Archive for the 'Real Estate' Category

Town & Country North Fork 3rd Quarter 2017 Home Sales Report

Tuesday, October 17th, 2017

The 3rd Quarter of 2017, for the North Fork markets at large, was a solid performer. In fact, all 3 criteria monitored by TOWN & COUNTRY increased significantly…Number of Home Sales were up 15%, Total Home Sales Volume increased 23%, and Median Home Sales Price rose 22%.

The most dazzling statistic occurred in the $1-2M price category with 140% rocket launch from 5 in 3rd Quarter 2016 to 12 for the same period in 2017! Oddly the $2-3.49M price category dropped to zero from 3 sales last year. There was 1 sale over $3.5 -$5M, the highest home sale was 9775 Nassau Point Road, a 7200 sq. ft. manor house on 2 acres of waterfront for $4.65M, originally priced at just under $8M.

Southold (which includes New Suffolk and Peconic) was the shining beacon for this quarter with an incredible display of demand. There was a 71% jump in Number of Home Sales from 24 in 2016 to 41 this year. And the Total Home Sales Volume more than doubled with over $26M changing hands and the Median Home Sales Price increased 25% to $580,000.

Orient (which includes East Marion and Greenport) was another story all together. Sales activity for the 3rd Quarter was significantly off its game, with 36% fewer Home Sales which then posted a 31% lower Total Home Sales Volume. Conversely the Median Home Sales Price rose 26% to $650,000 — the highest for all North Fork hamlets. So why such a reduction in sales? Is this an inventory issue or a softening in demand? Further exploration required.

In conclusion, the North Fork markets experienced a good up-tick in business other than Orient (which includes East Marion and Greenport) — in the 3rd Quarter of 2017

To view all reports click here – http://www.townandcountryhamptons.com/html/marketReports.php

Town & Country Hamptons 3rd Quarter 2017 Home Sales Report

Tuesday, October 17th, 2017

The 3rd Quarter, Hamptons Homes Sales Report, was akin to watching a collection of super balls bouncing in all different directions simultaneously. That said, analyzing, the data for these 3 months in this year to year comparison, yields some important insights.

The most glaring of which is that the $10-$20M price range found its groove again — whew — with 133% year over year explosion from 3 in 2016 to 7 in 2017, 3rd quarter. The kicker is 6 of the 7 home sales $10-20M were in the Bridgehampton area (which includes Water Mill and Sagaponack) – 2 in Bridgehampton, 1 in Sagaponack and 3 in Water Mill. A dazzling statistical fact; Bridgehampton area (which includes Water

Mill and Sagaponack) accounted for over 26% of the Total Home Sales Volume for the entire region! $158M of the $596M posted for the 3rd Quarter.

Both of the 2 sales over $20M occurred in East Hampton Village — no surprise there, as East Hampton’s Estate section, historically, posts the high watermark most years. But 2017 won’t shatter the ceiling as these two sales were “only” $29M (11 Lily Pond Lane) and $25.925M (81 Briar Patch). A far cry from the prior ceilings of well over $100M.

East Hampton Village posted the highest Median Home Sales Price at $4,437,500. impressive, yet 15% less than last year’s at $5.25M. Leaps and bounds over the next highest Median Home Sales Price in Bridgehampton area (which includes Water Mill and Sagaponack) at $2.71M.

On the dark side, Sag Harbor area (which includes Noyack and North Haven) went out to sea for three months! The Number of Home Sales tanked by nearly 30% and the Total Home Sales Volume sank like an anchor at nearly 60%. Closer scrutiny over the 8 price categories monitored by TOWN & COUNTRY and clearly you see why…there were no sales $5M and up. None, zero, zip!

Collectively, we know why sales under $500K went down —there simply are few to none — but why the $5-10M price range dropped 56%, from 25 in 2016 to 11 in 2017, needs to be explored further. 

In closing, looking at All Hamptons Markets Combined and we see the 3rd Quarter was a healthy quarter for Hampton Home Sales. There were approximately 8% increases in all 3 criteria monitored by TOWN & COUNTRY — Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

To view all reports click here – http://www.townandcountryhamptons.com/html/marketReports.php

Hamptons Real Estate Q2 Market Report: The High End Recovers

Tuesday, July 18th, 2017

The 2nd Quarter of 2017 was clearly the 3 months that the high end made a recovery rebound. The blue chips of Southampton Village, East Hampton Village and Bridgehampton (which includes Water Mill and Sagaponack) all came roaring back from the tepid 2016.

All Hamptons Markets Combined for the 2nd Quarter of 2017 saw 4 closings over $20M, where there were none in 2016 same period. Two from Southampton:

 328 Gin Lane – $31,000,000

 1510 Meadow Lane – $24,600,000

One from East Hampton and Water Mill each:

 32 Middle Lane, East Hampton – $25,000,000

 1285 Flying Point Road, Water Mill – $20,500,000

In the $10-$19,99M price range 10 homes sold in 2017 compared to 4 in 2016, a 150% jump. And 6 of the 10 closed were from the Bridgehampton, Water Mill and Sagaponack region.

