Log In   ·   Become A Member
http://www.hamptons.com/gallery/ads/2130.gif

Hamptons-Based Real Estate Firm Predicts Strong Fourth Quarter

Nicole Barylski

37 Westminster Road in Water Mill.

"We had a very strong third quarter on the East End this year," explained Ernest Cervi, The Corcoran Group Regional Senior Vice President, East End, and Licensed RE Broker, about Corcoran's Q3 East End Market Report.

"There were 16 transactions over $10 million, and Corcoran participated in 50 percent of them," he noted. The average sales price for the luxury Hamptons market increased by five percent, from $7,825,000 to $8,204,000, while the median price slightly decreased, with a one percent different to $5,643,000. The number of sales was up by two percent, from 59 to 60, and sales volume grew by two percent, from $461,646,000 to $492,229,000.

Numbers were down across the board for the luxury North Fork market, which saw a two percent decrease in average sales price, from $1,676,000 to $1,640,000, and the median price dropped by 26 percent, from $1,510,000 to $1,120,000. The number of sales was down by six percent, from 17 to 16, and sales volume fell by eight percent, from $28,497,000 to $26,237,000.

On the South Fork, the average sales price was up by six percent, the number of sales increased by two percent, and sales volume grew by eight percent. Quogue Village sales increased a whopping 85 percent since last year and Southampton sales were also significantly up, growing 42 percent year-over-year.

"Our inventory is the lowest it's been since we started the Corcoran report on the East End - under 6,000 units - which shows the strength of the market," he reflected. "Our agents are very confident that the activity we're seeing now will continue into the fourth quarter."

While sales on the North Fork slightly declined, by three percent from 167 to 162, sales volume grew by four percent. For the fifth consecutive quarter, inventory dropped with an 11 percent decline, from 6,743 to 5,998.

"We are also seeing a strong appetite for condominium product, which shows that people want a carefree lifestyle with amenities in the Hamptons," Cervi said. "We have a lot of interest in both projects that are currently on the market with Corcoran; Southampton Pointe is 55 condominium residences, and Harvest Pointe on the North Fork is 124 condominiums for residents 55 and over, which is being well-received."


Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com NicoleBarylski NicoleBarylski




Related Articles:

Be the first to comment on this article. (Just fill out the form below)
 

Submit Your Comment

Please note, you are not currently logged in. Your comment will be submitted as a guest.
To submit your comment as a member, please click here.
Your Name:
Location:*
Comments:*
* Comments will be reviewed and posted in a timely fashion
* All fields are required
Question:*
Please type the word 'water'
(For spam prevention, thanks)
 
 
 
http://www.hamptons.com/gallery/ads/2143.gif
http://www.hamptons.com/gallery/ads/1824.gif
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Advertise on Hamptons.com - Have your business be seen by over 2 million viewers including NEW searches
Hamptons.com- Our exclusive online magazine has 2.6 million Page Views YTD for 2015. Contact us to join our elite group of clients that benefit from having a presence on the Hamptons award winning publication www.Hamptons.com

Hamptons Carpet One Floor & Home
We pay less,and so do you.With over 1,000 stores in our buying group, we can get the lowest prices from the best flooring manufacturers — and pass the savings on to you.Visit our other locations: Hamptons Carpet One Floor & Home, 675 North Sea Road,Southampton, NY 11968

CP Complete- Landscape Design & Construction
Paul Guillo And Chris Hall Two Of The Most Respected Names In The Community Together, they are partners in CP Complete. They bring their years of experience and integrity to creating and renovating luxury backyards.

CP Complete- Landscape Design & Construction
Paul Guillo And Chris Hall Two Of The Most Respected Names In The Community Together, they are partners in CP Complete. They bring their years of experience and integrity to creating and renovating luxury backyards.

D+J Concepts is known for a high-end cutting edge approach to design.
D+J Concepts is known for a high-end cutting edge approach to design with a balance between functionality and imagination. We skillfully and tastefully transform ordinary spaces into classic modern styles, which are understated, and luxe. We’re known for our modern transitional style incorporating antiques and modern elements for an unexpected edge.

Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field.
Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field. Trusted, experienced and successful, Andrea has solidified herself as the go-to broker of the Hamptons and a wholehearted advocate for her clients. A pioneer in the real estate industry on the East End of Long Island, she is driven by her passion for the business. Andrea is based in the Bridgehampton office of Brown Harris Stevens as a licensed real estate associate broker and consultant. Formerly, a principal partner and Senior Director at Brown Harris Stevens, Andrea now assists in developing their corporate strategy for the Hamptons region, advising other brokers and sales associates, as well as being one of the top producers and listors.