THE HAMPTONS IS SET FOR A BANNER YEAR!....Already, Sales Are On The Increase!!

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

THE HAMPTONS IS SET FOR A BANNER YEAR!....Already, Sales Are On The Increase!!

In my last market report and Hamptons News Letter, I talk about the upward trend in real estate sales, specifically at the high end of the market. When I last checked, the number of signed contracts appeared to be at a record high and now, as closings are happening, we can see the results of a very busy year.

SLOWEST TIME OF YEAR TURNS OUT TO BE THE BUSIEST!

The Holiday period, from Thanksgiving through the New Year, is usually the slowest time of the year for real estate sales. Most families are traveling, going to weddings, celebrating the Holidays or just relaxing at the end of the year.

In 2011, however, there were a large number of buyers out there looking to take advantage of low interest rates, and even lower prices--plus the known positive factor of owning a "Tangible Asset".

The "East End" of Long island includes the Hamtpons and the North Fork. The source for the following numbers is from Suffolk Profiles, a county reporting agency:

FIRST WEEK OF JANUARY, 2012 NUMBER OF SALES:       38 CLOSINGS

SECOND WEEK OF JANUARY, 2012 NUMBER OF SALES:  100 CLOSINGS

THE HIGH END OF THE MARKET IS THE WINNER SO FAR IN 2012

In the case of Hamptons sales, the High end of the market is the most active with strong sales coming in on $5million and up properties for 2012. I was reviewing the listings that I had forwarded to a buyer in Italy. He was interested in seeing houses from $6mil. to $25mil. to get an idea of what was available at those price points.  

 

I had sent these listings to him at the end of November. Now, as I review what I had sent to him and in my effort to bring him up to speed on the Hamptons, I found the following:

EAST HAMPTON VILLAGE BEAUTY NOW IN CONTRACT

LEE AVENUE, EAST HAMPTON, NEW YORK--IN CONTRACT (ASK 24,500,000)

SOLD! Sold for 6Million..

MARINA DRIVE, EAST HAMPTON--SOLD FOR $6MILLION (ASK $6.495MIL)

IN CONTRACT IN WATER MILL

CRESCENT AVENUE, SOUTHAMPTON (WATER MILL)--IN CONTRACT (ASK $19,950,000)

IN CONTRACT IN WATER MILL

FLYING POINT ROAD, SOUTHAMPTON (WATER MILL) --IN CONTRACT ($5,975,000)

Now, these were from the number of listings that I sent to him; there were many more that I have not yet identified and many are at the high end of the spectrum. I have already heard from the man in Italy; he is now ready to buy!!!

We are already well on our way to a banner year for 2012 in real estate--lets hope it continues. I believe we have recovered form the malaise of the last 4 years and that we will see positive results going forward.

 

BELOW IS THE MARKET REPORT/NEWSLETTER FOR JANUARY 14, 2012

  

HAMPTONS MARKET

REPORT(The 2012 market is showing a leap forward in sales….)

January 15

2012

Real estate sales are showing a steady increase for the new year and most authorities speak positively about the real estate market in general for 2012.

 

 

 

2012 will be a banner year for real estate, according to projections from the National Association of Realtors.

     

 

HAMPTON’S MARKET REPORT

 

January 14, 2012 

 

HIGH END OF THE MARKET TRENDING UP

 

·         The Hampton’s real estate market has seen a leap forward in sales in the past 2 weeks.

 

·         The high end of the market is taking the majority of dollars spent and there is an upward trend going forward, according to the number of showings and buyers who have requested information on high end properties. 

 

·         January  1, 2012 through January 6, 2012:    38 closings  

 

·         January 7, 2012 through January 13, 2012:  100 closings.

 

·         All of these closings were generated from 2011 business.

 

·         The Holiday season (Thanksgiving, Hanukkah and Christmas) of 2011 was one of the busiest periods in a long time; The Holiday time period is normally the slowest time of year for real estate sales.

 

·         This follows a jump in sales for total year, 2011 (See Elliman report attached. Q4 is not yet available)

 

·         We are seeing a collection of first time offerings of premier ocean front listings come on the market in just the last month. 

 

·         All five of the listings that are shown on the following pages (sold and in-contracts) were introduced to the market place as first time offerings.

 

·         Projections for 2012 are all very optimistic with some prognosticators seeing a banner year for real estate sales.

 

·         INVESTORS  LOOK  FOR TANGIBLE ASSET INVESTMENTS

 

·         All properties below have closed or will close in the next few weeks. In addition to the shown properties there are ocean front listings that are getting the attention of investors who want to own a part of the Hamptons and need a portion of their portfolio to represent a tangible asset like real estate.

