Archive for the 'North Fork' 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.

The latest May 2015 Stats on the Real Estate Market – Making sense of National, Regional and local data.

Saturday, June 27th, 2015

The US Real Estate Market – Nationally – good news!

“Fueled partly by an increase in the share of sales to first-time buyers, existing-home sales increased in May to their highest pace in nearly six years”, according to the National Association of Realtors®. “Led by the Northeast, all major regions experienced sales increases in May” said NAR Chief Economist Lawrence Yun.

This article in RIS Media explores the importance of Millennial buyers in this Real Estate Market.

Good news: May home sales rebounded strongly following April's decline and are now at their highest pace since November 2009 (5.44 million). "Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers," he said. "However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent."

On a national level, in other words, absence of newly built housing accounts for much of the low inventory, and Mr. Yun continued: “Total housing inventory2 at the end of May increased 3.2 percent to 2.29 million existing homes available for sale, and is 1.8 percent higher than a year ago (2.25 million). Unsold inventory is at a 5.1-month supply at the current sales pace, down from 5.2 months in April”.

NAR reported that The median existing-home price for all housing types in May was $228,700, which is 7.9 percent above May 2014. This marks the 39th consecutive month of year-over-year price gains.

The percent share of first-time buyers rose to 32 percent in May, up from 30 percent in April and matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage climbed in May to 3.84 percent from 3.67 percent in April but remained below 4.00 percent for the sixth straight month.

With demand continuing to far exceed supply, properties typically stayed on the market (DOM) for 40 days in May, up from April (39 days) but the third shortest time since NAR began tracking in May 2011. Short sales were on the market the longest at a median of 131 days in May, while foreclosures sold in 56 days and non-distressed homes took 38 days. Forty-five percent of homes sold in May were on the market for less than a month.

All-cash sales were 24 percent of transactions in May for the third straight month and are down considerably from a year ago (32 percent). Individual investors, who account for many cash sales, purchased 14 percent of homes in May, unchanged from last month and down from 16 percent in May 2014. Sixty-seven percent of investors paid cash in May.

Distressed sales — foreclosures and short sales — remained at 10 percent for the third consecutive month in May and are below the 11 percent share a year ago. Seven percent of May sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 15 percent below market value in May (20 percent in April), while short sales were also discounted 16 percent (14 percent in April).

Regional Breakdown

May existing-home sales in the Northeast jumped 11.3 percent to an annual rate of 690,000, and are now 11.3 percent above a year ago. The median price in the Northeast was $269,000, which is 4.8 percent higher than May 2014. Again great news from NAR.

The New York State Association of Realtors® published the latest skinny market report video and more  data in a PDF on New York State and Suffolk County Real estate data.  Take away: the NY market is stable, doing especially well in the high end and luxury end of the market.

Million Dollar Listing (Bravo)  mentioned that even in Los Angeles the luxury market is driven by NY City buyers –whose success comes  mostly in  finance ( bankers hedge fund) and Entertainment . New York City in many upper end markets is booming! Of course – this is of a major consequence to the East End markets – and it is good news. If New York City does well – typically the East End does well.

But  All Real Estate is Really Local

While the National and regional good news translates into a much better Real Estate Market on the East End than after the 2007 recession, it is important to distinguish the Local Market date from the National data to get a useful idea of what and how the Real Estate Market is doing on the East End, in the Hamptons and on the North Fork & Shelter Island.

The Hamptons is traditionally very well known as the playground of the rich and famous, tied to Manhattan New York City and also internationally buyers and sellers.  The North Fork is increasingly grabbing attention as a popular Farm to Table life style and vineyard region, with increasing buyer demand. While each market behaves intrinsically different, the entire East End behaves more and more as one market with the characteristics of a Resort and Second Home market. Mostly a “want to buy” rather than a “I have to buy” market.

In such markets, different than National and other regional markets, distressed Real Estate (Short Sales and Foreclosures) plays a much smaller role, even more so East of Riverhead than West.

