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The sales reported during this period in Jan ’09 were directly impacted by Black September ’08 when Lehman Bro’s died and the financial markets went into their second tailspin in two years, so apply that rock salt to the sales numbers below. Also keep in mind that, here in Suffolk County, it usually takes a month or two for closed sales transactions to make its way through the County recording office and to be publicly reported. so the majority of these reported sales closed in November and most of the deals actually actually came together two to three months earlier than that (August/September). Simply put, today’s reported sales reflect business activity that took place last summer. Nothing like “fresh” data, eh?
East End Sales Statistics ’09 vs ’10
Week Ending 01/09/09 01/08/10
Number of Sales 30 47
Total Dollar Amount $51,852,223 $39,234,870
Median Price $ 642,500 $ 540,000
Average Price $ 1,728,407 $ 834,784
- 10 of the 30 sales were for over $1million in 2009 (33%)
- 7 of the 47 sales were for over $1million in 2010 (15%)
It’s clear that the high-end is quieter and the low end is busier, with those who see price/value reductions of around 30% in two years finally jumping in under $1million.
The lis pendens figures are astounding, compared to last year – over 10 times as many initial filings by lenders on defaulting mortgages. Keep in mind the following:
One- the mortgage companies had a moritorium on new foreclosures last year at this time as they and the government looked for answers on what to do about the crisis and,
Two- “strategic default” was not as fashionable as it is today.
East End Lis Pendens Statistics ’09 vs ’10
Week Ending 01/09/09 01/08/10
Number of Filings 3 32
Total Mortgage Amount $1,565,700 $18,270,479
Median Mortgage $ 500,000 $ 419,100
Average Mortgage $ 521,900 $ 570,952
That’s the numbers! What do you think?
**data from https://www.lirealestatereport.com
Curbed Hamptons: Gere Sells, Madoff Mysteries, And More!
1) For celebrities as for the rest of us, the way to move property this summer in the Hamptons is with liberal use of the ol’ PriceChopper. …
To Unload a Mansion, Many Must Turn to Auctions
New York Times
But increasingly, people with multimillion-dollar homes who need to raise money are discovering they have few alternatives, as the market …
In ritzy East Hampton, beware the deadly tire boot!
Mother Nature Network
(Credit: Flickr/quinn.anya) You have to be tough to take a seaside vacation in the Hamptons, the billionaires’ paradise on the upscale end of Long Island. …
Reverse mortgages on the rise as seniors find financial security …
“Money was getting kind of tight, so I called a real estate dealer I knew and told him I thought I’d sell and move up north, closer to family, …
Lloyd Blankfein Misses the Mark
Who’s going to keep high-end busy? Who is going to keep the fancy stores on Fifth Avenue in business? (Besides tourists from China, …
This is an interesting insight into the current mortgage/loan modification issues.
And you might have thought that your loan mod was being considered based upon the merit of your hardship…
This is clear as mud! 15% from what? Now? 2008? 2007? The “peak” of the market?
As is often the problem with reporters writing stories based upon sound bites when they don’t understand what they are writing about. It is EXACTLY this type of article that causes confusion and panic with the public. Not that there is not enough reason for concern and confusion already with the accurate and clear reporting out there.
The writer refers to the Case-Schiller Index, which is a lagging report, at least 3-4 months behind the market, but is that what the economist Kenneth Rosen is referring to? C’mon guys, Bloomberg is a big company…you can do better than this!
Thanks Glenn Kelman, for bringing this up on the Redfin Corporate Blog
So, now that the world has changed and every other friend is not a Mortgage Broker and your Stock Broker is not trying to get you to leverage your portfolio for a third home, where do you go for a mortgage?
I will say, as I have in the past, that Christine Curiale from Wells Fargo Private Mortgage is, hands down,the best mortgage person, broker, banker, whatever, – I have ever worked with so, you can’t go wrong with Christine. But let’s say that you can’t use her and need to decide between a mortgage broker and a mortgage lender.
Here’s something to consider:
“I want people to have more than a house, I want them to have a life, too,” Mr. Birkofer said. “The application of the 28/36 rule can be an eye opener and a ‘go slow’ or ‘reform now’ sign.” The original maxim of a week’s pay for a month’s rent was also based on take-home pay, given that it predates the federal income tax system, which formally started in 1913, said Danilo Pelletiere, research director at the National Low Income Housing Coalition.
see complete story here
thanks to Glenn Kelman for bringing this story to our attention
Wow! This hits close to home and shows that ‘the man” is on the hunt. We’ll undoubtedly see more of this in the future.
Former Suffolk County Legislator George O. Guldi of Westhampton Beach and four other people were arraigned Wednesday for their alleged role in a $50 million mortgage fraud scheme targeting more than 50 properties on the East End.
see 27East.com story here
UPDATE: Daily News
UPDATE: East Hampton Star
(03/19/2009) South Fork real estate professionals are bristling at national news stories about dismal market conditions this winter that they say have done nothing to help.
On Monday, Michael Daly’s Hamptons Real Estate blog pointed out that the number of pre-foreclosure filings on eastern Long Island last week was almost the same as the number of sales. Within hours, The Telegraph, a London-based newspaper, used those statistics to spin out a story titled “Hamptons Hit by Recession.”
Bristling is an interesting word.
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By Candace Taylor, The Real Deal New York
As market fears kick in, all-cash deals soar
And Michael Daly, the principal broker at True North Realty Associates in the Hamptons, said some 75 percent of his deals are all cash right now. He recently represented the all-cash buyers of a $2 million Shelter Island home and a house in Westhampton Beach that sold for $7.5 million in cash.
Others have been amassing cash in recent months in anticipation of real estate bargains, Daly said.
“A lot of people have gone heavy into cash over the course of the last year,” he said. “They’re waiting for the bottom — in all types of investments. For those who feel that the bottom is here, it’s time to make a move.”