why are house prices in southampton new york falling so much so quickly, what did i miss?

I think any HREO figure is way off. There are houses on there for sale that are already sold or have been withdrawn, there are houses on there 4 and 5 times because multiple agents have open listings and some of those opens have been sold....I don't think HREO is a good source for the number of homes for sale.

Tue Mar 4 2008, 19:21

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Answered by
J R
Real Estate Pro
in New York

So the HREO south fork number of almost 6000 houses is way off? Cranes quoted "over 1000" houses in East Hampton a few weeks ago.

btw there are many new construction projects in East Hampton coming on the market around $250 sf, so my $275 target for Southampton is not that far off.

Tue Mar 4 2008, 17:17

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Answered by
Right Brain
Real Estate Pro
in New York

MLS shows 1600 homes in zone 30, which is the North and South Forks. Obviously this does not include non MLS but most in the Hamptons are on MLS now. Your NF figure looks right to me. Everyone except a couple of tiny agencies is on MLS on the NF.

Tue Mar 4 2008, 15:23

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Answered by
J R
Real Estate Pro
in New York

HREO.com is showing 5922 houses for sale in the south fork and 728 in the north fork. Sure there are repeat listings but this doesn't include owner sales. Probably a wash.

Check East Hampton for

Tue Mar 4 2008, 08:51

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Answered by
Right Brain
Real Estate Pro
in New York

LOL I don't think you're going to see a .5 acre 4 bedroom house in Southampton at that price. Come over to the North Fork and you'll find plenty of reasonably priced 4 bedroom houses.

Another problem with using HREO is, as you mention, there are a lot of duplicates, the same house can be on 6 times with different agents because HREO accepts open listings. MLS doesn't. The number of homes for sale in Southampton sounds very high, but Southampton is a huge town and when you include Hampton Bays, Quogue, Westhampton, etc, you're going to come up with a huge number.

Tue Mar 4 2008, 08:20

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Answered by
J R
Real Estate Pro
in New York

JR you're right there are allot of duplicates on HREO.com, that is my source for the number of houses for sale via realties. There are many other home owners going at it alone (foolish imo) that are not included in that number. The higher end of the market is doing well because all markets decay from the bottom. I believe that there would be a brisk market if half acre four bedroom houses were priced around $275 sf. instead of the pointless $600 and over. If you bought it after 2003, face it, you're going to lose money.

Tue Mar 4 2008, 08:09

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Answered by
Right Brain
Real Estate Pro
in New York

Its not just south hampton. https://www.mlsli.com/ro/research/pdfs/2007_3Q.pdf

Thu Jan 17 2008, 06:25
~~~~~~~~~~~~
Henry, 9 homes does not a market make, I'm sure you're aware of that. This is 3rd quarter MLS info, as you know, they're notoriously late with their statistics. We're already in the 1st quarter of 2008. The market in Southampton is weak in the under 3 million range, but above that it's very strong.

To Right Brain: HREO is a terrible place to get statistics from. I was on it yesterday looking for listings and half the ones I found were closed already and hadn't been updated. It is a terrible site to get any current info from. Also wondering what towns you searched, and what website you used to come up with 639 homes.

Tue Mar 4 2008, 07:31

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Answered by
J R
Real Estate Pro
in New York

It is this sort of clownish Hamptons' broker to whom I am referring. The information comes from Trulia.com (that’s the site on which you are posting) that shows a 67.7% drop in average Southampton house prices from 4th quarter of 2006 to 4th quarter 2007. Hence the reason the question for this thread was posted. Click on "Real Estate Guides" above. Now click on HREO.com and you will see 652 houses for sale. At last years sales rate that is a nine year supply of houses, about the worst in the country, indicating further large drops.

Nothing is showing a "on average 22% over 2006 prices", post the link for your claim.

Tue Mar 4 2008, 06:58

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Answered by
Right Brain
Real Estate Pro
in New York

I have no idea where you are getting your information from? The Town of Southampton,prices were up, on average 22% over 2006 prices. Units sold are down, but sale prices were up.The market conditions are very favorable to the affluent buyer.The inventory is up at this time,but I must point out that there are homes selling every single day.Personally,I am working with multiple buyers at this time.2008 looks to be off to a great start!

Tue Mar 4 2008, 06:07

Web Reference: http://www.hamptonshomes4sale.com

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Answered by
Richard Rawd…
Real Estate Pro
in Southampton

Two reasons: there are 639 houses for sale in Southampton as of this morning. Average inventory over the past eight years is 380, so we are up 40% in inventory. Worse, In the fourth quarter of 2007 only 8 of these houses managed to sell, ie only 1.25% of the those on the market. Compare this with the fourth quarter of 06 where 54 houses sold.

Secondly, to this staggering inventory is the sophisticated NYC buyer and not so savy Hamptons brokers. With a 67% decline in the average sale price of a Southampton home they are still listing houses at 2005 prices, hence what should have been an orderly correction is now a chaotic one. This is nothing wait till Fall!

Fri Feb 29 2008, 15:51

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Answered by
Right Brain
Real Estate Pro
in New York

Two reasons: there are 639 houses for sale in Southampton as of this morning. Average inventory over the past eight years is 380, so we are up 40% in inventory. Worse, In the fourth quarter of 2007 only 8 of these houses managed to sell, ie only 1.25% of the those on the market. Compare this with the fourth quarter of 06 where 54 houses sold.

Secondly, to this staggering inventory is the sophisticated NYC buyer and not so savy Hamptons brokers. With a 67% decline in the average sale price of a Southampton home they are still listing houses at 2005 prices, hence what should have been an orderly correction is now a chaotic one. This is nothing wait till Fall!

Fri Feb 29 2008, 15:46

(0)	(1)

Answered by
Right Brain
Real Estate Pro
in New York

Stacey -Where are you seeing evidence of this? Are you talking about Southampton, New York? Home prices in this area have remained stable here. Michael

Thu Jan 17 2008, 07:43

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Answered by
Michael Daly
Real Estate Pro
in Hamptons, LI,...

FIRST ANSWER

Its not just south hampton. https://www.mlsli.com/ro/research/pdfs/2007_3Q.pdf

Thu Jan 17 2008, 06:25

Web Reference: http://www.henrycunalata.com

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Answered by
Henry Cunala…
Real Estate Pro
in Bayside

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