One of the most important characteristics of the East End market is its seasonality.  Harsh winters can slow certain months down, and create pent up spike demand later. Being able to use the new home in summer stresses the importance of closing before July, creating a spike just before in March-May, and then again as lots of people are out during the summer, with lots of closings 2-3 months later.

Exact listing data on the exact number of the Hamptons listings are harder to come by.TandC Stats Judi Desiderio's East End Market reports

A few companies report on market data. Judi Desiderio (Town and Country Real Estate CEO) so publishes a authoritative quarterly market report for the Hamptons, Shelter Island and North Fork providing clear data and analysis. 2014 year end reports for the Hamptons and North Fork show a robust recovery while first quarter reports for the Hamptons and North Fork reflect seasonality. Such reports show another important difference with national and other regional markets: a median sale of $950K+ in the Hamptons – creating very different market dynamics than lower priced markets. Such higher median prices typically cause listings to take longer to sell than national averages, as mentioned before.

So too on the North Fork:  a very different RE market. It is of crucial importance to know how to read national and regional Real Estate data into the local market conditions.

The North Fork today –contrary to what you typically read- has normal levels of inventory, not much lower than normal. The MLS (which is not as important in the Hamptons) shows around 450-475 listings on the North Fork (seasonally low in winter around 375, highest I saw in 2009 at 520). Agents perception of their own listings, however, with more competing  agents joining their ranks as the economy is improving, maybe misleading and allude to a really non-existing scarcity of available homes for sale and may lead to incorrect pricing of homes. While DOM (Days on Market) improved drastically to 90-120 days for the North Fork – this number is still much higher than national averages.

The East End RE market so behaves very differently from the National and even regional New York State and even Suffolk County markets in some important respects.

When looking at the North Fork markets specifically, it is interesting to watch how different price segments behave – and similar differences in the different price ranges can be observed in Judi Desiderio’s market reports.

Based on Contract signed in 2015 (data from MLSLI in selected North Fork hamlets and towns)– this is a first publication of my findings for this year – to date:

Competitivene Price Ranges North Fork 2015

This graph shows how vastly differently stats for homes in different price ranges behave.

This is what a Realtor ® Pro can do for any consumer buying or selling Real Estate in the East End: make sense of national and regional RE data – and apply them locally – and to a specific buyer’s or seller’s property. An agent properly chosen can help any buyer or seller with reasonable expectations based on facts, and provide an accurate picture of national, regional and local statistics on the Real Estate market. The right agent can analyze all these data based on his or her knowledge, experience, hard work and become a valuable resource for anyone involved in the Real Estate market.

Depending on the different characteristic of a home, or a buyer or seller, the perfect choice for the Realtor ®  to be chosen may so vary. So call any of the agents at Town and Country ReaL Estate to make sense of national, regional and local RE statistics – and price your home right for the market, limit guessing about your expectations, but rather make educated decisions and create the elements for a successful transaction.

Joan Bischoff van Heemskerck,

NY State Lic.Associate RE Broker

Executive Sales Director Town And Country North Fork & Shelter Island

Mobile: 631 948 0234   jbischoff@townandcountryhamptons.com

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

SATURDAY AT NORTH FORK VINEYARDS

Monday, April 13th, 2015

Judi Desiderio had her annual “Girls on the Vine” … Every year we visit different vineyards. This year we enjoyed a beautiful Saturday at Kontokosta Vineyard in Greenport on the water… “It was a gorgeous setting and their Pino was my favorite!”  Then off to Osprey Vineyards to enjoy the wine and music by The Lone Sharks… “We laughed, ate fresh mozzarella from the Red Horse Market in East Hampton, tasted some fine wines and danced…what could be better than that!”  Lastly off to Carol & Trisha’s home in Greenport to have John Tracy’s bolognaise sauce over fresh Pastosa’s ravioli’s and of course more dancing and laughing! If you haven’t experienced the North Fork or the East End Vineyards, I highly recommend you schedule a day at the vines.

 

  

 

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

Check Dr.Oz Show Tomorrow, Thursday, 10/24

Wednesday, October 23rd, 2013

Town and Country Real Estate client Mary McGuire Wien will appear on the Dr. Oz show tomorrow, ABC 7 at 5pm (Thursday, 10/24). She is introducing her 'raw' key lime pie.

