Town & Country Hamptons 3rd Quarter 2014 Home Sales Report

October 20th, 2014 by Judi Desiderio

As predicted, the 2014 3rd Quarter Home Sales Report recorded some impressive statistics, the likes of which we haven’t seen since 2007.

 

All 12 markets monitored by TOWN & COUNTRY REAL ESTATE rose… in fact 5 of the individual markets doubled in the Number of Home Sales with East Hampton Village shooting up 200% year over year.

 

Examining the Total Home Sales Volume, a glaring statistic jumps out with Amagansett exploding by 367% from $11.5M in 2013 to $53.6M in 2014. But what struck me was the Total Home Sales Volume in Bridgehampton (which includes Water Mill and Sagaponack) rose 336% to nearly $160,000,000 in 3 months. Southampton Village came in second for the most dollars to trade hands, with $131,000,000.

 

Eleven of the twelve markets monitored by TOWN & COUNTRY REAL ESTATE experienced gains in Total Home Sales Volume with only East Hampton Village down by 13.6% and that can be explained by the one sale last year over $10M and none this year in East Hampton Village in that price category.

 

Bridgehampton (which includes Water Mill and Sagaponack) also steals the crown for the highest Median Home Sales Price at $2,870,000 in 3rd Quarter 2014 – a 59% leap from last year’s $1,806,000 Median Home Sales Price. The Villages of East Hampton and Southampton were not far behind with $2.42M and $2.4M respectively.

 

Looking at All Hampton Markets Combined, we see very impressive statistics, particularly on the high end. The $3.5M to $4.99M price category increased by a whopping 567% from 3 sales in 2013 3rd Quarter to 20 in 2014 same period. The Over $10M category saw a 450% jump up from 2 to 11 Home Sales – we haven’t seen this much activity on the high end since 2007.

 

The Total Home Sales Volume for 3rd Quarter 2014 rose 126.5% to $758M transferring and while that seems like a blistering amount of money for the Hamptons in a 3 month period, but I’d like to point out that in the 2nd Quarter 2007 over a billion dollars changed hands.

 

To view all reports visit 1TownandCountry.com/Reports.

 

  

Judi A. Desiderio, Chief Executive Officer

jd@1townandcountry.com   

631.324.8080 ext. 221


Town & Country North Fork 3rd Quarter 2014 Home Sales Report

October 20th, 2014 by Judi Desiderio

Since the winter of 2013 I’ve been saying 2014 will be the year of the North Fork and yes it has been like a snowball rolling down hill, building in size and momentum.

 

All 4 markets monitored by TOWN & COUNTRY REAL ESTATE rose in all 3 criteria – Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

In fact, 2 markets more than doubled in Home Sales activity or the Number of Home Sales transferred

 

Orient (which includes East Marion and Greenport) statistically realized the greatest gain with a 183% leap from 12 Home Sales in 3rd Quarter 2013 to 34 in 2014 same quarter.

 

In Mattituck (which includes Laurel and Cutchogue) the Total Home Sales Volume shot up 266% from nearly $6M in 2013 to almost $22M in Home Sales year to year 3rd Quarter. In Southold (which includes New Suffolk and Peconic) the Total Home Sales Volume saw the highest dollar value with $29M changing hands.

 

Mattituck (which includes Laurel and Cutchogue) also logged the greatest increase in Median Home Sales Price at 47% from $347,500 in 2013 to $510,000 in 2014 3rd Quarter. With 38 Home Sales in 3rd Quarter in Mattituck and a Median Home Sales Price of $510,000, the trajectory for Mattituck and the North Fork markets is up, up, up!

 

Viewing All North Fork Markets Combined, the future is even more clear as all 3 criteria and all 6 price ranges monitored by TOWN & COUNTRY are firmly in the BLACK!

 

To view all reports visit 1TownandCountry.com/Reports.

 

Judi A. Desiderio, Chief Executive Officer

jd@1townandcountry.com  

631.324.8080 ext. 221


Eleanor Whitmore Early Childhood Center Benefit

October 7th, 2014 by Gene Stilwell

Town & Country was pleased to be one of the sponsors for the Eleanor Whitmore Early Childhood Center benefit.  There was a golf tournament on Monday, October 6th to benefit the organization.   Following the tournament there was a cocktail and barbeque reception at the Maidstone Country Club in East Hampton.  Judi Desiderio, Chief Executive Officer of Town & Country and Gene Stilwell Managing Director were in attendance and were pleased to support such an important organization in our community! Town & Country congratulates and wishes the organization continuing success.

