Archive for the 'town & country real estate' Category

Truck Beach

Wednesday, June 22nd, 2016

I would like to weigh in on the issue of “truck beach”—a real hot potato… or should I say hot sand. I am stupefied by the town’s decision to fight this for 7 years and vow to continue the fight should the judge not rule in their favor. While I see both sides of this issue, I clearly see a resolution that will not cost the town a dime AND allow for only fishermen pulling in nets to continue as the town claims has happened for many years.

Nearly 30 years ago I sold both properties at the end of Mitchell Dunes Lane… the oceanfront properties. At that time there truly was only the occasional dawn or dusk fisherman casting his or her line in… frankly I never saw a fisherman hauling in his nets as the town describes.

One of those purchasers has become a lifelong dear friend of mine and my family… so I have spent many days at that beach. The current use of the shoreline is not even remotely close to what East Hampton Town describes as its allowable use and hasn’t been for many years. 

Did you know it is the ONLY ‘drive on’ beach that is not on public lands?  Did you also know that just to the east is NY State Parkland? That is THE ANSWER! If truck beach were relocated to this state land there is NO ISSUE! Private property owner rights are then not in question. The town claims this is a title issue. The lawsuit that has cost tax payers TENS OF THOUSANDS OF DOLLARS will cease instantly. Local residents who enjoy driving on the beach and parking there for the day will continue to enjoy the activity… Just a few feet to the East! A WIN WIN situation for EVERYONE! Property owners, tax payers, and beach driving enthusiasts!

Town residents who wish to drive on the beach will need to get a NY State pass to drive and park there and may even need a NYS fishing license , but remember that WAS the original allowable use as described by East Hampton Town. It has been asked – why not allow driving on every town beach  – this would dilute the impact on this beach. Or impose the same hours of use as on other town beaches.  Let’s also consider the impact on the environment… the precious dunes with its important vegetation, the piping plovers and other wildlife.

We can open Pandora’s Box and discuss the importance of comfort stations – which there currently are none. On the state land this could all be cured with cooperation. If a resolution is the true object, the answer is right in front of everyone’s eyes. I am befuddled at why this simple and comprehensive resolution has not simply been done.

The existing tact is a waste of time, energy and money… let’s get smart… PLEASE!  

Fighting Chance Annual Summer Gala

Tuesday, June 7th, 2016

Fighting Chance, East End’s Cancer Support Organization had its 14th Annual Summer Gala On Saturday, June 4, 2016 at the Maidstone Club in East Hampton Village. The reception was a celebration for the care and support given to our local communities. Congratulations to honorees, Robert S. Chaloner, President and CEO of Southampton Hospital and Yusuf A. Hannun, MD, Director at Stony Brook University Cancer Center both this year’s recipients of the Medal of Honor… And a special thanks to Duncan Darrow, Founder & Chairman for founding this much needed organization. Judi Desiderio, Chief Executive Officer of Town & Country proudly serves on the Board of Directors. The location, the food and all the guests made this event such a success! Thank you to all who support Fighting Chance.

  

Photo Credit: Charlie Grubb 

NEW HOME SALES HIT HEIGHTS NOT SEEN SINCE 2008

Wednesday, May 25th, 2016

US Commerce Department released its April report on purchases of single family homes sales which jumped nearly 17% from the month earlier to a seasonally adjusted annual rate of $619,000. This was the fastest pace since January 2008.

Additionally, the median home sale price rose 9.7% from the prior year… the highest level on record!

We were one of the first market observers to predict that the housing market was going to drive the country out of the last recession. This has come to fruition! All indications point to this trend to continue in the years to come as jobs and wages improve and interest rates remain low.

So, time to ask yourself… what are you waiting for… prices to go up???

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.

 

Join Us For A Hamptons & North Fork Summer Rentals Preview Party In NYC

Tuesday, April 5th, 2016

stribling summer rentals

 

Please join us this Thursday, April 7, 2016, at the Stribling & Associates Chelsea Office (340 West 23rd Street, New York, NY) from 4-6pm for a sneak peek of a selection of the best luxury real estate and summer rentals in the Hamptons and on the North Fork. Meet with our Town & Country Real Estate agents and get to know our friends at Stribling & Associates over a glass of champagne as we toast the upcoming summer season.

For more information or to RSVP contact Sarah Alvarez at 347-223-0992, salvarez@stribling.com

TOWN & COUNTRY HAMPTONS 6 YEAR HISTORY HOME SALES REPORT

Tuesday, February 16th, 2016

In 2005 TOWN & COUNTRY published the first of a series of multiple year Home Sales Reports.

In the last report of 2010, we witnessed the best and the worst of sales activity. 2009 saw only 1,094 homes closed title, the least since I have been reporting on market activity. Conversely, 2005 hit the high watermark with 2,544 home sales. Total Home Sales Volume, which is driven directly by the high end, had its best performance in 2007 with over $3.8 billion changing hands. That was then, this is now.

Fast forward to this 6 year study, and clearly 2005 remains the high water mark for the Number of Home Sales. The Total Home Sales Volume ran a 7 year cycle with 2014 closing nearly $4.7 billion, while 2007 saw just over $3.8 billion sold.

One notable, and interesting statistic, is that for the past 10 years the Median Home Sales Price bounced around the +/- $900,000 range with a low of $849,500 in 2005 and a high of $999,000 in 2007, followed closely by 2015 at $997,500. This statistic is much lower than market examples in many locations.

