Archive for the 'Sagaponack' Category

TOWN & COUNTRY HAMPTONS 2ND QUARTER 2015 HOME SALES REPORT

Monday, July 20th, 2015

This second quarter report of 2015 is a most unusual one. After reporting on home sales statistics for over 30 years, even I still get surprised by the factual numbers as they are recorded.

TOWN & COUNTRY’S Home Sales Reports are laser focused on 11 specific Hamptons markets, monitoring 3 criteria. The first metric of the Number of Home Sales shows 8 of the 12 markets are down, 1 flat and only 3 markets reported increases in the number of trades. Magnificent Montauk saw the greatest increase of 22% from 23 to 28 homes sold same quarter year-to-year. Sag Harbor Village and Sag Harbor Area (which includes North Sea) experienced the greatest declines of 45% and 43% respectively. 

The second metric of Total Home Sales Volume tells a different story for the 2nd Quarter of 2015 with 6 of the 12 markets enjoying increases by as much as 69% in Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue). In fact, the Westhampton markets had a statistical joy ride with significant increases in all 3 criteria monitored by TOWN & COUNTRY. Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) had 20% increase in the Number of Home Sales, a 69% explosion in Total Home Sales Volume and a giant 76% up-tick in the Median Home Sales Price from $697,500 to $1,225,000. Looking closely at the 8 specific price ranges we track and the picture is clear that the increases in activity were at the higher price points.

While the 76% jump in the Westhampton’s Median Home Sales Price is impressive, East Hampton Village was off the charts with a 93% leap from $2,678,750 for the 2nd Quarter of 2014 to $5,175,000 for the same Quarter 2015. East Hampton Village logged 4 of the 10 sales $10-$20M for the entire Hamptons. Bridgehampton (which includes Water Mill and Sagaponack) was an honorable mention with 3 sales in that price category and the only Hampton market to log a home sale over $20M. In fact, the top sale for the quarter was a $29.5M sale of 493 Rose Hill Road in Water Mill, Andrew Zaro’s beautiful home on Mecox Bay.

Looking at All Hamptons Markets Combined and you see that the 2nd Quarter of 2015 was only slightly off from 2014 or 40 less transfers, but the Median Home Sales Price and Total Home Sales Volume both increased due to heightened activity in the higher price points. In fact the $3.5M – $4.99M price range saw the greatest increase in activity with 47% more sales.

Click HERE for full report & statistics: 

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

TOWN & COUNTRY HAMPTONS 1ST QUARTER 2015 HOME SALES REPORT

Monday, April 20th, 2015

It doesn’t happen often but occasionally the statistics surprise me. As I always say “the numbers don’t lie. They tell it like it is!” And this Home Sales Report on the first 3 months of 2015 is a mixed bag. I had anticipated a blow away report based on activity in all 8 TOWN & COUNTRY offices but the fact is two-thirds, or 8 of the 12 markets monitored by TOWN & COUNTRY experienced a reduction in the Number of Home Sales, as well as Total Home Sales Volume. In fact, 2 markets, Sag Harbor Area (which includes Noyack and North Haven) and Shelter Island, both sank over 50% in Total Homes Sales Volume and white hot Montauk dropped 46% in the Number of Homes Sales. Strange, right?

 

On a positive note, Sag Harbor Village rose 31% in the Number of Home Sales and East Hampton Village posted a whooping 59.2% spike in the Total Home Sales Volume. Certainly a darling quarter for East Hampton Village, which was firmly in the black in all 3 criteria TOWN & COUNTRY analyzes – Number of Home Sales (+14%), Total Home Sales Volume (+59.2%) and Median Home Sales Price (+23.2%).

 

Southampton Village saw the greatest gain in Median Home Sales Price at 37% from $1,677,500 to $2.3M year to year. But truth be told, Southampton Village, East Hampton Village and Bridgehampton (which includes Water Mill and Sagaponack) markets ordinarily hover between $2.5M and $3M quarterly for Median Home Sales Price.

 

In this report, Bridgehampton (which includes Water Mill and Sagaponack) had an impressive 1st Quarter 2015 with a Median Home Sales Price of $3M and a staggering $230,201,000 Total Home Sales Volume, which is 30% of All Hamptons Markets Combined for Total Home Sales Volume. Bottom line, the Mill Bridgehampton Market (which includes Water and Sagaponack) sold more high-end than any other market. In fact, 6 of the 9 sales $10M-$19.99M were in Bridgehampton (which includes Water Mill and Sagaponack) and 1 of the 2 over $20M was also Bridgehampton (which includes Water Mill and Sagaponack), the other was in Southampton Village.

 

The big surprise though – All Hampton Markets Combined realized a dip in the Number of Home Sales, Total Home Sales Volume and Median Home Sales Price. Is this the trend for 2015?

 

To view the complete report visit 1TownandCountry.com/Reports.

 

Judi A. Desiderio, Chief Executive Officer

JD@1TownandCountry.com                  

631.324.8080 ext. 221

OCEANFRONT REPAIR

Thursday, October 11th, 2012

In Sagaponack & Bridgehampton the beach renourishment project T&C BLOGGGED about a few months ago may not happen until the winter of 2014.

This HUGE delay is to obtain permits… REALLY??? We can’t speed track this?

I sure hope the next 2 winters are mild!

BTW.. most of the tab for this is being picked up by property owners..

BRIDGEHAMPTON & SAGAPONACK JOIN TOGETHER TO RESTORE THE OCEANFRONT

Sunday, August 12th, 2012

Just in time before what’s expected to be a nasty hurricane season, beachfront home owners from Sagaponack & Bridgehampton Beach Erosion Control Districts presented a joint plan for a restoration project to pump 1.8 million cubic yards of sand from the ocean floor a mile off shore on to a 6 mile stretch of shoreline. The cost… $24Million …The affected homeowners… 84 in Bridgehampton & another 57 in Sagaponack & 5 belonging to Southampton Town at a combined value of $826 Million and $977 Million respectively

Homeowners in both districts overwhelmingly voted in favor.. if Southampton Town approves, it will be put to a formal vote

Time line… a full 10 years

The public hearing is August 17th at 4 pm in Southampton Town Hall at 116 Hampton Road

The proposal outlines contributions from homeowners over the 10 year period which would cover the majority to the $24M price tag

Personally & professionally I applaud these districts for their forward thinking!

The shoreline is public property up to the high tide line… as I see it, if they do nothing, the public space will disappear

The time is now!

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.

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.

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".

POXABOGUE GOLF CLUB

Wednesday, October 12th, 2011

Poxabogue Golf Club was purchased jointly in 2004 by the Towns of East Hampton and Southampton for $3.5 million each in order to keep open the 9 hole gem in Sagaponack.  Now facing staggering debt East Hampton's Town Board has voted to sell its share to Southampton for $2.4 million.

What’s in the name Sagaponack?

Tuesday, November 30th, 2010

The name Sagaponack, like so many of  others in the Hamptons, is derived from the Shinnecock Indian Nation and meant "land of the big ground nuts" or more commonly known as potatoes. Potato farming continued until late in the 20th century and many of the huge estates are now built on former potato fields. It is these estates that gave Sagaponack a  ranking as the number one most expensive zip code a few years ago. Originally just a stretch of land connecting Southampton to East Hampton it is now home to many a rich and famous. With the famed Rennert mansion, a controversial 29-bedroom mansion on 62 oceanfront acre, and other big name celebrities making Sagaponack a second home destination, real estate value began to escalate from was farm-land prices on the east end to what they are today — but the rural abundance that makes Sagaponack so unique has always remained just picture perfect.