Comings and Goings
Yorgos Tsibiridis, a top-producing agent in the Hamptons, started his real estate career at Corcoran and has now returned to Corcoran’s East Hampton office.
After a successful career in finance, Tsibiridis entered the world of East End real estate, and in less than six years amassed more than $150 million in sales volume. Now ranked as one of the top 10 agents in the Hamptons, he is poised to continue his path of record-breaking sales and unwavering commitment to his clients.
Returning with Tsibiridis are his wife, agent Alicia DeFronze, a veteran of the NYC advertising world, as well as agent Jake Lear.
The Elliman Report for the first quarter of 2018, authored by Miller Samuel Inc., was released last week.
“The Long Island housing market continued to be characterized by rising prices and low inventory,” wrote Jonathan Miller, the firm’s CEO, in his overview. Among the recent trends outline in the report:
• The first year over year sales decline in more than three years but second highest first-quarter sales in 15 years
• Twentieth consecutive quarter without a decline in median sales price
• Second lowest single-family first quarter inventory since the financial crisis
• Luxury price trend indicators showed mixed results as listing inventory edged higher
• The median sales price in the Long Island market increased by 6.5 percent to $410,000 and the average sales price increased 4.9 percent to $486,985
• The number of sales was down 1.3 percent, to 5682
• Days on the market averaged 84, down from 98, and the listing Discount decreased slightly
• Listing inventory edged up 2.1 percent to 11,022 in the first quarter of 2018
The Hamptons market conditions indicate overall price stability, an uptick in high-end sales, and a modest increase in market pace, Miller opined.
After four consecutive quarters of year over year growth, the number of sales slipped slightly. The median sales price was unchanged from the first quarter in 2017.
Luxury price indicators jumped as a result of the shift in the mix to more high-end sales and luxury listing inventory rose for the third consecutive quarter.
The North Fork continues to provide opportunity but prices continue to rise quickly.
Median sales price jumped 17.9 percent to $612,500 in Q 2018, though the average sales price declined 13.5 percent to $741,411 in the same time frame. The number of sales increased five percent to 127 from the first quarter in 2017.
Brown Harris Stevens also released its first quarter report — the raw data, keep in mind, is all the same so of course, the conclusions are similar. In the Hamptons, BHS reported an average selling price of $2.03 million for the first quarter of 2018 compared to $1.89 a year earlier and 2.01 in 2016. The median sale price, $1.125 million in 2017, decreased slightly to $1.102 this year.
The number of sales in the Hamptons, a relatively robust 347 in the first quarter of 2016, dropped to 269 for the same time frame in 2017 and rebounded to 322 in 2018.
On the North Fork, the median price rose from $507,142 in 2016 to $577,978 in 2018. The number of sales was also mixed: 145 in 2016, 108 in 2017, and 130 in 2018.
Halstead Real Estate is a sponsor of the upcoming East Hampton Village Street Fair on Saturday, May 12. There will be 50 booths lined up including local artists, shopkeepers, and not-for-profit organizations.
North Fork Landmark Sold
Martha Clara Vineyards, an iconic North Fork property owned by the Entenmann’s baking scions, has been sold. The 205-acre property, one of the most extensive and important on the fork, sold for a reported $15 million, well below the original asking price of $25 million.
There is a working winery on the property, in addition to the five-room farmhouse and numerous out buildings. Martha Clara Vineyards, named The Big E Farm, was named after Robert Entenmann’s mother. The buyer was the Rivero Gonzalez family, wine producers from Mexico who plan to expand their operations to the US, a spokesman said.
The purchase price was the second highest in North Fork history, behind only a $19.5 million waterfront sale in 2008, according to Corcoran Group.
In 2015, Beck, Pharrell Williams, Keith Urban, and Chic with Nile Rodgers performed at what was supposed to be the first annual FOLD music festival, but it was plagued by poor sales and an early curfew.