Home prices rose 1% in June from May AND 4.2% year over year, according to Standard & Poor’s / Case Shiller 20 city – home price index report released August 31st.

17 cities in all showed monthly gains; NYC was up 1.3% May to June.

The second quarter of 2010 showed nationally, home prices rose 4.4% – a welcomed shift for the housing market.

Here on Long Island, MLSLI has reported that in Nassau County the July median home sale price rose 6.1% to $435,000 from July 2009.
 

Aren’t Open Houses are a fun way to find the home of your dreams?

If you are looking for a home with a dock – this weekend is great: Town and Country Agents are making it possible to see quite a few -priced right- waterfont homes with private docks on the North Fork- for your convenience-no appointments needed!

Our T&C agents are professionals who know the RE market – that’s their business. So do not hesitate to pick their brains while you visit their open houses. Remember-they know the best homes on the market: ask them for their favorite listings! 

Click here for this weekend’s Open Houses

Orange-and-Blue-Reflections (Carolyn Francis)

Town and Country Real Estate is an active member of the North Fork Wine Country community!

On August 20, from 4-7 PM the T&C Southold Office will host the finale of our Summer Series Art shows featuring Carolyn Francis’s paintings.

Along a Country Road – by Carolyn Francis

A great opportunity to meet Carolyn in person and talk about her work, and to have a glass of Champagne with Patrice Bertin, Carolyn’s husband , and fine art restoration expert, owners of beautiful l’Orangerie Gallery in Greenport.

This finale follows a wonderful display of Marcie Honerkamp’s art in June, including three of her famous surf boards;  

and in July  Christopher Jarrett:

Estuary in Bronze by Chris Jarrett                   

Bhagdad Cafe by Christopher Jarrett

and Roby Braun were the featured artists at the Southold Office’s Art shows 2010 Summer , and Carolyn Francis – on display until Wednesday, August 18.

      "Hope" by R.L Braun – Cold Cast Bronze

Town and Country carefully chooses its professionals. Judi Desiderio’s expertise and Quartery East End Market Insight reports are sought after sources of information. And information is what clients and customers alike need more than anything else for the most important business decisions people make: Real Estate decisions. Buy or sell? Hold on and rent/lease? How do I price my property if I decide to sell? How long are properties on the market? Are we past the bottom of the Market? No other reports more closely follow the specific East End, South Fork and North Fork, Real Estate Markets than Judi Desiderio’s reports – more than just statistics, because they include Judi’s daily experience as well.

But our experience also shows in the press quotes of our associates: Cathleen Doldon was interviewed by Long Island Business News , I was quoted in the Suffolk Times last week on local RE conditions. Many of our listings were featured in articles in Newsday and other newspapers and magazines.

Local papers have covered lots of events our brokers participate in or orgainzed, such as Newsday’s article on the Art Openings for Hamptons Artists in the Southold Office of Town and Country!

So don’t just take it from us how good our associates are: Take it from the press!

I reported earlier that March 2010 was a great month for Real Estate in North Fork Wine Country.

Now I am able to report that, in terms of contracts signed – which is the among the least delayed measures of RE activity- April 2010 continued very strong trending!

With 34 contracts signed, April 2010 was equal to records set in March of 2008 and  (data gathered from MLSLI) and August of 2007, when RE was considered exceptionally strong.

 Upscale sales were keeping up; but most activity showed at slightly lowered median price of $447,000 indicating first time home buyers took advantage of the tax incentives offered by State and Local governments; resulting in strong activity at the lower end in April at the end of the expiration dates of these programs to help the Real Estate Market recover. This did make a dent in availability of lower priced inventory on the North Fork and may signal rising prices.

Days on market (DOM) seems to hover around 200 days (a bit over 6 months): sellers need to realize that pricing for their homes may be the most important decision for a successful sale. The theory that you can start high and see what happens may cause sellers to miss the boat as most excitement takes place right when a new listing hits the market. Still, a word of caution for sellers: unemployment seems to remain high -regardless of optimistic consumer spending- along with elevated “hidden inventory” levels (Foreclosures and Short sales) which may again influence pricing – although our area has been very lucky with few distressed sales to date. So sellers: use this up-tick in the market to your advantage to sell your home – value priced.

Make sure negatives affecting appeal and cleanliness of the house are taken care of – great curb-appeal will bring quicker and better offers. Never be insulted by offers-many deals these days start out on the low side-but increased activity in the market will allow an experienced agent with the needed negotiating skills to bring buyers and sellers closer together and eventually close deals. So work with experienced brokers, especially now!

