Real Estate Sales Down at the End of 2016
How the mighty have fallen, reports Town & Country Real Estate CEO Judi Desiderio, who released her end of the year real estate report for the Hamptons, showing declines in home sales in 11 of the 12 markets the firm monitors.
In the greater Sag Harbor market, including Noyac and North Haven, the number of homes sold was down 32 percent, with 19 total down from 28 in the fourth quarter of 2015. The median home sales price was also down in the fourth quarter by 27.5 percent, at $1.07 million compared to $1.47 million in 2015. In Sag Harbor Village itself, the number of sales was down 13 percent, with 14 homes sold in the fourth quarter of 2016 compared to 16 in 2015. The median home sales price, however, increased by 11.5 percent, to $1.47 million from $1.32 million in 2015.
Sales were hit the hardest in East Hampton Village, says Ms. Desiderio, with a 46 percent drop, and in Bridgehampton — including the Water Mill and Sagaponack markets — which had a decline of 56 percent. Both markets also experienced the worst losses in total home sales volume with Bridgehampton down 70 percent from $305 million in the fourth quarter of 2015 to $92 million for the same three months in 2016. East Hampton Village declined by 81 percent, from $120 million in 2015 to $22.7 million in the fourth quarter of 2016.
While the number of home sales and the overall volume was down in the fourth quarter of 2016, half the markets did see increases in median home sale prices. Montauk experienced a 61 percent leap in home sales price in 2016, from $815,000 to $1.315 million in the fourth quarter of 2016.
To view all of the firm’s reports, visit TownAndCountryHamptons.com/Reports.
Bridge Bancorp, Inc. Announced Fourth Quarter 2016 Dividend
Bridge Bancorp, Inc., the holding company for The Bridgehampton National Bank, announced the declaration of a quarterly dividend of $0.23 per share. The dividend will be payable on January 31, 2017 to shareholders of record as of January 23, 2017. The company continues its trend of uninterrupted dividends.
Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services through its wholly owned subsidiary, The Bridgehampton National Bank (“BNB”). Established in 1910, BNB, with assets of approximately $3.8 billion, operates 40 retail branch locations serving Long Island and the greater New York metropolitan area. In addition, the Bank operates two loan production offices: one in Manhattan, and one in Riverhead. Title insurance services are offered through BNB’s wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc. offers financial planning and investment consultation. For more information, visit www.bridgenb.com.
Peconic Landing Earns Platinum Level LEED Certification
Peconic Landing’s new expansion apartment building has received a Platinum-level Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council.
The certification is given to construction projects that aim for sustainability by creating cost-efficient and energy-saving green buildings.
“Peconic Landing’s LEED certification demonstrates tremendous green building leadership,” said Mahesh Ramanujam, president and CEO, USGBC. “Peconic Landing serves as a prime example of how the work of innovative building projects can use local solutions to make a global impact on the environment.”
The LEED rating system, developed by the USGBC, is the foremost program for buildings, homes and communities that are designed, constructed, maintained and operated for improved environmental and human health performance, according to the council. There are four levels of the LEED certification with Platinum being the top tier.
To receive the certification, Peconic Landing installed low-flow fixtures and shower-heads which will equate to a 20 percent reduction in water usage as compared to other apartment homes. Energy Star appliances were also incorporated in each of the 46 one- bedroom apartments, with walls being triple insulated by environmentally sound materials to regulate temperature. Drought-resistant flowers and shrubs now cover nearly ninety-percent of the newly landscaped areas around the expansion, among other energy saving efforts.
“We understand that a community like Peconic Landing is unique to the East End. We want to ensure that we are being good neighbors by embracing environmental stewardship opportunities,” said Robert J. Syron, President and CEO of Peconic Landing. “While this LEED certification is a good example of that commitment, our sustainability efforts are ongoing. We have an active and engaged group of members who continue to advocate for ‘living green.’”
Other efforts for improving environmental sustainability include the use of green cleaners and detergents when requested by members. Native plants are embraced in landscaping efforts, with irrigation used at a minimum. The community also limits pesticide and fertilizer use by introducing guinea hens to the campus each summer.
Peconic Landing has also incorporated low-energy compact fluorescent lighting where possible and has converted nearly 200 showerheads in the existing apartments and cottages to the same low-flow water savings technology utilized in expansion efforts.
“While being environmentally sound, these are also economically smart decisions for the community,” Mr. Syron said. “Our members are passionate about preserving our local environment because many of them are local to the North Fork.”
Peconic Landing’s 144-acre campus is made up of 109 cottages and 187 apartments for residential living, 26-one bedroom assisted-living apartments and a health center with accommodations for 43 members in skilled nursing, 17 individuals in short-term rehabilitation, and 16 members in memory support.
For more information about “living green” at Peconic Landing, please visit www.PeconicLanding.org.