T&C Agent Nicholas Planamento has Mary's listing in South Jamesport home for sale  – $1.2m – she lives with Charles Wildbank a noted east end artist.

DEFINE LAND PRESERVATION

Thursday, September 12th, 2013

The Peconic Land Trust recently said they would consider selling 14 acres on Highland Terrace in Bridgehampton if Southampton Town would buy the development rights with CPF money. This has created quite a brew ha ha amongst our local preservation community. The property in question was donated to the South Fork Land Foundation- which is now a subsidiary of the Peconic Land Trust back in the 1970’s. John v. Halsey, who founded the Peconic Land Trust and presides over the trust to date, has made this proposal with a vision for greater good.
John’s intention is to use the money from the sale of the 14 acres to purchase 60-100 acres of active farm land.
In concept, it seems a home run—swap 14 acres for up to 100 acres—but the mechanism to do so has divided the preservationists primarily because of the need for the funding of same via CPF money. This does raise an eyebrow.
 
Back in 1998 the Peconic Bay Regional Community Preservation Fund was born. CPF as we refer to it is funded by a 2% tax on buyers of real property, or real estate. The 5 eastern townships benefited  by the protection of over 10,000 acres in 15 years while amassing $842,000,000.
That’s an incredible accomplishment that all of us have benefitted from.
 
Ironically, the public at times, confuses the Peconic Land Trust with the Peconic Bay Regional Community Preservation Fund. Buyers think they have given to the Peconic Land Trust when they shell out all that money at closing.
 
There are 4 primary parties directly responsible for protecting the beauty and heritage of the East End. The first are the municipalities. The local comprehensive up zonings, which occurred twice during my 3 decades in the industry, helped by creating open space regulations, water recharge districts, scenic easements along roadways, agricultural overlay districts and so much more, before the last of all subdividable property was improved. Secondly, the Peconic Bay Community Preservation Fund. Third The Peconic Land Trust and fourth the Nature Conservancy. Without the efforts of these entities the East End would look like every other over developed area. Thanks to them, any visitor clearly feels the farming heritage, the sea and the dark skies. 
 
Personally, I see these entities as preserving in different ways. The Peconic Land Trust has done a remarkable job of enabling all of us to step back in time and enjoy life on the East End as settlers did generations ago. Have you been to Bridge Gardens in Bridgehampton, or Quail Hill Farm in East Hampton or the Shellfisher on the North Fork… all remarkable and different, places you can go to reflect on where we came from.
 
The CPF money has protected corridors of farm land and taken special sites off the market forever so that we may enjoy nature at every turn.
 
The Nature Conservancy has taken their mission to places far beyond the immediate East End with an eye on preserving our natural resources.
 
And the municipalities… well their contribution is both seen and hidden in more places than you can imagine
 
Thank you all!
 
This is an ideal opportunity to take the time in a collaborative effort to become of one mind for the good of all the public.
There is a common thread and there is a resolution.

Great news: The Suffolk theater reopening in Riverhead – March 1st 2013!

Thursday, February 28th, 2013

Suffolk Theater

What better sign of a revival of a down town business district than the reopening of the beautiful Suffolk Theater on Main Street in Riverhead! If you have not seen Main Street lately – you will be surprised and you should re-visit the East Main Street area and Riverfront! The new Hyatt and Atlantis Aquarium complex, a series of new and renovated restaurants including but not limited to the Athens Grill, the little gem of the Turkuaz Grill and the always popular Riverhead Project should have given an indication of the exciting news from our Western neighbor Riverhead!

After many years of decay in the Down Town Area – the Suffolk theater will again be the crown jewel of the down town area! On march first, the Main Street area will be closed down for a festive ribbon cutting ceremony. A grand opening Gala follows-you can join for $125.00 – and a series of golden oldies opening in the subsequent days. For more information: visit their website: The Suffolk Theater and be as impressed as I am! Go Riverhead!

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.