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Southampton Town Is Squaring Off With Suffolk County Over East Hampton Jetties
Hamptons.com
“The decision by the Second Circuit will impact the public beaches, the real estate industry, as well as public policy for future generations.

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Smith & Wollensky in Steak-for-Stock Deal
AdAge.com
the local economy could be catastrophic, leaving large tracts of land in the Hamptons and Martha’s Vineyard undeveloped, legions of real estate brokers,

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Billionaire businessman buys Sagaponack estate for $14 million (Not just ANY Billionaire, but Real Estate Maven Henry Silverman)
Newsday (subscription) (press release)
Real estate sources say that Silverman rented designer Joanne Corzine’s Sagaponack house last summer for a record-breaking $900000 and that Corcoran’s

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Picking Over the Bubble Decade
East Hampton Star
By Kate Maier (02/04/2010) Real estate agencies that operate on the East End have begun to release long-term market reports that put the recession-induced

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‘;Now Is the Time’
East Hampton Star
What should have amounted to a straightforward, win-win real estate transaction for all parties involved unfortunately has been met with repeated delays.

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Hamptons New York Home Sales Climb 59% as Deal Seekers Buy

Bloomberg – Oshrat Carmiel, Prashant Gopal -
Two other real estate brokers issued Hamptons sales reports this month. The Corcoran Group, based in Manhattan, said annual home sales tumbled 22 percent in

The MTA says there are not enough riders for the East End to upgrade service. The riders say the service stinks, who would want to ride it? Ever try to get to NY or back out East when you really wanted to? It’s challenging, even in summer!

The rail service put in place during the CR 39 construction was deemed “successful” by many. Ridership was up and the number of trains, with proper bus connections were impressive.

Another initiative, the East End Area Shuttle got the green light in 2007 . Where is it hiding?

So, now the MTA is ending non-summer service east of Ronkonkoma on the Greenport line and who knows what’s next?

History leads us to believe it won’t make us smile.

M.T.A. Cuts Prompt New Talk of East End Agency

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.

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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

Those who can’t afford to live here or resent those who can, often write about it and they just love to pick on the Hamptons…

“But it’ not like the old days – no cash for the Hamptons bargains this year! It’s hard to manage cash flow when bonuses are paid in stock.”

see story (sic) here

Crains New York

November 22, 2009 5:59 AM

Small buyers get their shot

With less competition from speculators, end users are stepping up—but financing is tough

 

“After years of being sidelined by stratospheric prices, small businesses, nonprofits—and even the occasional country—are snapping up new homes for themselves at prices that average 32% below the peak of two years ago. Once routinely outbid by developers, today’s small buyers are seizing on a far softer market to secure a long-term base for their operations. That will save them from having to worry about rising rents, and at the same time give them an opportunity to own something that’s likely to appreciate over time.”

see complete story here

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

WSJ- The government over GSthe 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.

Publication: The Southampton Press

CPF figures show slight rebound

Aug 26, 09 10:52 AM by

CPFJennifer L. Henn

For the second month in a row, the Peconic Bay Community Preservation Fund has posted an encouraging amount of revenue—$3.7 million for the month of July—according to a press release issued Monday by State Assemblyman Fred W. Thiele Jr.

That number is just short of June’s total, $3.84 million, which was the highest single-month total of the previous eight months.

see story here

Last weeks sales report was even with 08.

This weeks sales report shows:

-an increase of nearly 40% in the number of sales vs. ’08

-a 40%  increase in dollar volume

-a 17% decrease in median price

-a flat average sales price

Considering what we have been experiencing, that’s GOOD NEWS!

                        East End Sales Statistics
Week Ending            08/22/08
Number of Sales                                    38
Total Dollar Amount                $45,630,007
Median Price                                $       622,450
Average Price                              $   1,200,790


                        East End Sales Statistics
Week Ending           08/21/09
Number of Sales                                    53
Total Dollar Amount                $63,844,539
Median Price                               $       530,000
Average Price                             $   1,204,614

Lis Pendens news is not good, with ’09 number of homes and dollar volume nearly doubling with median and average mortgage figures rising.  That means more expensive homes are headed down the foreclosure road.

                    East End Lis Pendens Statistics
Week Ending              08/22/08
Number of Filings                                              15
Total Mortgage Amount                        $9,078,727
Median Mortgage                                      $    327,250
Average Mortgage                                    $    605,248


                    East End Lis Pendens Statistics
Week Ending              08/21/09
Number of Filings                                              27
Total Mortgage Amount                        $17,376,528
Median Mortgage                                     $       408,000
Average Mortgage                                   $        643,575

We’ll keep our eyes on the weekly numbers. Check back for more info.


information provided by http://www.lirealestatereport.com

also see the following AP post:

Some real estate agents in NY’s Hamptons see rally

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