Archive for the 'Spring' Category

TOWN & COUNTRY HAMPTONS 1ST QUARTER 2016 HOME SALES REPORT

Wednesday, April 20th, 2016

The best part about the numbers is they tell it like it is — no individuality, no over inflation, no emotions… strictly the FACTS.

The fact is, the Hamptons 1st Quarter Home Sales Report reflects, frankly, a mixed bag.

In general, the report on the first three months home sales activity shows 10 of the 12 of the individual markets monitored by TOWN & COUNTRY had fewer transfers. East Hampton Village saw a drop of 44% and Bridgehampton (which includes Water Mill and Sagaponack) saw a 39% drop in Number of Home Sales—  these are significant statistical changes.

Bridgehampton (which includes Water Mill and Sagaponack) had quite a pull back, with not only 39% less Home Sales, but 42% less Total Homes Sales Volume, and the final criteria we monitor, Median Home Sales Price, slightly lower by 3%. The $10-$19.99M price range was off by 67% in Bridgehampton (which includes Water Mill and Sagaponack).

On a positive note, Shelter Island spread its wings nicely with a whopping 70% jump in Number of Home Sales, 59% increase in Total Homes Sales Volume and nearly 10% rise in Median Home Sales Price. A shining quarter for the Island.

East Hampton Village statistics deserve close examination. Not only the slide of 44% fewer Number of Home Sales but RED in every price range … except the over $20M, where the 2 sales for the first 3 months were: 101 Lily Pond Lane at $63.8M and 93 Lily Pond Lane for $22M. SAB Capital owner Scott Bommers sold his 3 Lily Pond Lane holdings for a total of $110M — an off-market deal.

Looking at All Hamptons Markets Combined and you see that from a broadstroke the East End Real Estate market held strong, while the stock market was in a bit of a free fall followed by a bounce. The Median Home Sales Price increased a respectable 3.65% to $995,000 while the Numer of Home Sales declined by 10%. 

Thank goodness it’s Spring!

To view the full report visit TownAndCountryHamptons.com/Reports.

 

2016 Summer Rental Season

Friday, January 8th, 2016

This year the Hamptons Hot Summer Season should sizzle! We expect more homeowners than ever before, most will enjoy their new acquisition others will choose to rent. Those who choose to rent need to check with their respective municipality for laws, permits, registry instructions and other details. Most of the East End communities have specific laws pertaining to rentals. There have been laws such as ‘group laws’ in place for many years, Such as “no more than 4 unrelated persons allowed in a SFR in East Hampton—5 in Southampton”. And of course, any SFR (single family residence) mandates just that, one family not multiple families in the home.

East Hampton Town has launched a HOT POTATO this year with the adoption of a Rental Registry Law. After considerable debate – mostly objections—the law was passed. Clearly, all residents wish to maintain the quality of life that we hold so dear.

Furthermore, existing laws such as the group laws seemed to address many of the concerns. The catalyst seemed to be the sudden and instant influx of short term rentals… or simply excessive use of residences.

Homeowners, for the most part, are not using their homes like hotels but admittedly, there is evidence of abuse.  Many resort towns are experiencing similar tenant activity. Some have attributed this to online rental sites, some the economy.

In the Hamptons, the lack of hotels and short term rentals contribute to the problem. Just as UBER has forever changed rides around the world, so has VRBO & HomeAway changed how tenants experience vacation rentals. The problem, for lack of a better term, is larger than us.

Worthy of a full discussion… Weigh in your thoughts.

INVEST IN YOUR INVESTMENT

Thursday, August 6th, 2015

Let’s face it, those of us who own real estate on the East End view our home as an “investment”. When exactly “shelter” became an “investment vehicle” eludes me, but I hear it every day from buyers and sellers alike. Fortunately, those of us lucky enough to own “East End dirt”, consider it one of our greatest assets. Thankfully, one good by-product from the great recession, was people stopped using their homes as a cash machine, as living on margin is never a good thing.

So let’s take a good look at your great asset… What are the things you can do to increase the value? How can you invest in your investment? The wild card here is “how much money do you have to invest?” Furthermore, keep in mind, the list below relates to the bulk of the homes in question, there are always the exceptions to the rule. An example of an exception, is when the value is entirely in the land, not the structure sitting on it. In this case, do not follow the steps below and possibly knocking the structure down is the highest and best use to maximize value. In another instance expanding the existing structure or adding a heated Gunite pool is what is needed to achieve your high water mark… but maybe you don’t have the funds to take down the structure, or expand what exists or drop in a pool. Well then the economics wild card dictates – period. But if the funds are available and you’re brave enough to embark on a big project then now is the time.

Following these simple cost effective, minimal investments for the majority of homeowners will yield desired results.

#1. Cleanliness is Next to Godliness. Start outside and work your way inside. Anything that looks neglected pulls down your value. Get out the gloves and helping hands and get a dumpster.

#2. First Impressions Set the Tone. How is the entrance to your home? How did the driveway fair this wicked winter? Landscape is like the frame of a painting – it can make it or break it. We have some incredible landscape designers out east. Call them, give them a budget and let them work their magic.

#3. Less is More. De-clutter EVERYWHERE. It always amazes me how we accumulate stuff. Remove 25-30% of the furniture out of rooms – the rooms will look bigger. 

#4. Repair, Replace, Replenish. If it’s broken, fix it. If it’s soiled, replace it. If it’s weak, replenish it. An old area rug does more harm than you can imagine.

#5. A Fresh Coat of Paint Works Miracles. When you walk in to a home and it’s been freshly painted (preferably any shade of white) it smells and feels new. Nearly every buyer would love to buy a new home but most can’t make the numbers work or simply can’t afford it. So give them the next best thing – a freshly painted home.

#6. Appeal to the Senses. We’ve addressed what you see, but what do you smell? Hear? Feel? If you are up to it, bake fresh cookies.

#7. Take it to the Next Level. The next level is construction such as kitchens, baths, windows and doors. In that order. If your home is 10 years old or more, and you have the funds to invest, seek out a professional to advise you on style, cost, and value priority. Depending on your budget and target market this cost can swing wildly. After all you can buy a faucet from Home Depot for $100 or Waterworks for several thousands. You get the idea. 

Some of the best value experts are real estate professionals who have proven successful in bull markets as well as bear markets — the right real estate professional is a tremendous resource. 

Spring is the time to address these Top 7 Value Producers. Spring cleaning on steroids.

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