Gene Stilwell

631.324.8080 ext. 218

gstilwell@1townandcountry.com


THANK YOU TO ALL BUYERS OF REAL PROPERTY!

October 3rd, 2014 by Judi Desiderio

         The Community Preservation Fund or CPF transfer tax, as many of us in Real Estate call it, refers to the 2% tax paid by the buyer of real property over price points set back in 1999 when the fund was originally set up. The idea was to apply this tax to purchase properties for all to enjoy.  Many very sensitive parcels have been acquired thanks to CPF money.  Thus far nearly $950 million dollars have been collected and according to State Assemblyman Fred W. Thiele Jr., sometime in the first quarter of 2015, CPF money should hit a grand total of a BILLION dollars.  

 

        The year 2007 still holds the record for the most money collected.  As you may recall, that was the year the high end flew to its highest heights.  Visit www.1TownandCountry.com/Reports  to see Market Reports and analysis for each year.  2013 was second best, while I predict 2014 will unseat 2013!  The five East End towns that contribute to the Community Preservation Fund are Southampton, East Hampton, Shelter Island, Southold and Riverhead.  Of course Southampton Town is the top producer by virtue of its size and of course its magnificent estate area, East Hampton falls in second with also an incredible estate section but much smaller region. Thus far this year, in the first eight months, nearly 10% more CPF dollars has been collected than last year.  A CPF acquisition is something every buyer should feel proud of contributing to.  It is thanks to your tax funds that we have preserved so many properties.   

THANK YOU!!

 

Judi A. Desiderio, Chief Executive Officer

jd@1townandcountry.com   

631.324.8080 ext. 221


Montauk Boy Scouts

September 29th, 2014 by Judi Desiderio

On Friday, September 26th Town & Country was pleased to donate several children’s wet suits to the Boy Scouts in Montauk.  Thank you Evelina Mcdermott, from our East Hampton office for your generous donation!  We hope the children enjoy using them and they get plenty of use during this beautiful fall weather. 

Judi A. Desiderio, Chief Executive Officer

jd@1townandcountry.com   

631.324.8080 ext. 221


NEW HOME SALES REACH A 6 YEAR HIGH!

September 26th, 2014 by Judi Desiderio

            The Commerce Department reported an 18% increase from July to August (504,000) in new home sales and August 2014 sales of new homes were up 33% from August 2013! This is a nationwide statistic. That is the highest level reported since May 2008, and the biggest single month jump since 1992. The significance of such a statistic is far reaching considering the effect the housing market has on the overall economy.  In particular, every new home built is credited with employing eight people.  Additionally, this confirms the strength of consumer demand for new homes.  According to the National Association of Realtors, sales of previously owned homes in August slid a bit after four straight months of increases.  Previously owned homes are the bulk of the transfers—approximately 90%. Home sales on a broad stroke have been improving and in my professional opinion is a key driver lifting our economy from the Great Recession.  Here in the Hamptons, a newly constructed home is always under great demand—the question is if one can afford these jewels.  I always say the only thing that trumps the smell of a new car is the smell of a new home!

 

Judi A. Desiderio, Chief Executive Officer

jd@1townandcountry.com 

631.324.8080 ext. 221


TOWN & COUNTRY BOARD OF DIRECTORS AND MARKETING STAFF AT DURYEA’S LOBSTER HOUSE

September 23rd, 2014 by Judi Desiderio

Town & Country took their Board of Directors and marketing staff to the Fighting Chance Lobster Bash at Duryea’s in Montauk last Friday.  It was a beautiful day with one of the best views in the Hamptons.  Thank you Chip Duryea – the founder of the feast – for your generosity as well as Duncan Darrow and the staff of Fighting Chance for another wonderful and meaningful afternoon.  Judi Desiderio, Chief Executive Officer of Town & Country serves on the Board of Directors and Town & Country is a proud sponsor of Fighting Chance.  A good time was had by all! Thank you Charlie Grubb for capturing the occasion with great pictures!

