Archive for the 'realtors' Category

T&C’s Westhampton Beach Office Wins Company Contest

Monday, October 9th, 2017

Town & Country rewarded the Westhampton Beach Office a breakfast gathering for being the winners of a good spirited company competition. The food, weather, and company was fantastic!

Office manager Patrick Galway said, "Thank you to all the professionals in Westhampton Beach T&C for making every day a great day."

To reach an agent in our Westhampton Beach Office click here – http://bit.ly/2hZWKY0

TOWN & COUNTRY NORTH FORK 3RD QUARTER 2015 HOME SALES REPORT

Tuesday, October 20th, 2015

TOWN & COUNTRY’S Judi A. Desiderio has been reporting on North Fork Home Sales statistics for over 20 years. This 3rd Quarter Home Sales Report epitomizes why Judi always states “The numbers don’t lie. Individual agents and companies can have record quarters, but individuals don’t make the market.” This is a true eye opener for the amount of RED throughout the report. This is a big surprise since the TOWN & COUNTRY offices are reporting 3rd Quarter sales growth in all markets. In fact, 2 markets more than doubled.

All 4 markets monitored by TOWN & COUNTRY saw dramatic decreases in the Number of Home Sales with Orient (which includes East Marion and Greenport) dropping the most – 47% from 34 sales to 18 year over year.

Southold (which includes New Suffolk and Peconic) realized a 51% plunge in Total Home Sales Volume from $29M to $14.3M.

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) and Orient (which includes East Marion and Greenport) experienced increases in their Median Home Sales Price. Orient by as much as 11%.

Looking at All North Fork Markets Combined and the RED straight across the boards is glaring! All three criteria and all 6 price ranges monitored by TOWN & COUNTRY posted declines by as much as 35.5% in Total Home Sales Volume year over year, with the high end suffering the worst.

Doing a year over year analysis may not give the full and comprehensive picture. To illustrate let’s look at the 3rd Quarter 2013 and we see comparable figures as 2015. Thus the conclusion that 2014 was a banner year would be most correct. 

Click HERE for full report & statistics.

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 SKINNY ON HAMPTON RENTAL MARKET

Thursday, August 6th, 2015

Those of us in the business hear it every day… “so what’s really happening to the summer rental market?” Good question with a multifaceted answer. First let’s look at the past. 35 years ago when I began my career in real estate in the Hamptons, there were no cell phones, no computers, we had our rentals on index cards and the majority of the rentals we did were M-L. Or to the rest of the world “Memorial Day to Labor Day”. On a rare occasion there was an August or maybe a July rental, but the rule was for summer rentals. Many rental properties were owned by the same guy… or gal. Tenants paid the expenses and there were very few problems. People came out east for R&R to enjoy the natural beauty. To fish and play golf. To gather with friends at dinner parties and just a few times each season there would be a big social event.

Now, let’s fast forward to today. What has changed? Well everything, almost. With cell phones, computers, the internet and an entire generation craving immediate gratification, R&R is no longer the driver. Couple that with the change in our hamlets. We went from quaint Ma & Pa shops to big box stores and Main Streets that close down for 9 months of the year. Additionally, every weekend there are several, major, social events, fund raisers, shows, parties. No down time. The Hamptons vacation became about social events. They became all about weekends or a week or so at a clip. 

Memorial Day through Labor Day is now the exception; July or August even take a back seat to short terms.

The Great Recession was the beginning of the end of full season rentals, as that severe correction changed the way people spend money. One thing that hasn’t changed though is the demographic of our clients, they are mostly from Manhattan and work in finance. The summer after the crash we saw families sharing rentals and the huge shift toward short term rentals. Now there are uber sites which push weekly rentals, again accelerating the short term rental market. This shift toward short term rentals contributes to overcrowded roads and congestion as there’s no slack time. Every home is maximally occupied.

Another important factor contributing to this year’s down rental market is that sales and rentals have always been inversely related and sales have been quite strong for the past few seasons.

Will the seasonal Hamptons Summer Rental Market be back? Where else can you rent a home worth $8,000,000 for just $200,000, for the best 3 months of the year and not have to pay taxes, insurance and maintenance. It’s the best vacation bargain I know. And if you take a home for the summer it’s ok to miss a rainy weekend here or there.

After all there’s always next week!

Judi A. Desiderio, Chief Executive Officer
JD@TownAndCountryHamptons.com 
631.324.8080  ext: 221

US HOME SALES MARKET CONTINUES ITS ASCEND

Wednesday, July 8th, 2015

Several months back I blogged about how the housing market was going to be the main driver for the US economy, and fortunately for every homeowner, this has come to fruition.

 

NOW LET’S HEAR FROM THE EXPERTS!

 

The National Association of Realtors reported that sales of existing homes in May increased 9.2% from the same month for the prior year and new home sales soared 20% from a year ago to the highest level in 7 years!

 

Last month’s S&P/Case- Shiller Home Sale Price Index Report of March 2015 posted a 5% gain year over year. In Addition the April data released June 30th reported the 20 city index increased 4.9% year over year with a 1% gain month over month.

 

All 20 cities that made up the composite, increased in April before seasonal adjustments, with 12 cities up after said adjustments. “Home prices continue to raise across the country, but the pace is not accelerated”, quoting David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. S&P/Case-Shiller Composite are a 20 city analysis which is widely referred to for national home prices.

 

First time home buyers made up 32% of all sales in May, a considerable leap from the 27% from the prior year, but still have room to grow back to prior averages. The ability to qualify for mortgages is an important factor in this environment as is rate increases. Consensus is that interest rates will rise in 2015 after being held at near zero rates, but the increases are expected to be at digestible amounts. 

 

All things considered, a continued slow and steady ascend looks to be the trajectory of the US Housing Market for 2015.

 

Judi A. Desiderio, Chief Executive Officer

JD@1TownandCountry.com                

631.324.8080 ext. 221