Seven of the 12 markets monitored by TOWN & COUNTRY saw increases in all 3 criteria – Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

The 2nd Quarter wasn’t all rosy for certain markets. Two popular niche markets, Montauk and Shelter Island,each experienced significant pull back in all 3 criteria. In fact, statistically, the greatest declines of all of the 12 hamlets both experienced solid red across the board.

In all, the 2nd Quarter of 2017 shows just how unique each of our Hamptons markets are and how they each move independent of one another.

Water Mill | $6,495,000 | IN # 15218


To view all reports visit TownAndCountryHamptons.com/Reports

Hamptons Real Estate – A Glass Half Full

Wednesday, July 12th, 2017

Maybe I’m the eternal optimist or maybe I’ve just been doing this too long – HA!

Either way, I believe it is important to address the grim snapshot of the state of Hamptons Real Estate as described by some of my contemporaries, all for whom I have tremendous respect.

I have been reporting on East End Home Sales for 25 of the 35 years of my real estate career. During my tenure, I have seen two crashes, a few recessionary markets, and several bull markets. As they say, “The only thing constant, is change.” And change it does.

For the most part, the homes we sell are vacation homes – which frankly, are luxury items to the buyer – few are primary residences. These buyers don’t have to have what we are selling, as they can always opt to rent. The majority of our buyers work in some area of the financial markets: stocks, bonds, hedge funds, banking, etc. These particular buyers, for the most part, buy at the top end of our markets.

Definitely, there has been a strenuous pull back on the high end over the past 12-18 months due to various factors. But as with all cycles, this one, too, will come to an end, and a shift from a buyers’ market to a seller’s market will take place. We are already experiencing an uptick in showings, contracts and sales. The stock market is strong, bank stocks have rallied due to dividends, the Federal Reserve has shown confidence in our overall economy, and lending regulations are easing. All are indicative of a strong selling season.

On the high end, price adjustments are yielding some incredible bargains. There are several examples where you couldn’t buy the land, build the house, landscape, and accessorize, and pay less than the asking. So, for those value-driven buyers, the time to pounce is now.

As for the mid markets, all eight Town & Country Real Estate offices have experienced heightened sales activity. Last week, there were 82 closings on the East End and $135 million changed hands. That is a respectable statistic!

While our markets may have faced some headwinds such as the presidential election, geopolitical concerns, heightened emotions, there is change in the air. After all, the only thing constant is change. 

This Letter to the Editor originally appeared in the July 6, 2017 edition of the East Hampton Star.

Panoramic Views In Montauk – Town & Country Real Estate Sells Pair of Montauk Oceanfront Estates Listed For $13M

Thursday, December 15th, 2016

Town & Country Real Estate congratulates Associate Jeff Sztorc, licensed real estate salesperson in our East Hampton Office, on the sale of two magnificent oceanfront properties in Montauk. Just west of Gurney's and offering fantastic panoramic views, the properties offer some of the highest elevations on Old Montauk Highway. Listed for $13 million.

 

"The properties are very special," says Sztorc.  "With quite a bit of elevation, the views of the Atlantic are impossible to beat.  I'm excited to be a part of this on a stretch of the ocean I'm passionate about." 


To see more about the property visit - http://www.townandcountryhamptons.com/html/projectDetails.php?innum=30862 and http://www.townandcountryhamptons.com/html/projectDetails.php?innum=04130

Hamptons Real Estate News – Bay Bluff Sells For $5.4 Million

Monday, December 12th, 2016

 

Manhattan luminaries Bill White and Bryan Eure recently sold their elegant East Coast traditional home, Bay Bluff, in Southampton's chic Atterbury Estates section listed for $5,400,000.  White, the former president of the Intrepid Sea, Air, and Space Museum and now CEO of Constellation Group, and Eure, SVP at Willis Towers Watson, married in 2011 at the iconic Four Seasons with over 650 guests in attendance and Queen of Soul Aretha Franklin in the role of wedding singer.  The pair purchased the 3,600 square foot beachouse in 2015 for $2,300,000 and the end product was a total transformation with the help of architect Bill Suk of Suk Design and contractor Joe Licciardi.  Suk previously worked on the renovations at the Intrepid Museum and with the couple on their landmark Chelsea townhouse renovation. The interior design work was the the icing on a beautiful cake, thanks to the talented Bryan Eure's designing eye.  

 

"This property has amazing views of Shinnecock Bay, Meadow Lane, and the Atlantic Ocean from nearly every room.  At sunset the home is filled with golden light.  Just stunning.  But the clincher was the decor… sheer perfection!" says Judi Desiderio of Town & Country Real Estate who sold the home.

