenette

The Blue inn is located conveniently on the Main Road in East Marion – only a few miles form hustling and bustling Greenport

Lavender by the Bay

Village with all its harbor-front shopping and dining. While you are relaxing on one of the rocking chair porches or sipping a cocktail at the Bar you’ll get a whiff of the breeze from the west where Lavender by the Bay has its neighboring acres fields of French Lavender blooming this weekend. It all spells out one thing: Relax and enjoy!

 

Worth a visit – and While you are out visit a few of Town and Country’s open houses on Saturday!

Welcome to the North Fork and Happy Fourth!

Porches with Rocking Chairs at the Blue Inn
 

Forbes names Greenport as one of America’s prettiest towns

Friday, April 29th, 2011

Greenport Carroussel

A year or so ago I blogged about Greenport – and the wonderful things happening there – and I am now in great company: John Giuffo of Forbes magazine selected Greenport as one of America’s prettiest towns in his “small world big mouth” column and blog. Immediately – Lisa Dol Bruno of Newsday blogged about the real estate in Greenport - because such positive news make people interested in being a part of a wonderful success story. And I personally love this confirmation of what I already have been writing about for a long time how wonderful Greenport is - confirmation by independent and important sources in the press. As always it takes time for people to realize that things have changed . But the time in Greenport for the nay-sayers is over – or so it seems now! So be among the first to realize it:

It also happens that Town and Country agents recently have taken listing for some of Greenport’s most important Real Estate – one of which the Historic Postmaster’s home on First Street… but Greenport also has the most wonderful Waterfront Condominiums – a rare commodity in North Fork Wine Country; alongside some of the greatest hotel/motel resorts and  B&Bs in walking distance from Front Street restaurants and shops! A true Mecca for second homers from suburban areas, a great place to retire to, or a wonderful place to raise a family.

So it’s time to re-visit Greenport – and call one of our agents at Town and Country if you would like to be introduced to life in Greenport and North Fork Wine Country & luring Shelter Island!

 

A WEEKEND OF TOWN AND COUNTRY OPEN HOUSES ON THE NORTH FORK…

Saturday, August 21st, 2010

Aren’t Open Houses are a fun way to find the home of your dreams?

If you are looking for a home with a dock – this weekend is great: Town and Country Agents are making it possible to see quite a few -priced right- waterfont homes with private docks on the North Fork- for your convenience-no appointments needed!

Our T&C agents are professionals who know the RE market – that’s their business. So do not hesitate to pick their brains while you visit their open houses. Remember-they know the best homes on the market: ask them for their favorite listings! 

Click here for this weekend’s Open Houses