Town & Country First Half Report
The first six months of 2018 claimed a few milestones, according to Judi Desiderio, CEO, of Town & Country Real Estate.
East Hampton Village’s median home sales price rocketed to $6.9 million, which is more than double the $3.3 million median home sales price for the first six months of 2017. Those numbers ratcheted up the total home sales volume 75 percent over the first half of 2017. The number itself is staggering: $167.4 million on only 24 sales.
The most expensive sale of the year so far was at a predicable locale — Further Lane, home of Jerry Seinfeld, et al. Number 290, owned by the Estate of James Marcus, changed hands for $40 million.
The East Hampton area (which includes Wainscott) held the record for the highest number of home sales at 201.
Bridgehampton (which includes Water Mill and Sagaponack) blew everyone away with $412 million in total home sales volume — basically 23 percent of all dollars spent in the Hamptons market, according to the T&C report. Two of the five home sales over $20 million were the Estate of Elinore Munroe at 719 Ocean Road in Bridgehampton, which sold for $22.7 million, and 51 Halsey Lane, also known as Villa Maria, in Water Mill, which sold for $26.1 million. It’s important to mention the sale of Villa Maria was inclusive of adjacent properties that would have raised the total price, but our reports are based on individual Suffolk County Tax Map numbers.
Shelter Island experienced a 33-percent drop in the number of home sales and 46-percent decline in total home sales volume. Conversely, the median home sales price rose 28.5 percent, to $970,000.
Looking at all of the Hamptons market segments combined, one statistic just jumps out: The price category of $5 million to $9.99 million saw 59 homes sales versus 37 last year.
For more information, contact Desiderio at jd@TCHamptons.com, 631-324-8080.
Brown Harris Stevens Quarterly Report
Brown Harris Stevens released its second-quarter analysis. Keep in mind, all real estate firms are working from the same data — deed transfers as reported by the Suffolk County Clerk.
The total number of second-quarter South Fork sales dipped 12.3 percent compared to the second quarter last year (478 in 2018 versus 545 in 2017), and the total dollar volume decreased 6.3 percent to $859.5 million, according to the BHS analysis. The average sales price in the Hamptons continued to rise, up 6.9 percent to $2.19 million, while the median price increased 4.5 percent to $1.15 million.
On the South Fork, 70 percent of sales in the second quarter were under $2 million. There were 34 sales over $5 million in the Hamptons in the second quarter, of which nine sold for more than $10 million.
East Hampton Village and Water Mill had the highest number of sales over $5 million, with six in each area.
Second quarter 2018 sales over $5 million constituted 9.5 percent of the total number of sales, but they accounted for 32 percent of the total dollar volume.
Although the number of sales on the North Fork decreased 9.7 percent to 121 in second quarter of 2018, the total dollar volume rose 3.1 percent to $78.8 million.
“Hamptons real estate shows strong sales prices with overall less volume. The strength of the high end of the market was evidenced by a significant number of sales late in the second quarter that have closed, but not yet [been] recorded. Rentals continue to be a challenge as tenants opt for shorter time frames than in years past,” said Robert Nelson, a senior management director for the firm.
Rocket Gibraltar House On The Market
An iconic estate in Westhampton beach has hit the market. “Rocket Gibraltar,” at 32 Beach Lane, sits elegantly on almost two manicured acres highlighted by a copper beech tree. The 7000-plus-square-foot estate was renovated in 2008 and boasts all the latest amenities.
Several outdoor entertaining spaces include an open-air cabana, and a fireplace near the pool. The custom designed swimming pool is by J. Tortorella. History aficionados will appreciate the windmill, a graceful three-story tower that functions today as a hideaway of sorts. A separate, detached garage with rolling barn doors completes the property. Of note, the home was a backdrop in Rocket Gibraltar, the 1988 film starring Burt Lancaster and featuring Patricia Clarkson, Kevin Spacey, and Macaulay Culkin.
Lobster Inn Sold
The legendary Lobster Inn property in Shinnecock Hills has sold. The former restaurant and marina, represented by David Donohue and Joe Peraino of Douglas Elliman, was purchased for a total of $8.45 million by the Town of Southampton through the Community Preservation Fund and Inlet Road Operations Corp, which is affiliated with the Manna Ocean Foundation.
The bulk of the land, 5.3 acres, has been preserved, by the town, for use as open space and as a public marina. Under the agreement, the town Department of Parks and Recreation will manage the marina.
Additional acreage will be used for development rights to encourage an aquaculture farm with a small restaurant, operated by third-party aquaculture owner, Inlet Road Operations, Corp.
“This transaction will help protect water quality and will preserve the neighborhood from overdevelopment,” said Southampton Town Supervisor Jay Schneiderman.
First Time Buying Tips
RE/MAX offers first time buyers — and its agents — tips to make that first home purchase happen.
The interest rate of the mortgage matters a great deal. Even a fraction of a percentage can add (or subtract) thousands of dollars over the life of a 30-year loan. One thing that can influence an interest rate is the new buyer’s credit score — it’s just one way for the lender to determine how likely he or she is to repay the loan.
RE/MAX emphasizes the importance of working with a full-time, experienced real estate agent. Plenty of online services claim one can save money by completing the process without an agent, but many buyers learn later the savings don’t always come through as promised. In fact, going through this complex process without professional guidance can lead to costly problems later, according to RE/MAX.
When new buyers find the right house, they may not be the only ones making an offer on the property. That can be intimidating. But homeowners have different motivations for selling. Some may be in a situation where they want to close and move out as soon as possible.