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- photo courtesy of citizenx.org
Ok, many of us love the beach. Some of us have enough money to live directly on the beach. But if we do, we have to respect Mother Nature and accept the fact that One Day…
My friend, Billy Mack explains what took place:
“Some places the dunes have eroded to the point that some old foundations are exposed,” said William Mack, a coastal geologist with First Coastal, a coastal development consulting firm in Westhampton. “It was an intense storm. It was a massive amount of wind feeding that massive low just offshore. That generated these extreme wave heights through at least four or five tide cycles.”
Mr. Mack said erosion was focused on specific weak spots, where “erosion waves” have kept the sand barriers from building up. Erosion waves are areas where gaps in offshore sandbars allow larger waves to reach the shoreline. Resulting riptides carry sand away from the beach, accelerating erosion. The erosion hot-spots tend to migrate to the west over many years.”
see the entire story here
Certainly our winter “sister” areas will need to see some correction as well.
But it’s early in the ski season…things picked up here, in the hamptons as summer wore on, let’s see what happens when the powder builds up.
An Avalanche of Price Cuts
As luxury ski areas go into deep freeze, sellers capitulate to market realities
“Fall has long been considered a good time to hunt for good ski deals, from season passes to condominium rentals. But this year, the biggest discounting isn’t just on lift tickets and goggles; it’s on custom-built homes with views and slopeside condos with Jacuzzi tubs. “This is really unheard of,” says Ms. Steadman. “Sellers are finally getting desperate.”"
see story here
Amidst all the spin of “Oh, the market’s back now” and “I did more sales than you did”, there is some interesting facts in the reports for the 3rd Quarter of 2009.
According to reports, including the one from Jonathan Miller at Miller Samuel:
-In Southampton Township (the villages and hamlets that make up from Eastport to Sagaponack and split Sag Harbor down the middle) the median price for the third quarter was $795,000. This number reflects an increase of 9.7 percent compared to last year.
-In East Hampton Township (from Wainscott and the east side of Sag Harbor to Montauk) the median price of $850,000 reflected an 11.9 percent decrease year over year.
-Dollar Sales for the two South Fork Townships during the third quarter topped out at $572 million. The total reflects a 7.2 percent increase compared to 2008.
-The number of sales in the Hamptons and on the North Fork increased 29.3 percent going from 355 sales in the third quarter of 2008 to 459 sales in 2009.
-This year it took 198 days to find a buyer. Last year the number of days on the market (DOM) was 173.
-The median price for houses north of Montauk Highway is now $600,000 a number that reflects a decline of 13.4 percent compared to last year.
-The median price for homes south of Montauk Highway increased an astonishing 67.3 percent and is now $1,840,000.
-The median sales price for houses east of the Shinnecock Canal dropped 0.5 percent to $982,500.
-Home prices west of the Shinnecock Canal increased 5.3 percent to a median of $550,000 over last year’s third quarter prices.
-The median sales price in the luxury market representing the top 10 percent of all sales dropped 10.9 percent to $4,275,000 in the third quarter of this year.
WSJ- The government over
the past year has slowed the pace of foreclosures through moratoria and the drive to modify mortgage terms to keep more borrowers in their homes. It also has pumped up demand for housing by giving tax credits to many first-time home buyers and by driving down mortgage interest rates. As a result, home prices in some areas have risen in recent months, particularly for homes that appeal to investors and first-time buyers. Bidding wars for the more attractive bank-owned homes have become common.
Is Goldman “Just sayin’?”
see story here
Fewer McMansions on the Horizon By June Fletcher, WSJ
Builders Have Little Incentive to Create More McMansions and Hardly Anyone is Buying. There are Deals Out There, But You Better Act Fast.
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Vornado Realty’s Roth Buys Madoff’s Montauk Estate WSJ
Real-estate mogul Steven Roth has bought Bernard Madoff’s beach house in Montauk, N.Y., for $9.41 million, nearly 6% more than its asking price.
