Second Quarter Real Estate Numbers Are In
The second quarter of 2018 Hamptons home sales was “a bit like a Jackson Pollock painting,” according to Town & Country Real Estate. Of the 12 monitored markets, five saw an increase in the number of home sales, five saw a decrease and two were flat.
The East Hampton area, which includes Wainscott, had the highest number of home sales — 97 trades total — and Amagansett saw the greatest jump at 43 percent, from 14 to 20 home sales.
Bridgehampton, which includes Water Mill and Sagaponack, logged the highest total home sales volume at $216,802,969, with East Hampton right on its heels, closing $202,471,729 — almost double last year’s number. And with a whopping $6 million, East Hampton Village had the highest median home sales price.
The only anchor on the South Fork was Sag Harbor Village, with 16 percent less home sales, 15 percent less total home sales volume and a 37 percent lower median home sales price.
“It is likely contributed to what I call shock absorption — home prices in Sag Harbor have been appreciating for quite some time,” said Judi Desiderio, CEO of Town & Country. “As with all markets, a pause occurs before the next set of price increases.”
Over all, it is “crystal clear” that the Hamptons is experiencing a healthy home sales market, with a 3-percent increase in the number of home sales, a 9.2-percent increase in total home sales volume and a 7-percent increase in median home sales prices — “solid, sustainable increases,” Desiderio said.
“Looking at the eight specific price ranges monitored by Town & Country, and the trend is substantiated,” Desiderio said. “The decrease in under $500,000 is simply due to lack of inventory. The only hit seemed to be on the high end where, statistically, there was a 75-percent drop in home sales $20 million and up — but that is such a small segment of the market. For the second quarter 2018, only one of the 422 home sales was in that price range.”
The second quarter was a mixed bag for North Fork home sales — moving independently as opposed to in tandem.
Jamesport, which includes Aquebogue, Baiting Hollow and South Jamesport, was the clear leader, with a 33 percent increase the number of home sales. The total home sales volume rose from just over $5.7 million to nearly $8.9 million, and the median home sales price increased 7.75 percent to approximately $500,000.
Southold, which includes New Suffolk and Peconic, experienced fewer sales, which chopped the total home sales volume by 4.1 percent. However, there was a 17 percent surge in median home sales price to $645,000.
Statistically on par year to year, Orient — which includes East Marion and Greenport — saw one less home sale, but those that did sell were more expensive, resulting in a 12.5-percent uptick in total home sales volume and 10-percent increase in median home sales price.
The second quarter anchor on the North Fork was Mattituck, which includes Laurel and Cutchogue. The area saw red across the board, except for the $500,000 to $999,000 price range, which shot up nearly 86 percent, and the highest median home sales price at $745,000.
“Looking at all North Fork markets combined and the numbers jump right off the page,” Desiderio said. “Clearly the needle is moving to higher prices. Most of the home sales were in the $500,000 to $999,000 price range, and the median home sales price improved almost 16 percent. The total home sales volume was basically unchanged and there were five less sales year to year. Eighty-five percent of all North Fork home sales were under $1 million, but I predict that needle will move, as well.”
Thirty Local Businesses Turn Yellow for the Week of Hope
From Sunday, July 29, to Sunday, August 5, people that pass through Southampton will see 2-foot-wide yellow statement balloons anchored outside 30 stores — including Michael Kors, Blue Mercury, Collette’s Basement, CVS, HSBC and more — to symbolize the beginning of the inaugural Week of Hope.
Created by Southampton resident Audrey Gruss’ Hope for Depression Research Foundation — a leading non-profit dedicated to fighting depression through research and education — The Week of Hope is will raise awareness of depression and mental health issues, concluding in a Walk of Hope + 5K Run around Lake Agawam, with all profits donated directly to research.
“We are proud to participate in the Week of Hope to spark life-saving conversation about mental health,” Southampton Chamber of Commerce Head Karen Connolly said in a press release. “The yellow balloon represents hope and commitment to changing the staggering statistics that every 12 minutes a person dies by suicide in the U.S.”
To sign up for the 5K on August 5, which kicks off at 9 a.m., visit hopefordepression.org.
Town & Country Real Estate Welcomes Ulla Beren-Wolff
Ulla Beren-Wolff is the newest licensed associate real estate broker at Town & Country Real Estate’s Westhampton Beach Office.
“The East End has always been a magical place to me, and I truly enjoy helping my clients find that same magic — helping them find a house that fits their needs, that they can fall in love with,” she said in a press release. “A house that will be a home.”
Before beginning her career in real estate, Beren-Wolff — who is fluent in German, English, and French — worked as an assistant district attorney in her native Vienna, Austria before immigrating to the United States and becoming a graduate gemologist and assistant general counsel for the Jewelers Vigilance Committee.
But she always pictured herself living in a house on the ocean, she explained, and wanted to raise her children away from the Manhattan city noise and become a part of a local community.
And, so, she moved to East Quogue, where she achieved her dream. With her husband and their two sons, she lives in that house on the water, complete with a dock and a boat, and volunteers at the Hamptons Youth Athletic League, her children’s school, and wildlife rescue missions.
Thanks to her legal background, Beren-Wolff said she is “very comfortable with the legal and bureaucratic side of real estate,” and understands the process from a buyer’s perspective.
“I remember how frustrating it was being shown homes that didn’t fit our needs,” she said. “I use my own personal experience to make sure my clients’ experience is as easy and comfortable as possible. I enjoy finding solutions to my clients’ concerns, whether it’s boating, docking and fishing questions, pool-related issues, tick and mosquito problems, or questions regarding humidity control close to the waterfront, just to name a few.”
For more information, call (631) 288-3030 or email email@example.com.
All That Glitters is Rose and White Gold
This summer, designer Lisa Jackson — whose fans include Vera Wang, Renee Zellweger, Allison Janney, Kelly Preston and Robin Wright — returns to the East End with her rose gold and white gold pieces “Diamonds for the Beach,” as part of her jewelry collection LJ CROSS, available at Jennifer Miller Jewelry in Southampton.
Select pieces include a rose gold cobblestone ring with champagne diamonds for $9,200; rose gold cobblestone ball earrings with champagne diamonds for $6,200; keshi pearl strands with diamonds and cross for $8,200; and a rose gold cobblestone cross necklace with diamonds for $8,800.
For more information, visit ljcrossny.com.
Hamptons Jewelry Show: “Move Over, Super Saturday”
Filling the void left by Super Saturday, the Hamptons Jewelry Show will offer one of the nation’s largest selections of fine jewelry, fashion accessories and art objects from Thursday, August 2, through Sunday, August 5, at the Southampton Elk Fairgrounds, located at 605 County Road 39 in Southampton.
More than $40 million in jewelry and luxury art collectibles from 90 international dealers will be on view inside a 20,000-square-foot pavilion, from estate treasures to contemporary pieces with prices ranging from $500 to over $1 million.
The opening night preview from 6 to 9:30 p.m. will benefit the Ellen Hermanson Foundation. Black Card admission at 6 p.m. is $100, or $75 for 7:30 p.m. VIP Pass admission. Day passes on Friday, Saturday and Sunday, from 11 a.m. to 6 p.m., are $25.
Additional events include the Crack the Vault Networking Party, to benefit Family Service League, on Friday, August 3, from 6 to 8 p.m. Tickets are $50. The Hamptons Great Gold Rush Jubilee, to benefit The Retreat, will be held on Saturday, August 4, from 6 to 8 p.m. Tickets are $49.
For more information, visit hamptonsjewelryshow.com.