According to the latest market report issued by Town & Country Real Estate, sales in the first quarter were “good.”
In an industry where hyperbole rules, and optimism pervades even the bleakest of situations, “good” could mean many things.
But at Town & Country, the numbers speak for themselves.
“Opinions, frankly, are of little value when you need the hard facts. And hard facts are what Town & Country’s Market Reports provide,” wrote CEO Judi Disederio. That’s good, because the previous quarter was not so good. But the future looks bright if the latest numbers are indeed a harbinger of things to come.
The Bridgehampton/Water Mill/ Sagaponack market is always lucrative, but the first quarter was positively white hot, with a 64 percent increase in sales and a 96 percent uptick in dollar volume from the same quarter a year earlier.
There were four sales recorded at over $20 million, including Villa Maria, the jewel of Water Mill, which changed hands for $26.1 million. An estate at 719 Ocean Road in Bridgehampton sold for $22.7 million.
East Hampton Village is no slouch when it comes to healthy real estate market values, either. Ten homes sold for $79.65 million, which yielded a median price of a whopping 154 percent higher than the same quarter in 2017. Sales volume was 375 percent above the same quarter in 2017.
Taken as a whole, The Hamptons enjoyed a spectacular opening to 2018. “The trend is clear,” Disederio wrote in the report. “The first quarter in 2018 was one of the best we’ve seen in years, particularly for the high end.”
Disederio attributed the banner quarter to the fact the stock market was up 25 percent in 2017 and that the new federal tax code had a positive influence on the market.
On the North Fork, Jamesport (the market of which includes Aquebogue, Baiting Hollow, and South Jamesport) logged solid gains according to the Town & Country report. Sales were up 38.5 more homes, volume was up 27 percent from the first quarter in 2017 quarter, and the median price held firm.
The Mattituck, Laurel, Cutchogue market was relatively stagnant, with more sales but fewer above the $1 million threshold. The Orient market showed a healthy jump in median price.
Overall, the North Fork is doing fine, thank you. Taken in total, the number of sales (83) surged 11 percent, sales volume ($57.1 million) surged 19 percent, and the median price went up by 19 percent as well, to $582,500.
The Top Of The Pile
The sale of John Foster Estate on 328 Gin Lane in Southampton Village for $31 million was the biggest deal in the Hamptons last year.
This sale would not have even placed in 2014, which was a superlative year for the high end, when the crystal ceiling was shattered by Barry Rosenstein’s purchase of Andrew Gordon’s Further Lane estate in East Hampton from his partner Chris Brown for $147 million.
Before that staggering purchase, the ceiling had been set in 2007 by Ron Barron’s purchase of the deMenil property, also on Further Lane, for $103 million. In fact, it has been nearly eight years since the top sale approached that price.
Seven of the top 10 sales in 2017 were in Southampton Village. But an East Hampton Village property, 211 Lily Pond Lane, took the second spot, selling for $29 million. The movers and shakers were Ironman Realty LLC (seller) and Eric & Lori Blatstein (buyers).