Call Town and Country at our North Fork Offices in Mattituck or Southold (next door to the North Fork Table -one of our region’s most fabulous restaurants) – and find out why Town and Country remains the fastest growing Real Estate company on the East End – and what doing so organically really means! Join our success story.

Russell McCall is a great North Forker. Russ is an entrepreneuer at heart – started Atlanta Foods in 1967, but always remained a loyal North Forker: his Great Grandfather Russell Walker already maintained a fishing cabin at the South End of Downs Creek in Mattituck.

McCall, member of the President’s Council of  the Peconic Land Trust was instrumental in establishing the gift  to the Town of Southold of Fort Corchaug Preserve  , helping preserve one most precious ecologies in the Eastern US around Downs Creek in Mattituck. Anyone who has ever witnessed the Autumn and Spring Bird Migration along Downs Creek will agree. In 1999 McCall further helped the conservation of  the North Fork farming tradition by planting 20 acres of Pinot Noir and Merlot, starting McCall Vineyards.

McCall recently opened his winery – in a beautifully restored barn  "with woodworking skills as if the barn was a piece of furniture" in presence of a North Fork who’se who of friends and acquaintances who had been a part of Russ McCall’s entrepreneurial activities on the North Fork.

 Towering above the vineyard is another example of McCall’s forward thinking mindset-  a windmill, churning and producing green electricity for his farm – a project he started with Green Logic and LIPA. And along the way helping the Town of Southold set standards for windmills on the North Fork.

The "North Fork Sound Stage" where Russ and his son John did a jam session and thanked the crowd before digging into a Gaucho Style "Parrila" style barbeque – sorry if the image seems blurry – after a few glasses of Russ’s delicious Pinot Noir Rose.

McCall’s wines can be savoured at Adam Lovett and Tom Chaudel’s  "A MANO RESTAURANT"  one of my favourite spots in Mattituck to taste local wines and eat local foods and hang out or get to know some local North Forkers or visting Manhattanites alike – a really great crowd.. Don’t forget to try the individual pizza’s, Truffles and Mushrooms is my favorite.

Some vineyards and farms are still for sale on the North Fork – with current interest rates at historical lows an interesting investment opportunity. Call Town and Country Real Estate to discuss the possibilities of investing in the North Fork and learn about the sale of development rights to help make a farm purchase feasible for buyers and save farmland for the North Fork in perpetuity.

The National Association of Realtors stated that its seasonally adjusted index of sales agreements for sales of previously owned homes fell from 110.9 to 77.6 April to May respectively, which was also 15.9% lower than the same month the year prior. This national statistic clearly shows the power of the government incentives which expired. What baffles me though, is why the government set up housing to take such a blow…

You don’t need to be a genius to know that in a fragile economy such as this incentives are like bandaids, and if you rip them off too soon you bleed! Sometimes the injury is even worse due to this action… From day 1 I questioned why they didn’t ‘phase out’ all incentive programs.

BIG MISTAKE!  I wonder what the next move is?

Fortunately, our little microsm of a market here in the East End is somewhat insulated and is not experiencing what other markets are but the over all buyer confidence in the old American Dream of ‘Home Ownership” is taking quite a beating here.

Will someone up there on that hill use their head please.. don’t rip off bandaids in this environment,, rather,, change the dressings wisely until we are out of the woods and the wound is healed.

If you can’t see the newsletter, or would like to view it online, use this link If you have received this newsletter indirectly and would like to be added to our weekly distribution list, use this link
Eve Robin Jarrett
MANAGING DIRECTOR
Senior Mortgage Consultant
Manhattan Mortgage
Office: 631-324-1555 x 25
Blackberry: 631-697-3366
e-Fax: 631-514-3654
Email: EJarrett@manhattanmortgage.com

For the week of Aug 02, 2010 // Vol. 8, Issue 31
In This Issue

Last Week in Review: Stocks and Bonds danced around each other this week, reacting to a mix of strong and weak economic data. Find out what this means for home loan rates.

Forecast for the Week: A busy news week ahead, including the heavy hitting Jobs Report, waiting in the wings until Friday morning.

View: Learning to use money wisely can start at any age, especially with these seven tips for teaching kids financial responsibility.

Last Week in Review

THEY SAY IT TAKES TWO TO TANGO… And the relationship we see in the markets between Stocks and Bonds is a dance of its own, as one often improves at the expense of the other… while one kicks higher, the other often dips lower. But why… and how does this impact home loan rates? Here’s what you need to know.

