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The East End Market

Originally Posted: November 01, 2007

Lona Rubenstein

Writes Suffolk Research honcho, George Simpson, "Lona, you quote Long Island Profiles saying the sale of houses is down from last year. I'd like to point out that the market on the East End of Long Island is quite different than the rest of Suffolk County."

Oh yes, George. What was the hook-make-an-impression phrase I would use with smart and high-end customers back in the 80s? Oh yes, "Prime East Hampton real estate is less sensitive to market vagaries."

Property listed with Prudential Douglas Elliman.

Mr. Simpson continues, "The East End market is dominated by vacation/second home/'look how big mine is' sales. The five towns on the East End are about the size of the next town on the way to NYC or Brookhaven. The East End is small, but carries lots of interest, and high prices." And ends with what everyone in the industry wants to hear, "Real Estate is going fine on the East End. Not to say we all wouldn't like to see it get better."

George also sent his company's (Suffolk Research again) third quarter market figures. The data compares years 2003 through 2007 for that same period.

The report documents a healthy real estate market on the East End of Long Island and that the Median Price continues to increase, supporting his observation above which was sent earlier to our pages.

Mr. Simpson writes that the Median Price of single family residences for East End Real Estate increased 14 percent from $625,000 in 2006 Third Quarter to $717,000 for the Third Quarter of 2007 - (Median Price is the middle price when all houses sold are listed in order of price).

Of interest for comparison sake, particularly to investment buyers, the report provides the following information, as well: home prices have grown since 2003 when the median price of East End homes was $445,000 - a 61 percent increase in five years.

Dollar Sales of single family homes for the third quarter of 2007 in the East End market were up (by 22 percent) over the same period in 2006. The total number of single family homes sold dropped slightly in the third quarter of 2007 with 704 homes sold verses 729 in the third quarter of 2006 (four percent drop). Unit sales increased, however, for the towns of East Hampton, Southold, and Shelter Island.

We learn that the third quarter of 2007 Median Prices for Single Family Residential Houses have grown from the third quarter of 2006 in four of the five towns of the East End - (to $990,000 in Southampton - up 38 percent, $1,170,000 in East Hampton - up 32 percent; $475,000 in Riverhead; and to $525,000 in Southold - up ten percent. Prices dropped 5.5 percent to $860,000 in Shelter Island).

Property listed with Prudential Douglas Elliman.

Here's some really good news about a successful sale accomplished by one of our local realtors, a former East Hampton High School star quarterback now with Town and Country Real Estate. Judi Desiderio writes that Rick Slater from that firm's East Hampton office has sold Gordon's Restaurant on Main Street, telling us that Gordon's has closed its doors.

"This Amagansett icon has been SOLD to Randy Lerner. George Polychronopoulos, who has owned the well-known establishment for 31 years, proudly attributes his grand success, not only to the fine food and exceptional service, but to the comfortable atmosphere where 'over 250 personal accounts ran, and patrons did not even need to sign, everyone always felt at home'."

Congratulations Rick Slater. Congratulations George, and good luck to Randy Lerner. You are following a very tough act.

Tom MacNiven, Managing Broker of Prudential Douglas Elliman wrote - we had inside information that Holly Grimes Rubenstein, a former East Hampton High School Homecoming Queen, and mother of three of our grandchildren, has joined their East Hampton office. It's not brand new for Ms. Rubenstein. Before she married our son Scott, she worked for a while in my real estate office. Moving on, and after heading Tennis Plus Day Camp at East Hampton Indoor Tennis, bookkeeping for Scott and, being a model soccer Mom at the same time until the nest began to empty, Holly, we are sure will be able to put up with East End real estate.

Even though it is, after all, a very strange business.




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