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!
The National Association of Realtors stated that its seasonally adjusted index of sales agreements for sales of previously owned homes fell from 110.9 to 77.6 April to May respectively, which was also 15.9% lower than the same month the year prior. This national statistic clearly shows the power of the government incentives which expired. What baffles me though, is why the government set up housing to take such a blow…
You don’t need to be a genius to know that in a fragile economy such as this incentives are like bandaids, and if you rip them off too soon you bleed! Sometimes the injury is even worse due to this action… From day 1 I questioned why they didn’t ‘phase out’ all incentive programs.
BIG MISTAKE! I wonder what the next move is?
Fortunately, our little microsm of a market here in the East End is somewhat insulated and is not experiencing what other markets are but the over all buyer confidence in the old American Dream of ‘Home Ownership” is taking quite a beating here.
Will someone up there on that hill use their head please.. don’t rip off bandaids in this environment,, rather,, change the dressings wisely until we are out of the woods and the wound is healed.
There’s nothing more impressive than a powerful recovery!
Town & Country was the first to identify the bottom in the middle of last year, and promised a report in 2010 that would prove activity levels were returning.
It seems some of the markets hit hardest by the recession came back with a bang!
SHELTER ISLAND posted a whooping 1300% increase in Number of Home Sales from 1 to 14 and therefore an OUT OF THIS WORLD increase of 1442% in Total Home Sales Volume from $1.24M to $19M – which is twice the $9.5M posted for 1st quarter 2008! Oddly though the Median Home Sales Price dropped 15.4% from $1,240,000 to $1,049,500 – a trend we see in 4 markets thereby clearly conforming to the public’s demand for lower priced homes.
All 11 markets monitored by Town & Country saw BLACK or increases, in the Number of Home Sales. 10 of the 11 markets saw increases in the Total Home Sales Volume with the only exception being SAG HARBOR AREA (which includes Noyac and North Haven) with a 16% dip. And 6 of the same 11 markets experienced gains in Median Home Sales Price in this year to year 1st quarter report.
EAST HAMPTON VILLAGE Median Home Sales Price rose 137% from $1,242,500 to $2,950,000. While quite impressive, it still trails the $3.45M posted 1st quarter 2008, pre-recession.
SOUTHAMPTON VILLAGE Median Home Sales Price also experienced a grand increase of 103% from $825,000 to $1,675,000, 2009 to 2010 respectively. Still a far cry from 1st quarter 2008 when SOUTHAMPTON VILLAGE Median Home Sales Price was $2,775,000.
Studying All Hamptons Markets Combined we see just how impressive this recovery is. The Number of Home Sales rose 175% from 106 in 2009 to 292 in 2010 – which trumped the 287 posted back in 2008 before the crash! Further, the Total Home Sales Volume sky rocketed 251% from $153.6M in 2009 to $539M in 2010 and the Median Home Sales Price rose 51% from $730,000 in 2009 to $1.1M in 2010 – again trumping the $975,000 Median Home Sales Price 1st quarter 2008.
Clear across the board All Hamptons Markets Combined in every category and every price range displayed pure and powerful black.
If the time were ever more right to buy,,, I haven’t seen it!
To view more specifics on your particular locations and price ranges, visit out website 1TownandCountry.com and click “Reports”.
Don’t miss out.. you’ll be kicking your self and talking about the house (or property) you should’ve, could’ve, would’ve bought "back in 2010!"
The stats are in, the number of home sale buyers who agree to purchase a previously occupied home rose sharply in February according to the National Association of Realtors– far greater than predictions– The seasonally adjusted index of "O&A’s" (offer & acceptance) rose 8.2% from January to a February reading of 97.6. January’s reading was 90.2.
Here on Long Island we saw 1,555 contracts in February which was a 28.5% increase from January’s 1,210 according to MLS. These MLSLI (Multiple Listing Service of Long Island) are comparable to the NAR (National Association of Realtors) report on O&A’s accross the country.
the spring selling season is off to the races… don’t get left in the dust!
It may seem so confusing with home sale reports coming at you from all different sources with all different results.
So what is a seller and buyer to do?? As a Real Estate Broker who has been publishing Market Reports for many years,, the answer to that is.. #1- know your source #2- get specific! Your source should be someone working in the field for a minimum of 10-20 years with great success AND the reports you review should be specific to your area of interest. In our Town & Country Home Sales Reports for the Hamptons and the North Fork, in addition to consolidating the numbers, I break each report down to inspect different markets with in each market then monitor the number of home sales, the median home sale price, total sales volume AND the number of home sales within 6 different price catagories. Visit www.1TownandCountry.com/Reports to view Quarterly and Year End Reports.
While nationally, reports have indicated home sales were down, the National Association of Realtors just published a report indicating MLS statistics show Long Island realized a 13.4% jump in home sales in February 2010 compared with the same period one year earlier.
In fact all of Long Island was up 13% year over year.