Weak economic news normally causes money to flow out of Stocks and into Bonds, because investors see Bonds as a safer haven when the economy appears weak. An increased demand for Bonds means that Bond prices move higher, as with any item when there is heavy demand for it. And when Bond prices move higher, it means that Bond yields – and consequently home loan rates – move lower. So any movement of money into Bonds typically helps home loan rates improve. Conversely, strong economic news normally has the opposite result. When the economy appears strong, investors move their money to Stocks in the hopes of taking advantage of any gains… and often this money is being pulled back out of Bonds. In turn, this often causes Bonds and home loan rates to worsen as a result.

Last week, we saw this dance in several instances. Through the week, Stocks danced higher as strong earnings reports continued, with more than three-quarters of the S&P 500 companies who’ve reported second quarter earning beating expectations. In addition, conditions in Europe look to be improving… and this is quite the turnaround from just a few weeks ago when things looked to be horrible. The bank stress tests – whether they are to be believed or not – appear to have helped conditions overall, and brought some strength to the Euro and also to our Stocks, which improved on the news.

This is important to note, as part of the big rally we have seen in the Bond market and the big improvement in home loan rates came from the rush of funds from Europe to the US, and in particular to our Bond market, as protection from a precipitously declining Euro. If conditions in Europe continue to improve, money might just flow back over to Europe, and Bonds and therefore home loan rates could worsen.

However, not all of our economic news has been positive lately, and some of this weaker economic date helped Bonds and home loan rates maintain their historic levels last week. Durable Goods Orders, manufactured goods lasting at least three years, fell 1.0% for June. This was the biggest decline in nearly a year, signaling that economic growth was stagnant in the second quarter. In addition, the Advanced or first reading for 2nd Quarter GDP showed the US economy slowed to a 2.4% annual growth rate, which represents the lowest number in a year. These readings show that consumers and businesses remain cautious and reluctant to spend money. And that’s understandable… concerns remain about the labor market, the housing market, and the economy overall. All in all, the news from last week helped Bonds and home loan rates improve, and they ended the week slightly improved from where they began.

If you or anyone you know would like to learn more about taking advantage of historically low home loan rates, please don’t hesitate to call or email. Or forward this newsletter on to anyone you think may benefit, and I’d be happy to talk to them free of charge.

EVEN THOUGH SCHOOL’S OUT FOR THE SUMMER, LEARNING TO MAKE SMART MONEY CHOICES IS IMPORTANT AT EVERY AGE. CHECK OUT THE MORTGAGE MARKET GUIDE VIEW FOR SOME TIPS ON HELPING YOUR KIDS USE MONEY WISELY.

Forecast for the Week

This week’s news could cause a little more twist and shout between Stocks and Bonds, beginning with Tuesday’s Personal Income and Personal Spending Reports, which will give us a look at the Core Personal Consumption Expenditure (PCE) Index. PCE is the Fed’s favorite gauge of inflation, and they will most certainly be watching this number closely in advance of their August 10 meeting of the Federal Open Market Committee (FOMC).

And there will be plenty of labor market news ahead this week. After Thursday’s weekly Initial and Continuing Jobless Claims Report, Friday will bring the Labor Department’s Official Jobs Report for July. Last month’s report showed that 125,000 jobs were lost during the month of June, and remember, we need to create 125,000 to 150,000 jobs each month – via both private and government jobs – just to keep up with the pace of population growth. With 3.25M people claiming EUC (Emergency Unemployment Compensation) benefits according to last week’s Jobless Claims Report, it doesn’t appear that this week’s official Jobs Report for July will paint a rosy picture.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

As you can see in the chart below, bonds improved above important resistance, allowing home loan rates to continue to improve. I’ll be watching to see if this continues.

———————–
Chart: Fannie Mae 4.0% Mortgage Bond (Friday, July 30, 2010)

The Mortgage Market Guide View…

7 Ways to Teach Financial Responsibility to Children

If the current economic climate has taught us anything, it’s that financial education and responsibility are critical in today’s fast-paced, wired world. All too often, however, children grow up immune to the financial world around them. As a result, they’re often ill equipped to manage their own finances when they become adults and leave home.

With the economy in the news almost daily, now’s a perfect time to start educating your children about how to manage money more responsibly. The tips below can help you get started.

