What is the average price for a home in Sag Harbor, New York? What are the Market conditions?

Asked by Chewie, Chicago, IL Tue Jul 10, 2007

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12
Pierson Alum, , Sag Harbor, NY
Tue Dec 7, 2010
There seem to be a number of houses on the market in Sag Harbor Village below $1 million. Although overall it is a good time to buy east of the Shinnecock Canal, it may be an exceptionally good time to buy in Sag Harbor.
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Thu Nov 25, 2010
Quite some time ago, you posted an inquiry on Trulia seeking real estate advice. If you are still considering purchasing or selling real estate or have any additional questions, please feel free to contact me. Please accept my best wishes for a very Happy Thanksgiving.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
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Pierson Alum, , Sag Harbor, NY
Mon Nov 8, 2010
Lots of houses on the market in Sag Harbor Village and in the Greater Sag Harbor area -- that includes Bay Point, Noyac, North Haven, Mount Misery. Least expensive houses are in Pine Neck section of Noyac. There have been some sales in the Village of Sag Harbor under $500,000. A lot of activity now, as buyers try to take advantage of high inventory and low prices.
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Right Brain, , New York, NY
Fri Apr 10, 2009
Suffolk Research just released 1st quarter figures, stunning even for those who follow this market: Southampton year over year shows a drop of 20% median price for houses and 64% for vacant land (yikes!). Volume of homes sold dropped 49.4% over 2008 and 64% since 2007!

This slide doesn't show a hint of stopping. It would take five years just to clear inventory already on the market.

http://www.suffolkresearch.com/1qtr09.pdf
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Right Brain, , New York, NY
Thu Apr 9, 2009
I appreciate your answer Michael, re: the lag time.

I know many buyers in the city who are simply waiting until the market comes to it senses. The Case Shiller index places the market now in Sept of 2003. So how hard is it to calculate the price? Bought 2002, add one year of appreciation. Bought 2005, subtract two years appreciation. Etcetera.
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Anna M Brocco, Agent, Williston Park, NY
Thu Apr 9, 2009
In reply to Michael Daly--I happen to have a home in Sag Harbor and many friends out there as well--so how much do you do.
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Right Brain, , New York, NY
Thu Apr 9, 2009
This thread has been going on for two years, my last post was almost exactly a year ago. Prophetic for what has happened to the Hamptons real estate market. The market was soft for the first three quarters of 2008, but now the storm has arrived:

http://www.suffolkresearch.com/medianprice.pdf

trailing average through Feb. shows a 17% drop in prices in three months, not year over year, THREE months. This does not even vaguely represent the market because in order to have a statistic we have to have a sale,and there simply aren't many. If these thousands of houses that are for sale were dropped to a price at which they would actually sell, we would show a much greater drop. HREO two years ago showed about 3800 houses for sale in the South Fork, as of this morning its 7,251, or roughly double.

My prediction is 3 bedrooms, 1/2 acre with a pool, will settle on $400k in most areas of the South Fork, less for the North Fork. Median price in the South Fork is at $560k today, which means fully half the sales are already below that!
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Anna M Brocco, Agent, Williston Park, NY
Wed Apr 8, 2009
you should have given Chewie that choice earlier, since I forgot.
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Anna M Brocco, Agent, Williston Park, NY
Wed Apr 8, 2009
Do you have a better one?
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Anna M Brocco, Agent, Williston Park, NY
Wed Apr 8, 2009
You may want to check http://www.mlsli.com for available and closed properties in the area.

Anna
917-576-5376
abrocco@laffey.com
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Felicity Bra…, , New York, NY
Mon Apr 6, 2009
tjanks for the information guys
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Right Brain, , New York, NY
Tue Mar 11, 2008
There are no "market conditions" because there is no market. Exactly 2 of the over 260 houses for sale in Sag Harbor sold in the past three months. Inventory has doubled and sales have stopped. There are buyers out there but they are on the sidelines waiting for a massive correction.

As a Manhattan condo builder its incomprehensible to me that any bank would finance further building in the Hampton's market nor that the Attorney General's Office would approve any.
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