 

·         This is a trend that has become stronger as the market improves and as other forms of investment become more risky.

 

·         As the market recovers, the showings of ocean front properties have increased and more homeowners are considering putting their homes on the market.

 

·         Click here to see the full ELLIMAN report for 3rd Quarter of 2011

 

 

 

Paula I Hathaway, LBA, SVP

 

Prudential Douglas Elliman, Southampton, New York

 

 

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Rainmaker
1,342,649
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Interesting!   I think we will see much more of the international buyer profile, especially in unique address regions...could be a flight from cash.

Jan 16, 2012 04:44 AM #1
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

LI: I agree--this individual has been thinking of buying here in the hamptons since 2008--now is the time for him to step up to the plate, especially since he has already missed some of the best things!

Jan 16, 2012 05:02 AM #2
Rainmaker
375,616
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

Paula,

Are you more upbeat, or is it my imagination?  I believe we're also poised for a strong 2012 out here.  In fact, it's already happening.

Jan 16, 2012 05:15 AM #3
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Lloyd: You bet I am upbeat! Yes, the market has improved and i beleive we will have a great 2012! Glad to hear you are doing well too! 

Jan 16, 2012 05:58 AM #4
Rainmaker
599,885
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Great news Paula. Is it mostly international buyers? Any Wall Street money?

Gorgeous homes!

Jan 16, 2012 06:23 AM #5
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Mitchell: Yes, we have avery large number of internarional buyers right now--that doesn't mean we won't see buyers from here; once it settles in that the market has improved we will get even busier, in my opinion.

Jan 16, 2012 10:28 AM #6
Rainer
247,841
Doug Bullwinkel
Envoy Mortgage, NMLS 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

This is great news Paula.  To hear that the upper end of your market has had this much activity already is encouraging for the other markets in the country.  Keep up the good work and let us know if this trend continues.

Jan 16, 2012 12:05 PM #7
Rainmaker
1,175,078
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

This is good news, Paula, and these are prices I can related to.  Congratulations on have a ready, willing and able buyer to jump into this market.

Jan 16, 2012 01:12 PM #8
Rainmaker
506,130
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Paula, Wow Is that exciting, and at those prices great for the realtors!

Jan 16, 2012 02:39 PM #9
Ambassador
1,705,110
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Paula, those are some beautiful photos of homes in the area. We are also seeing an increase in activity. I'm counting on 2012 being a great year.

Jan 16, 2012 04:06 PM #10
Rainmaker
1,814,729
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Paula, this is great news for your Hampton area and internationally the buyers are finding the buys here...we are seeing a small uptick in my area but it is the waterfront RI real estate that is drawing them in...good for you!

Jan 16, 2012 11:26 PM #11
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Doug: You bet I will keep you all posted--this is good news and now to get the buyers to act!

Jane: This end  of the marekt was really hit hard for the past 3 years and now it is really good that it has picked up--we needed it!

Ellen: Let's hope it is indicative of the future here in the Hamtpons!

 

Jan 17, 2012 08:00 AM #12
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Tammie: I especially like the first on in East Hamtpon--it is totally restored and brought up to todays standards of luxury..so it is like a brand new house with the historical appearance kept exactly as it was....beautiful!

Ginny: Thank you! It is long overdue and we are getting prepared for a record 1st quarter and hope it will continue well into 2012...Right now, there is nothing better than contracts being signed on these listings--just hope my referral get's it!

Jan 17, 2012 08:04 AM #13
Ambassador
1,511,427
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

This is the stuff that I LOVE TO HEAR!  We are going crazy out here too but that isn't anything new to us.  Cheers to the Hamptons in 2012~

Jan 24, 2012 12:12 PM #14
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Renee: Thank you!..and yes, it has started and I like what I am seeing--although, the election is taking a certain amount of wind out of the sails of the movement. Once we get a clear idea of who or what is going to direct the future in terms of the economy, that will hopefully be the great impetus that we need to get the wheels tuning again!

Jan 25, 2012 12:55 AM #15
Rainmaker
552,340
The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Paula,

I was reading your featured post about super-critical people and got sucked in by the pictures (and prices) on this post.  What gorgeous homes!  If only I had $6 million to spare....

Lisa

Jan 26, 2012 03:03 AM #16
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Paula Hathaway, REALTOR, LBA

...A Local Expert in all The Hamptons
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