Such information is crutial for both buyers & sellers when entering negotiations. Buyers reading national home sale reports may believe they are the ONLY buyer and lose the house due to inappropriate information…
I always reccomend buyers and sellers do their home work and confer with experienced knowlegable professionals… after all it is one of your greatest purchases in life.
With the spring break behind us, the summer rental market is sizzling this year, quite a change from last year when many homeowners remained without viewings…or tenants, as the summer months came and went. There are many wonderful opportunities for your summer vacation rental and I’m finding them for customers for my next weekends customers.
I’m here to report with great enthusiasm that things have changed dramatically for this coming summer season. Properties are renting and homeowners and renters are delighted. The surge of rental transactions despite previous weeks of snowstorms and hurricane like winds and rains has not dampened the spirits of those eager to see spring and summer ushered in. Plans to enjoy the most wonderful beaches in America has created a "wave" of summer renters who are also seriously contemplating purchasing a home, as the interest rates remain steady, if only for a short time more.
As I do my research to look up listings and preview those I am about to show to rental customers, I am both pleased and a bit frustrated to find so many have already rented. As a result, fewer homeowners are ringing my iPhone and asking me about the current rental market.Still there remain many fantastic summer rental properties that you will fall in love with…and may even decide you want to own!
Come on out and select from our many hundreds of beautiful homes for rent…from a small summer cottage to a luxurious estate…we have them all! I’m here to show you your dream retreat! Remember, last year is just that…last year…we’re a happy Hamptons again!
Susan McGraw Keber Associate Broker SVP Town & Country Real Estate Southampton Office
Today’s WSJ reports trader & investment bankers are spending on luxury items on the QT.
The focus was on the parallels between big bonuses and big spending. WSJ used the example of spending from $15,000-a-week-caribbean vacations to $200,000 platinum watches… and of course hi end real estate in NYC and the revered home in the Hamptons.
In the Hamptons the number of home sales in the 3rd Quarter of this year dramatically increased over the 2nd Quarter 2009 as well as increased from the same period (3rd Q 2008).
Bonuses are considerably lower than 2007 figures.
With all the bad PR these bonuses are getting, it seems the receipients are being told to be discrete in their spending.
The good news for the overall economy is they ARE spending it! Undeniably, this fuels the US economy and trickels down to everyone from the home seller to the shop keeper to the tax collector…
It comes as no surprise that 2 of the Top 10 Beaches in the Nation are right here on Long Island, and for those of us fortunate enough to live here on the East End.. right in our back yard!
Yes, Cooper’s Beach in Southampton ranked #3 and Main Beach, East Hampton #6 in the entire United States according to Dr. Beach… coastal expert Stephen P. Leatherman, Director for Coastal Research at Florida International University.
The #1 most beautiful beach in America goes to Hanalei Bay on the Hawaiian island of Kauai.
According to Dr. Beach, he rates them via factors such as water quality, sand texture, safety, facilities and maintenance of the surrounding environment.
Being an East Hampton resident, I am partial to our local beaches… even after visiting almost all the beaches on Dr, Beach’s list.. which include Siesta Beach, Sarasota, Florida; Coronado Beach, San Diego, California; Hamoa Beach, Maui, Hawaii; Cape Hatteras, Outer Banks,N.C.; Cape Florida State Park, Key Biscayne, Florida; Coast Guard Beach, Cape Cod, Mass; Beachwalker Park, Kiawah Island, S.C. I’d like to invite Dr. Beach to visit some of my personal favorites like the hidden ones in Montauk & Sag Harbor… then let’s go watch the sunset from Southold!
Things are bustling in the Hamptons with one week left before Memorial weekend. Many newcomers to the Main Streets of the Villages are preparing to open their doors for the first time scurrying to get merchandise in and displayed, other stand-by retailers are redecorating windows for maximum curb-appeal, town highway department are out cleaning up the streets, parking lot meters are up and running and delivery trucks are rapidly unloading merchandise.
Some new names ready to pop open any day include Hermes, Brooks Brothers, Tommy Hilfiger, and a larger J.Crew to name a few. Oldies but goodies such as multiple Ralph Lauren stores, Scoop, Calypso and Lilly Pulitzer are preparing for another successful season
After a long, cold winter it is entertaining and energizing to see the activity and preparations for what promises to be another fun and sun-filled summer in The Hamptons. Come visit us, we too are right in the middle of all the activity in the Villages.
The well known "Dragon Head", purchased in 2003 by Calvin Klein, on famed Meadow Lane in Southampton is beginning its transformation. Demolition has begun on this very original design home, one of the largest on the east end, and known for its indoor shark tank, among other amenities of the home.
Originally a summer home for the duPonts in 1924, the home sits on 7 breathtaking oceanfront acres. In the 1970s it was owned by Andy Warhol protegee Baby Jane Holtzer and in 1980 financier Barry Trupin transformed the home and named it "Dragon Head".
Klein now intends to erect a 17,500 square foot modern compound that will feature concrete and plenty of glass to let in all the natural beauty of the ocean. And so with the start of Kleins "new" house, we see the beginning of the end of "Dragon Head."
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