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Hamptons Luxury Homes: One of Country`s First Builders to Become Carbon Neutral
Reuters
Dalene is the co-founder of the Hamptons Green Alliance (www.hamptonsgreenalliance.org) and the developer of a unique methodology, The International Carbon …
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Michael Jackson Pepsi ad exec’s North Haven house for sale
The North Haven property belonging to the advertising executive who did the Michael Jackson Pepsi …
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Hamptons real estate is suddenly sunnier
Crain’s New York Business
Home sales in the Hamptons—Long Island’s beach oasis for the rich and famous—are making a comeback. Sales rose 32% during the third quarter from the same …
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Good News/Bad News on Long Island Foreclosure Filings
As predicted, the 3rd quarter number of foreclosure filings (Lis Pendens) on Long Island has already surpassed the record set in the 2nd quarter with 8% of the filing periods still unrecorded.
Eric Striffler for The Wall Street Journal
This WSJ article about Peter Beards Montauk house is reminicent…check out the slideshow as well…md
The Original Hamptons Party House
Peter Beard’s Long Island property evokes memories of its sybaritic past
By HANNAH KARP
There are few signs of the property’s wild past as an epicenter of the 1970s Studio 54 scene, when the likes of Mick and Bianca Jagger, Jacqueline Onassis and Andy Warhol converged here and helped transform the Hamptons into a glittery second stage for bold-faced Manhattanites. see the rest here
Words like “the most in 5 years” sound thrilling, but while the number of sales did increase dramatically from the depths of the Second Qtr 2009, the number of sales for Third Qtr 2009 were still less than 2007 & 2008. See the LIRealestateReport
East End Total Number of Transactions
3rd Qtr 2007 — 724 …. # of Foreclosures — 5
3rd Qtr 2008 — 518 … # of Foreclosures — 9
3rd Qtr 2009 — 423 … # of Foreclosures — 10
and , with all the talk of foreclosures, only 10 foreclosures on the East End…
Oct. 22 (Bloomberg) — Home sales in the Hamptons, the Long Island beach retreats favored by Hollywood celebrities and Wall Street financiers, surged 32 percent in the third quarter as deal seekers landed discounted properties.
Transactions climbed to 339 from 257 a year earlier…
see complete story here
Wainscott one-room schoolhouse
In most communities, the school is larger than most of the homes…not in Wainscott, NY
Well…it looks like the pendulum is starting to swing against the developers. This is the first time in a long time that we have seen a building application denied for a home like this on a large lot.
Jeffrey Colle is a terrific builder and has built several beautiful large estate homes, here in the Hamptons. I imagine another application will follow this one.
By Carolyn Kormann, The East Hampton Press
“The property’s owner, Jeffrey Colle and 55 Wainscott Hollow LLC, submitted a site-plan application to build the house, along with a tennis court, pool and pool house in early 2008. Since then, neighbors, who have been represented by a resident of Wainscott Hollow Road, attorney David Eagan, have been concerned about the size of the proposed house, and that its construction would harm some of the property’s prime agricultural soil and possibly alter or destroy the historic 1802 Edwards farmhouse that sits on the property next to the site of the proposed mansion.”
see complete story here
State audit chastises East Hampton Town for no-bid contracts …
27east.com
By Beth Young The widespread belief that East Hampton’s large budget gap was caused by fiscal mismanagement was confirmed by New York State Comptroller …
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see also: › East Hampton Town budget is up 4.6 percent; taxes up 10 percent
For one thing, the film showcase will run a week earlier than in recent years, to take advantage of the long Columbus Day weekend. Increased attendance, and ticket revenues, became especially important after corporate sponsorship declined last year, said Stuart Match Suna, the festival’s board chairman. “It’s a very tough time,” though corporate interest and sponsorship have picked up recently, he said.
The number of films will remain at around 100 features and shorts, but “there’s a little bit more star wattage than last year,” said David Nugent, the director of programming.
see the NYTimes story here
HIFF Site: http://hamptonsfilmfest.org/
