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The sales statistics for this particular week, from the last three years are below.

These sales represent “deals” that took place in the last quarter of the preceding year..

Notice that, for 2010,  the number of sales and median price are both recovering slowly and the average sales price is back up to hey-day levels of over $1.7M,  thanks to a couple of over $10M sales this week, namely Dennis Suskind’s sale of 9 Morgan Hill Way, Bridgehampton for $11,149,900. The original listing price for this home was $24M back in 2007.   Also, one of my favorite Hamptons houses, 16 Windmill Lane sold for $12,500,000. The brainchild of real estate developer and broker Antonella Bertello, famed architect Francis Fleetwood and one of the Hamptons finest builders, Stanley Dalene of SDC Construction is a stunning manse with three master suites and several gathering rooms with large fireplaces. I dare say that $12.5M was a nice price for that property.

Without these two sales, average would have been around $1M.

East End Sales Statistics
Week Ending 03/19/10
Number of Sales                34
Total Dollar Amount          $57,883,054
Median Price                    $       660,000
Average Price                  $   1,702,443

Week Ending 03/20/09
Number of Sales                29
Total Dollar Amount         $40,781,459
Median Price                   $       475,000
Average Price                 $    1,406,257

Week Ending 03/21/08
Number of Sales                40
Total Dollar Amount         $48,940,292
Median Price                   $      685,000
Average Price                 $   1,223,507

Regarding lis pendens, the first step towards foreclosure, these figures are steadily rising.

Not only are sub-prime loans ending up here, but the thousands of prime, interest -only 5/1 ARM’s that were taken, banking on steady appreciation are now coming in for a reset. These loans were used for homes up to $10M and many of the buyers, with the economy having tanked, don’t have the income to either make the new payments or to refinance the loans, especially since there really is virtually no market for jumbo refi’s today. Looks like this number may continue to grow, with “strategic default” becoming an option for more and more of these properties.  This should make for some good buys out there this and next year, since some owners have the stomach for waiting out the bank and others don’t…

                    East End Lis Pendens Statistics
Week Ending 03/19/10
Number of Filings                        22
Total Mortgage Amount                $13,307,188
Median Mortgage                          $    489,000
Average Mortgage                        $    604,872
Week Ending 03/20/09
Number of Filings                        18
Total Mortgage Amount               $10,682,361
Median Mortgage                         $    453,500
Average Mortgage                        $    593,465

Week Ending 03/21/08
Number of Filings                        12
Total Mortgage Amount               $4,313,300
Median Mortgage                        $    321,500
Average Mortgage                        $   359,442

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

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