Log In   ·   Become A Member

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:
* Comments will be reviewed and posted in a timely fashion
* All fields are required
What color is a banana?
(For spam prevention, thanks)
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff. Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.

Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.

New York Title Abstract Services, Inc.
We are a title insurance services company dedicated to promptly delivering fully compliant and accurate reports, and title insurance, for residential and commercial real estate throughout New York State. Headquartered in the Hamptons, our professional team has extensive real estate experience and understands the business from all sides including title insurance, legal, sales, governmental, banking, and lending regulations.

Aimee Fitzpatrick Martin, Licensed Associate Real Estate Broker
Considered a West of the Shinnecock Canal expert with a 5-star Zillow ranking, Aimee specializes in the luxury and waterfront markets in Quogue, Westhampton Beach, Remsenburg, East Quogue and Hampton Bays. With exceptional communication skills and a buttoned-up approach to every deal, she is highly skilled in the art of the negotiation process. Understanding the nuances of buying and selling waterfront homes, especially on Dune Road, is a specialty.

Hamilton Hoge
As the owner’s representative our practice encompasses all aspects of a project from pre-purchase property due diligence, program development iterations, advisement on systems, analyze contracts/vendors, critical path analysis, feasibility and schedule. The strength of our approach is in facilitating organized communication. We strongly analyze all representations and warranties for the protection and benefit of our client.