Buyers returned to the high-end of the Hamptons market in 2011, while activity on the low-end dissipated, according to a year-end market report released today by Town & County Real Estate. The report comes four days after the firm’s fourth quarter report, which showed the exact opposite trend: sales at the lower end of the market increased 21 percent over the fourth quarter. [more]
Posts Tagged ‘town and country real estate’
The $2 million to $3.5 million homebuyer disappeared from the Hamptons during the fourth quarter, pushing the median sales price down even as the number and dollar volume of home sales increased, according to a market report released today by East End residential brokerage Town and Country Real Estate.
There were 290 homes sold during the fourth quarter of 2011, a 9.4 percent year-over-year increase, at a median price of $787,500, down 16.2 percent from the prior-year quarter. [more]
From left: Donald Trump, president of the Trump Organization, Dottie Herman, president of Prudential Douglas Elliman, Elizabeth Stribling, president of Stribling & Associates, Stuart Saft, chairman of Dewey & LeBoeuf’s global real estate department, and Frederick Peters, president of Warburg Realty Partnership, and Lois Weiss, real estate columnist for the New York Post
Compiled by Lauren Elkies
In the wake of Sandy Weill’s reported $88 million sale of his 15 Central Park West penthouse, The Real Deal wanted to touch base and see if real estate executives had any last minute predictions for the New Year since speaking with the magazine for the December residential market report.
Dottie Herman, president of Prudential Douglas Elliman, and Frederick Peters, president of Warburg Realty Partnership, said to expect 2012 to be a bit of a repeat of 2011, while developer Donald Trump said “really good real estate will have excess value.” Elizabeth Stribling, president of Stribling & Associates, predicts a “continuing strong demand for new condominium offerings all over town,” while Stuart Saft, chairman of Dewey & LeBoeuf’s global real estate department, said “the euro will continue to be in trouble causing a flight to safety to the U.S. and particularly New York City, so New York City properties will trade at even lower cap rates.” Meanwhile, Citi Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman recently told amNY that 2012 would bring more development and fewer amenities to New York City’s real estate market. [more]
The number of home sales in the Hamptons dropped 58 percent year-over-year as the recession continued to decrease demand for second homes, according to a market report released yesterday by Town & Country Real Estate. The Hamptons real estate company’s report uses first-quarter closing data from the Long Island Real Estate Report, a company that tracks Long Island real estate deals. The Hamptons median home price dropped 4.4 percent to $950,000 from the first quarter of last year, the report shows. Sales in the $1 million to $2 million range dropped 66 percent from the first three months of 2008. There were only 12 properties sold in the more than $5 million range between January and March from 31, a 61 percent change. The data only covers the first three months of the year “due to the time it takes from making a deal to recording the closing information,” said Desiderio. She says the numbers indicate that the Hamptons market has finally reached its bottom, and her next market report will show a much rosier picture. Meanwhile, on the rental front this season, Jonathan Miller, the president of Miller Samuel, told The Real Deal in an article in the July issue, that rental prices are off roughly 20 percent this season. TRD