Evaluating the 12 individual markets monitored by TOWN & COUNTRY and you will see that these individual markets move independently in many ways, yet yield a definitive trend reflective of the health and stability of the overall economy, but mostly the equity markets.

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

HAMPTONS TOP 10 MOST EXPENSIVE SALES OF 2015

Tuesday, February 16th, 2016

2015 closed out the year with a solid performance on the high end. But, 2014 remains THE BEST YEAR for high end real estate sales — shattering all prior ceilings with Barry Rosenstein’s purchase of Andrew Gordon’s estate from his partner, Chris Browne at $147M. The combination of 62 Further Lane, East Hampton at a total price of $97M plus 2 contiguous lots totaling $50M yields the $147M dollar total. That record sale unseated the prior high water mark set in 2007 when Ron Baron bought the deMenil Carpenter property also on Further Lane in East Hampton at $103M.

So while the 2015 top slots don’t come close to those record sales, the 10th spot was held at a respective $23M for 377 Jobs Lane in Bridgehampton.

In keeping with past Top 10 Most Expensive Sales reported by TOWN & COUNTRY, 9 of the 10 sales were waterfront with 7 of the 9 being oceanfront. The hamlet count was fairly consistent with Southampton logging in the most at 4, Bridgehampton with 2, East Hampton with 2, and Montauk with 1.

East Hampton once again takes the crown with 226 Further Lane at $57.3 M.

To view all Top 10 Most Expensive Sales visit TownAndCountryHamptons.com/Reports.

TOWN & COUNTRY HAMPTONS YEAR END 2015 HOME SALES REPORT

Thursday, January 21st, 2016

It’s as though the year was divided into 2 completely different experiences.

2015 started out with a BANG — the high end enjoyed a wickedly cool ride, the best it has had since 2007 — then came the summertime swoon and the 1000 point intraday stock market drop. Suddenly, it was as though the Big Boys (and Girls) in the over $20M price range packed up and went home. Fortunately, most of the other price ranges remained relatively engaged.

8 of the 12 individual markets monitored by TOWN & COUNTRY experienced declines in the Number of Homes Sales, as well as Total Home Sales Volume, but only 3 posted a lower Median Home Sales Price.

Bridgehampton (which includes Water Mill and Sagaponack) closed over $1B in Home Sales in 2015 — now that’s impressive!

Amagansett apparently suffered the worst statistically, with a drop of 21% in the Number of Homes Sales and a decline of 28% in Total Home Sales Volume but keep in mind this is a small hamlet so 22 less houses sold in 2015 from 2014 created a significant statistical change.

Median Home Sales Price in the East Hampton Village shot up a whooping 52% from $2.5M in 2014 to $3.8M in 2015. Examining closely the 8 specific price ranges and the reason is clearly found in the $5 – $9.9M range where twice as many homes sold year over year in East Hampton Village.

Looking toward All Hamptons Markets Combined and you can see Home Sales activity for 2015 in the Hamptons dropped just slightly from 2014, with 5% less homes trading, resulting in a 6.8% lower Total Home Sales Volume.

The Median Home Sales Price posted for the year rose slightly from $975,000 to $997,000, or 2.25%.

Click HERE for full report & statistics…

TOWN & COUNTRY HAMPTONS 4th QUARTER 2015 HOME SALES REPORT

Tuesday, January 19th, 2016

This 4th Quarter TOWN & COUNTRY HOME SALES REPORT is one of the most interesting compilation of factors in the nearly three decades I’ve been reporting on market statistics. Tons of moving parts.

First, let’s examine the obvious… the last 3 months of 2015 were not banner months for trades. In fact, 10 of the 12 markets monitored by TOWN & COUNTRY saw declines — some quite significant — with the greatest statistical drop in Amagansett at 46%.

Next reviewing the Total Home Sales Volumes and the bleeding gets worse with 12 of the 12 markets we watch closely experiencing declines. Southampton Village got pummeled with a 67% plummet in Total Home Sales Volume from $222M in 4th Quarter 2014 to $74M in 4th Quarter 2015. But fret not, this is primarily due to four huge sales in 2014 all over $30M, that pushed the Total Home Sales Volume to rare heights.

The beacon of the three criteria monitored by TOWN & COUNTRY is the Median Homes Sales Price. 7 of the 12 markets saw increases, with many being significant increases. The Bridgehampton Market (which includes Water Mill and Sagaponack) shot up 38% from $2.87M in 4th Quarter 2014 to $3.95M in 4th Quarter 2015. Only East Hampton Village topped that Median Homes Sales Price slightly, with $3.995M.

As we predicted, the price range suffering the most was the high end. The $20M+ and up price range sunk 64% from 11 sales in the 4 in the 4th quarter 2015. This is a direct result of the pull back on Wall Street, since that’s the demographic of the buyer at that elite level.

TOWN & COUNTRY monitors specific price ranges within each market. 7 of the 8 saw declines. One surprise is the $5 – $9.9M category which closed 2 more sales, from 25 to 27 home sales, therefore increased 8%.

A glance at All Hamptons Markets Combined and the picture comes into full focus. During the last 3 months of 2015 the Hamptons Home Sales experienced a pull back.

Click HERE for full report & statistics...

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.