                 

Judi A. Desiderio, Chief Executive Officer

jd@1townandcountry.com

631.324.8080 ext. 221


The Peconic Land Trust’s Common Table

September 4th, 2014 by Judi Desiderio

On August 17, 2014 the Peconic Land Trust celebrated their 25th anniversary.  The benefit was a grand success and Mother Nature blessed us with a perfect evening.  There was incredible food prepared by well-known East End chefs complimented by Long Island wines, spirits and beer.  The food, drinks and music were amazing and the company was even better!  Numerous generous donations of Silent Auction items were provided from local artists, vineyards and businesses.  Sydney Albertini provided each guest with a cookbook called All American: Dessert for Quail Hill Farm — a cookbook filled with delicious dessert recipes.  Thank you to everyone who helped makes this event such a wonderful night. 

Judi A. Desiderio, Chief Executive Officer

jd@1townandcountry.com

631.324.8080 ext. 221


Town & Country North Fork Mid Year 2014 Home Sales Report

July 23rd, 2014 by Judi Desiderio

The first 6 months of 2014 were outstanding for all North Fork markets monitored by TOWN & COUNTRY, as all 4 markets saw significant gains in the Number of Home Sales by as much as 69%, as was the case in Orient (which includes East Marion and Greenport).

 

Mattituck (which includes Laurel and Cutchogue) and Orient (which includes East Marion and Greenport) more than doubled in Total Home Sales Volume. In fact, the Mattituck (which includes Laurel and Cutchogue) market shot up 110% with over $51 million in sales traded. The two highest sales in the $3.5 to $4.99M both occurred in Mattituck (which includes Laurel and Cutchogue), which contributed to the Total Home Sales Volume.

 

Southold (which includes new Suffolk and Peconic) posted the greatest statistical increase in Median Home Sales Price at 9.5% from $431,500 in 2013 to $472,500 in 2014 same time period.

 

TOWN & COUNTRY breaks down 6 different price categories within each market we monitor, and in the first half of 2014 there were 6 home sales in the $2M – $3.49M price range which equates to a 500% increase year over year, and 2 sales in the $3.5 – $4.99M range.

 

The North Fork waterfronts properties and farms are seeing a new buyer demographic who appreciates the beauty of our northern peninsula.

 

To view all reports visit 1TownandCountry.com/Reports.

 

Judi A. Desiderio, CEO

jd@1TownandCountry.com

631.324.8080


Town & Country Hamptons Mid Year 2014 Home Sales Report

July 23rd, 2014 by Judi Desiderio

The first 6 months of 2014 was an impressive up tick compared to last year. 11 of the 12 markets monitored by TOWN & COUNTRY saw increases in the Number of Home Sales with only Montauk experiencing a dip of 15% from 62 home sales in 2013 to 53 in 2014 first half of the year. Having boots on the ground, our Montauk office reports this dip is solely due to a lack of inventory and does not reflect decrease in demand.

 

Four specific markets increased by 50% or more… Southampton Village, Sag Harbor Village, Sag Harbor Area (which includes Noyack and North Haven) and Hampton Bays. Amagansett checked in with a 42% jump in Number of Home Sales – an honorable mention. East Hampton Area (which includes Wainscott) posted 189 home sales in the first 6 months which is in line with last year’s 188, and still the most of any market.

 

9 of 12 of the individual markets realized gains in Total Home Sales Volume, as well as Median Home Sales Price.

 

Bridgehampton (which includes Water Mill and Sagaponack) closed an incredible $346 million in home sales — which is nearly twice the volume of the second highest Total Home Sales Volume for Southampton Village. Looking at the 7 price categories monitored by TOWN & COUNTRY, Bridgehampton (which includes Water Mill and Sagaponack) sold the most homes over $2M, with 6 over $10M.

 

East Hampton Village had the greatest Median Home Sale Price at $2.5M, Amagansett came in second at $2.3M and Bridgehampton (which includes Water Mill and Sagaponack) came in third at $2.165M.

 

Viewing All Hamptons Market Combined and you clearly see the heightened activity we feel in the industry.  Black across the board with a solid 21% increase in the Number of Home Sales and a 24% increase in Total Home Sales Volume. Additionally the Median Home Sale Price for the South Fork rose 6.7% to $950,000.

 

To view all reports visit 1TownandCountry.com/Reports.

 

Judi A. Desiderio, CEO

jd@1TownandCountry.com

631.324.8080