1. Pay an Allowance

If your children don’t have money of their own, it’s hard for them to really grasp the value of it. So if you don’t pay your children allowance, consider starting. You don’t need to pay a lot – a little goes a long way. The most important thing is that your children learn the value of completing even small chores around the house to earn their own money.

2. Make a Plan and Set Guidelines

Before you actually start paying the allowance, sit down with your children and set some expectations. Discuss the specific chores and timelines for completing those chores, as well as the amount of money they’ll earn for each chore and when they’ll be paid. This helps instill a strong work ethic in children as well as drive home the message that money is earned, not given.

3. Save for the Future

As part of your financial discussion, consider implementing a savings rule for your children. For example, make a rule to save half or one-third of their allowance. You can go with them to the bank to establish a savings account in their name and then take them to make their deposits. Or, if your children are still young, you can decorate a jar to use as a special savings bank at home.

4. Educate on Interest

Once a month, sit down with your kids and count how much they have deposited, how much interest they have earned, and how much they have as a result. Compare the amounts each month, so your children can see the benefits not only of saving, but also the benefits of compounding interest.

5. Take Your Children Shopping

Take your children grocery shopping with you. As you go down your shopping list, have your children help you compare the prices of the different brands, sales, and quantities per package. You can also have you children try to keep a running tally and make a guess of what the total cost will be.

6. Set Them Free to Shop

Once your children have a sense of money matters, you may want to take the lesson up a notch. For instance, when your children need new school clothes, you try giving them the money and putting them in charge of what to buy. Then, as they shop, help them compare the prices and number of items they can purchase within their budget. You could even purchase a gift card with a specific dollar value on it. That will help your children not only learn about the value of a dollar and making smart purchases, but it’ll also introduce them to the credit card system, in which money may not seem real because it’s unseen. In today’s electronic financial world, this lesson will become more and more important as your children get older.

7. Teach by Example

Remember, children are always watching. So if you educate them on saving for purchases and budgeting but make rash decisions on big-ticket items yourself, you may find them learning a different lesson than you intend. So make sure you follow your own rules when it comes to spending, saving, and fiscal responsibility.

At times your children may beg for an exception. But by being consistent, your children will be much better prepared to deal with the real financial world that they’ll face when they grow up.

————————–

Economic Calendar for the Week of August 2-6, 2010

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of August 02 – August 06
Date ET Economic Report For Estimate Actual Prior Impact
Mon. August 02 10:00 ISM Index Jul 54.2 56.2 HIGH
Tue. August 03 08:30 Personal Income Jun 0.1% 0.4% Moderate
Tue. August 03 08:30 Personal Spending Jun 0.0% 0.2% Moderate
Tue. August 03 08:30 Personal Consumption Expenditures and Core PCE Jun 0.1% 0.2% HIGH
Tue. August 03 08:30 Personal Consumption Expenditures and Core PCE YOY NA 1.3% HIGH
Wed. August 04 10:15 Crude Inventories 7/31 NA 7.31M Moderate
Wed. August 04 10:00 ISM Services Index Jul 53.0 53.8 Moderate
Wed. August 04 08:15 ADP National Employment Report Jul 25K 13K HIGH
Thu. August 05 08:30 Jobless Claims (Initial) 7/31 455K 457K Moderate
Fri. August 06 08:30 Non-farm Payrolls Jul -87K -125K HIGH
Fri. August 06 08:30 Unemployment Rate Jul 9.6% 9.5% HIGH
Fri. August 06 08:30 Hourly Earnings Jul 0.1% -0.1% HIGH
Fri. August 06 08:30 Average Work Week Jul 34.1 34.1 HIGH

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.

As your trusted advisor, I am sending you the Manhattan Mortgage Company Mortgage Weekly Update because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

In the unlikely event that you no longer wish to receive these valuable market updates, please USE THIS LINK or email: ejarrett@manhattanmortgage.com

If you prefer to send your removal request by mail the address is:

Eve Robin Jarrett
Manhattan Mortgage
75 Main Street, 2nd Floor
East Hampton, NY 11937
The Manhattan Mortgage Company is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Manhattan Mortgage Company does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

One of Montauk’s treasured landmarks is up for sale and being represented by Stacey Barnds of Town & Country Real Estate.   

