Real LI: Posts from our daily blog
High-end sales surge in the Hamptons
The high end keeps getting higher in the Hamptons, according to Town & Country Real Estate's third-quarter home sales report. Both the $2 million-to-$3.49 million range and the $3.5 million-to-$4.99 million range saw 33.3 percent increases in the number of sales for all Hamptons markets combined.
And the number of homes sold for more than $5 million jumped 60 percent, from 10 in the third quarter of last year to 16 for the same time period this year.
In East Hampton Village, the median home sales price was $4.85 million -- a 155 percent increase compared to $1.9 million in the third quarter of 2010. However the number of homes sold fell from 13 to seven -- a 46 percent decrease -- for the same time period.
Bridgehampton, which includes Water Mill and Sagaponack, had more than double the number of homes sold for more than $5 million, from two in the third quarter of last year to five in the third quarter of this year. The median sales price rose 20.5 percent.
The third quarter wasn't so kind to lower-priced real estate. The number of homes sold for less than $500,000 fell 20.3 percent, and those from $500,000 to $999,000 declined 12.6 percent compared to the same quarter last year for all Hamptons markets combined. Even the $1 million to $1.99 million range remained flat, with 43 homes sold for both periods.
But there were some bright spots in the less-than-luxury markets. Of the 12 markets in the report, four saw third-quarter increases in the $500,000-to-$999,000 range. The number of homes sold in this price range rose 100 percent in the Southampton area (including North Sea, excluding Southampton Village), from six homes in 2010 to 12 for 2011. Shelter Island, Amagansett and Sag Harbor also saw third-quarter increases in this price range compared to last year.
Total home sales in the Southampton area leaped 245 percent, to $41 million, compared to $11.9 million for the same quarter last year. The number of homes sold in the third quarter rose 37.5 percent, from 16 last year to 22 this year. -- KRISTIN TAVEIRA
Islip to get $4.6m in federal aid
Islip Town will get almost $4.6 million in federal housing aid for affordable housing, help for the homeless and people with AIDS.
The U.S. Department of Housing and Urban Development said the money was part of Congress' continuing resolution, which funds the government's normal operations and programs as lawmakers and President Barack Obama negotiate the new spending budget.
The biggest chunk of Islip's aid, $1.85 million, has been reserved for revitalizing communities, including buying foreclosures, rehabbing homes into affordable housing and creating jobs, HUD said. Through another allocation of $1.84 million, the town can fund housing help and support services for people with AIDS and their families.
Also, an $809,000 grant will allow Islip to buy and renovate properties into affordable houses and apartments for low-income families.
HUD said the rest of the aid, about $90,000, will provide services for the homeless and short-term housing for people on the verge of being foreclosed or evicted.
"This is great news for the Town of Islip," said Islip Supervisor Phil Nolan. "A great deal of hard work goes into these applications, and it's very gratifying to have this grant awarded. The funding will lead to great improvements in the lives of many people in our community." -- ELLEN YAN
