Archive for the 'Sag Harbor' Category

Hampton Year End 2011 Home Sales Report

Monday, January 23rd, 2012

 

Town & Country’s  Year End Home Sales Report holds no surprises.

Looking at the 11 individual markets monitored by Town & Country, we see 4 of the 11 specific markets rose in the number of home sales  by as much as 12% as seen on Shelter Island. One market, Sag Harbor area (which includes Noyack and North Haven) was flat, but 7 of the 11 markets saw declines.  Southampton Village sales activity dropped to 76 in 2011 from 97 in 2010 or 21.7% .  Yet Southampton Village saw a 40% increase in the Median Homes Sales Price from $1,675,000 in 2010 to $2,337,500 in 2011, and the Total Home Sales Volume rose just over 10%.

Bridgehampton (which includes Water Mill and Sagaponack) had the best year of all 11 South Fork markets with increases in all 3 criteria Town & Country reports on 6 times a  year.  The Total Home Sales Volume in Bridgehampton (which includes Water Mill and Sagaponack) increased 26% from $555M to $700M. The Median Home Sales Price rose 13% from $2.295 to $2.6 year to year and the number of home sales rose nearly 6% from 163 to 172.

Reviewing the cumulative All Hamptons Markets Combined and one glaring statistic jumps out at you – 2011 was a good year for the high end.  The highest two priced categories monitored by Town & Country -$3.5 to $4.99M was +16% and $5M and up logged in at 3.7% increase.  Thus in 2011 150 homes priced at $3.5M+ traded as opposed to 138 in 2010.

The Total Home Sales Volume and Median Home Sales Price was flat for the year and the number of home sales realized a slight decrease of 6.4%. 

The foundation has been laid for healthier markets to come.

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.

Hamptons 4th Quarter 2011 Home Sales Report

Tuesday, January 17th, 2012

 

TOWN & COUNTRY’S 4th Quarter Hamptons Home Sales Report shows in black and white (and red) exactly what the home sales activity for late fall, early winter of 2011 was all about.

Ordinarily, we close these reports with looking at all the All Hampton Markets Combined, but this time we will begin with evaluating the cumulative figures as it is a good indicator.  In All Hampton Markets Combined, the number of home Sales increased 9.43% from 265 to 290 4th Quarter Year to Year, yet the Median Home Sales Price dropped 16.22% from $940,000 to $787,500 same period.

A further look at the six price categories we examine show strong increases in activity below $2M,  flat over $3–5M, and a decrease of 43.24% from 37 in 4th Quarter 2010 to 21 in 4th Quarter 2011 in the  $2–3.49M price range.  We can speculate on buyer demographics to explain this phenomenon but we will hold off until the Town & Country Year End Report is released next week.

The shining star in The Hamptons was Sag Harbor.  Sag Harbor area (which includes Noyack and North Haven) Number of Houses has sky rocketed 87% from 15 to 28 year to year in the 4th Quarter.  The Total Home Sales Volume shot up nearly 80% from $18.7M to $33.4M 4th Quarter 2010 to 2011, yet the Median Home Sales Price dropped 28%.  Again a further look at the six specific price categories monitored by Town & Country clearly depicts 25 of the 28 sales were under $2M and the only price category to decline was $2-3.49M price category which went from 5 home sales in 2010 to 1 in 2011 4th Quarter.

Sag Harbor Village had a sterling 4th Quarter 2011 with increases in all three criteria monitored – 60% increase in Number of Home Sales; 35% increase in Total Home Sales Volume, and 2% increase in Median Home Sales Price.

Neighboring Shelter Island enjoyed a 45.45% spike in Home Sales from 11 to 16 year to year.

The 3 crown jewels, East Hampton Village, Southampton Village and Bridgehampton (which includes Water Mill and Sagaponack) remain impressive by any standards.

Southampton Village Median Home Sales Price 4th Quarter 2011 came in at $2.3M.

Bridgehampton Market (which includes Water Mill and Sagaponack) posted a Median Home Sales Price of $2.8M.

East Hampton Village a staggering $3.575 Median Home Sales Price.

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.

Condos Coming To Sag Harbor

Friday, January 6th, 2012

 

The long awaited condos are finally coming to Sag Harbor. The Bulova Watch factory which closed in the 1980’s has finally been taken off the Department of Environmental Conservations list of toxic Superfund sites. The building has been decontaminated and will now be eligible for a permit to start the work.  The work is expected to start next spring and will take approximately two years. The 2.3 acre site will be turned into 65 condominiums with an indoor pool, spa, underground parking and a recreation center.

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.

BAY STREET THEATRE

Monday, October 24th, 2011

It appears that the Bay Street Theatre will be making a move after 20 years on The Wharf after the 2012 season. They are looking for a permanent space and hope to stay in Sag Harbor.

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".

Relight the Lighthouse

Wednesday, December 22nd, 2010

 

The Cedar Island Lighthouse was built in 1839, and was used as the home port to 29 whaling ships and 20 fishing and transportation ships. In 1934 the lighthouse was decommissioned and privately owned by numerous people until the late 1960’s when Cedar Island Lighthouse became a part of Cedar Point Park in Suffolk County.
 
Through the years, vandalism and weather have ruined one of history’s “architectural treasures,” and now the Long Island chapter of the U.S. Lighthouse Society has been authorized by Suffolk County Parks to restore the lighthouse.
 
The process to “Relight the Lighthouse,” has been started and now it’s up to us to get this transformation moving. The Committee hopes to raise approximately $2 million to convert the lighthouse into either a bed and breakfast or museum.
 
Make a donation to The Long Island Chapter of the United States Lighthouse Society

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

Sag Harbor Library $10M Plan

Thursday, May 14th, 2009

Historic John Jermain public library in Sag Harbor is now planning a $10 million renovation  which would include adding a modern glass and stone structure thereby adding 4,000 square feet off additional space and bringing the building up to fire and safety codes, as well as using half the $10 million proposed budget on badly needed structural upgrades.

The existing building, built in 1910, is in dire need of repairs including interior and exterior mortar which continually falls of the ceiling and walls. There presently is no second stairway in case of fire, the elevator for handicapped access, the roof leaks and the heating and air conditioning system needs to be replaced. Lastly, the toilets are not adequate.

While this is the latest plan for the library there have been others before which unfortunately have not passed. The future of John Jermain Library  continues to remain uncertain.

 

SUMMER RENTALS 2009

Tuesday, December 2nd, 2008

Here at Town & Country we are gearing up for what’s expected to be a great rental season in the Hamptons and on the North Fork!.

In preparation of our annual launch of the Town & Country eRental Guide for 2009, our agents have been diligently updating our 15,000 rental listings.

Such volume and expanse enables Town & Country to service potential Tenants from oceanfront castles in Southampton to bay side cottages in East Hampton or pristine contemporaries privately nestled in the woods… full season to monthly rentals. West Hampton Beach has some of the most dynamic light filled waterfront homes. On the North Fork, in areas such as Southold, Mattituck, and Cutchogue – just to name a few– Tenants can find sweet country homes for a significantly lower rental price than in the Hamptons. There’s something for everyone.

So if you agree with us that we should all "GO GREEN" when ever possible, click on our eRental Guide (instead of killing more trees with paper waste) or request an eMail with the link and view a sample of our Rental Listings.