Montauk has a few treasured landmarks and Salivars Restaurant and Bar has always been considered one of them.  This business has thrived as a family owned and operated establishment for over 54 years as a community hub for locals and tourists combined.  It is located in the heart of the Montauk docks and has been a fixture there since the mid 1940’s.  Known well as the only place in Montauk where you can get a drink and food 24 hours a day, this spot is a breakfast, lunch and dinner favorite for all.  A Montauk institution, this is a one-of-a kind offering with ample on-site parking, 53 seat indoor dining, 85 seat patio overlooking the water and six dock slips that can accommodate up to a 65 foot size boat.  Endless potential for a future business owner who wants to be a part of the fabric and history of Montauk.  

If you can’t see the newsletter, or would like to view it online, use this link If you have received this newsletter indirectly and would like to be added to our weekly distribution list, use this link
Eve Robin Jarrett
MANAGING DIRECTOR
Senior Mortgage Consultant
Manhattan Mortgage
Office: 631-324-1555 x 25
Blackberry: 631-697-3366
e-Fax: 631-514-3654
Email: EJarrett@manhattanmortgage.com

For the week of Jul 05, 2010 // Vol. 8, Issue 27
In This Issue

Independence Day

I hope you and your family enjoyed the Independence Day holiday weekend. And, I sincerely hope you have been enjoying your complimentary subscription to the MORTGAGE MARKET GUIDE WEEKLY.

Due to the July 4th holiday, the next full issue will arrive on Monday, July 12. In the meantime, check out the article below about protecting yourself and your family from the sun as you celebrate the summer.

The Mortgage Market Guide View…

Protecting Yourself from the Sun

Walk along a beach or spend a day at the pool and it will quickly become evident that a “golden tan” is often considered an outward indicator of one’s overall health or fitness. Medically speaking, though, these are very dangerous sentiments – especially when you consider the potential ramifications of unprotected exposure to the sun.

THE FACTS?

According to the CDC, exposure to ultraviolet (UV) rays is the biggest factor in developing skin cancer. And, cases of skin cancer have increased at a rate of roughly 3% every year, making it the most common type of cancer in the United States.

Malignant melanoma, the most serious form of skin cancer, is also the most common type of cancer for women between the ages of 25 and 29. Even though it is curable if caught early, when left unattended it can spread to other organs, most commonly the lungs and the liver.

THE FIX?

The very best thing you can do to protect yourself from the sun is to avoid intentional sunbathing altogether. However, for those who work in the sun, enjoy outdoor sports, or insist on obtaining a tan, there are a few things you can do to help your cause.

First, invest in a quality sunscreen. The best brands contain a UVA blocking ingredient known as avobenzone or Parsol 1789. Look for products with an SPF of at least 15 for the body, and 30 for the face. The bottom line is the more SPF the better, especially for fairer-skinned people. Apply sunscreen 20-30 minutes before any activity in the sun – allowing time for absorption – and reapply it every two hours or more frequently if you are swimming or partaking in strenuous activities.

Make sure you wear sunglasses with UV protection, since the rays have been linked to everything from cataracts to skin cancer of the eyelids. Hats and protective summer-weight clothing are also a must. For headwear, a wide-brimmed hat works much better than a baseball hat.

Also, make sure you take breaks (especially during mid-day) out of the sun. Seeking refuge in the shade for 5 to 10 minutes every hour helps maintain skin temperature.

Finally, do NOT bring an infant into the sun. Infants under six months are NOT supposed to wear sunscreen at all, which means they are even more susceptible to sun damage.

FINAL THOUGHTS ON SKIN?

It is believed that roughly 80% of skin change associated with aging is actually due to sun exposure. To help protect your skin, practice the tips above. In addition, perform regular self-checks for abnormal moles and freckles – and see a doctor at least once a year so he or she can do the same.

For more information, visit www.skincancer.org or www.cdc.gov/cancer/skin.

——————————————————————————–

Economic Calendar for the Week of July 05 – July 09
Date ET Economic Report For Estimate Actual Prior Impact
Tue. July 06 10:00 ISM Services Index Jun 55.5 55.4 Moderate
Wed. July 07 10:30 Crude Inventories 7/3 NA -1.90M Moderate
Thu. July 08 08:30 Jobless Claims (Initial) 7/3 NA 472K Moderate

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.

As your trusted advisor, I am sending you the Manhattan Mortgage Company Mortgage Weekly Update because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

In the unlikely event that you no longer wish to receive these valuable market updates, please USE THIS LINK or email: ejarrett@manhattanmortgage.com

If you prefer to send your removal request by mail the address is:

Eve Robin Jarrett
Manhattan Mortgage
75 Main Street, 2nd Floor
East Hampton, NY 11937
The Manhattan Mortgage Company is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Manhattan Mortgage Company does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.