You are currently browsing the tag archive for the ‘hamptons foreclosures’ tag.

Well, it’s been awhile since there has been enough news to make a Round-Up.  Here’s the buzz:

Ready to Spend, but Not to Boast
New York Times
In the Hamptons, where real estate agents court bankers looking for summer homes, the sales are also expected to be a boon for contractors,

….

Richard Demato
The Sag Harbor Express
The real estate market is getting busy again, the inventory of houses is declining. After a tenuous financial hold in 2008, it appears The Retreat will be

Foreclose threat hits Hamptons big shots
New York Post
The priciest of the bunch is 80 Further Lane in East Hampton, a tony beachfront home with an $8.5 million mortgage, said PropertyShark.com CEO Bill

01/22/10  Opinion,

By MARK HELPRIN, WSJ

A Non-Delirious New York

Recovery should not mean a return to the excess that betrayed so many.

Hampton Bays condo plan moves forward
27east.com
By Will James Within the next six weeks, a developer will finally go through with the demolition of the abandoned Allen’s Acres Motel in Hampton Bays,

What Home Sellers Don’t Tell Buyers  WSJ

As buyers ease back into the battered real-estate market, they’re often hitting a stumbling block: fibbing by home sellers. Here’s how to protect yourself.

Million Dollar Money Pit
Hamptons.com
By The Independent |- Most people preparing to move into a new home feel joyful anticipation, perhaps peppered with a little concern

› BMW dealership an empty lot waiting for a buyer

27east.com

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

In an unbelievable turn around from recent years, this weeks reported figures on Lis Pendens – the first step a lender takes towards foreclosure – almost equaled the sales figures for the same period.

In fact, the average mortgage entering Lis Pendens, was higher than the average sales price by nearly 10% – unfathomable even 6 months ago.

2009-03-15_004332

2009-03-15_073354

FYI, the numbers for the same week ending in 2008 were as follows:

Number of Sales ………………………..35
Total Dollar Amount………………….$54,290,313
Median Price……………………………$660,000
Average Price…………………………..$1,551,152

Number of Lis Pendens Filings……22
Total Mortgage Amount……………..$8,330,229
Median Mortgage………………………$309,519
Average Mortgage……………………..$378,647

So, while there were 6 more Lis Pendens filings in 2008, the average mortgage amount has almost doubled year over year.

# of Sales are down 40% ’09 vs ’08

Total Dollar Amount is down nearly 75% ’09 vs ’08

Average Sales Price is down nearly 60% ’09 vs ’08

It’s a whacky world we live in.

**remember, these reports are lagging indicators,  months old because the major brokers in this market still refuse to employ a Multiple Listing Service on a consistent basis, which would provide more timely data.

see Telegraph.co.uk piece, based upon this post here

Well, as we know, Hamptons and Manhattan real estate lag in a downturn and lead in a recovery, so if Lampert is betting big on the recovery (not that he’s done so well with Sears), then that’s a cue…

 

Lampert Puts Money
On Housing Rebound

Stakes Being Taken
In Battered Builders,
Lenders and Retailer
By GARY MCWILLIAMS
June 12, 2008; Page C4

Billionaire hedge-fund manager Edward S. Lampert is placing new bets on a U.S. housing recovery, buying stakes in beaten-up home builders, mortgage lenders and a home-improvement retailer.

Mr. Lampert’s ESL Investments Inc., which owns half of department-store giant Sears Holdings Corp. and 40% of car retailer AutoNation Inc., has previously focused with mixed success on retail and bank stocks.

[photo]

Recently, the Greenwich, Conn., hedge fund, which controls investments it valued at about $11.6 billion in its most recent government financial report, began picking up shares in hard-hit housing-related stocks. ESL acquired small stakes in U.S. home builders Centex Corp. and KB Home, according to its latest Securities and Exchange Commission filings. At recent prices, the stakes in the two home builders are valued at $10.4 million and $10.8 million, respectively.

ESL also is tip-toeing into mortgage origination and servicing, acquiring about four million shares of CIT Group Inc., a struggling subprime home and commercial lender, as well as 1.4 million shares of PHH Corp., a mortgage originator and mortgage-service company. The shares are valued currently at about $35.5 million and $25.2 million, respectively. ESL spokesman Steve Lipin declined to comment on the investments.

Mr. Lampert’s purchases come as some analysts think the housing market’s decline may be nearing an end.

In another bet on a housing turnaround, Mr. Lampert this spring increased his stake in Atlanta-based home-improvement retailer Home Depot Inc. ESL now holds about 22.7 million shares valued at $590 million, up from 16.7 million shares last year.

Write to Gary McWilliams at gary.mcwilliams@wsj.com

newsday subprime mapThere’s all sorts of nifty new fact and figures coming out about sub-prime.  Here’s a map from Newsday showing the percentage of mortgages for 2006 that were sub-prime loans.

Presumably, that will give an indication as to how many foreclosures might be in these community’s future?  Looks like the East End has a much lower overall percentage than our sister markets to the west.  see map here

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