 

 

To see more photos visit – http://www.townandcountryhamptons.com/html/projectDetails.php?innum=48333

National Home Prices Are Back In The Zone

Monday, December 5th, 2016

Case-Shiller_National_Home_Price_Index

It may have taken just over a decade but the average home price is back at peak levels not seen since July 2006, prior to the Great Recession.

Based on the September report from the S&P Case-Shiller US National Home Price Index has just logged in at 0.1% above the highest levels from 10 years ago. Year over year, prices rose a solid 5.5%.  Back in 2012 housing hit its bottom at 27% below top levels.

While on a national level there are concerns of headwinds from rising interest rates, a pull back in new construction, and homeownership quotas.  Regionally, we are anticipating 2017 to pick up pace.

Based on the trajectory of the stock markets, Hamptons high end homes should see greater demand than in recent years.

NEW HOME SALES IN THE U.S. HIT 9 YEAR HIGH

Wednesday, August 24th, 2016

Newly built single family residences across the country jumped 12.4% according to the just released U.S. New Home Sales Report. July 2016 was the best month-to-month increase since October 2007. Year-to-year the July increase was a whopping 31.3%! This puts new home sales levels back to levels equivalent with levels prior to the Great Recession, but below all-time highs reached in 2005.

According to the US Commerce Department, the seasonally adjusted annual rate of 654,000 newly built homes traded hands. In fact, the total amount of new homes sold in the U.S. for the first half of 2016 was up over 12% compared to the same period in 2015. Economists believe historically low interest rates and strong job markets are the main contributing factors.

Additionally, many young home buyers have been sitting on the sidelines for several years and are just now beginning to realize the importance of homeownership.

New homes create jobs. Not only by the construction of the home but there are jobs created with ancillary services such as landscaping, decorating, etc.  All of these jobs markets see significant increases when home sales increase.

Finally, the National Association of Realtors collaborated on the strengthening home sale markets with June’s report on previously owned homes, which hit a 10 year high. Real estate has been the beacon! 

MIXED SIGNALS

Thursday, August 11th, 2016

Second quarter 2016 statistics have been released and they are not sending clear signals by any means.

On one hand, The National Association of Realtors reported that home prices rose in 83% of the nation’s 178 major real estate markets. Yet, according to CoreLogic Case Shiller Indices overall prices are now just 2% off the peak set in July 2006.

Homeownership rates are the lowest since the Census Bureau began tracking quarterly statistics in 1965 – now at 62.9%. Economists estimate 200,000 to 300,000 fewer US households are purchasing new homes annually, than during normal market conditions. The true American Dream of home ownership is in flux.

Personal wealth has always been driven for most by their homes. Retirement, tuition, vacations, and much more usually financed via home equity. Is there an entire generation of permanent renters out there? I hope not, for their sake.

First time home buyers are a critical piece of the puzzle and the government must support this vital future growth. Mortgage qualifications are a big part of today’s issues. Keep in mind, home sales create jobs and employ ancillary services from painting to landscaping.  It was home sales and the economic boost it provided that pulled us out of the worst economic downturn since the Great Depression.

How can lawmakers support growth from the bottom up?

TOWN & COUNTRY NORTH FORK 2ND QUARTER 2016 HOME SALES REPORT

Friday, July 29th, 2016

TOWN & COUNTRY’S 2nd Quarter North Fork Home Sales Report demonstrates uneven growth, but growth none the less.

Southold (which includes New Suffolk and Peconic) had the greatest up-tick in the Number of Home Sales at 25% —from 28 in 2015 to 35 in 2016 (same three months), yet experienced drops in the Total Home Sales Volume and Median Home Sales Price of 14% and 6% respectively. 

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) logged an 18% increase in the Number of Home Sales and a 20% jump in Total Home Sales Volume.

Mattituck (which includes Laurel and Cutchogue) and Orient (which includes East Marion and Greenport) each had one less home sale during the 2nd Quarter, year over year.

Looking at All North Fork Markets Combined you will note that only declines in the five price categories monitored by TOWN & COUNTRY were the $500,000 – $999,000 category by 22.45% from 49 to 38 from 2015 to 2016 and the $5M and up, where there were no sales vs. last year. The Number of Home Sales rose 8% in this year to year comparison yet the Total Home Sales Volume and Median Home Sales both experienced pullbacks of 3% and 14% respectively.

“The North Fork has established definite traction. I anticipate the 2nd half of 2016 to continue to gain momentum as more and more people discover the richness of North Fork living,” states Judi A. Desiderio.

To view the full report visit North Fork 2nd Quarter 2016 Home Sales Report. For all Town & Country Real Estate Market Reports, click here.