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New home construction is shrinking on the East End, but architects here say that they’ve been at least as busy as ever, due in part to the demand for high-end and green homes.
Only 62 new permits for homes were issued on the East End through August 7 of this year—down from 175 in the same time frame in 2005. Across the country, the American Institute of Architects reports that its Architecture Billings Index—which indicates the amount of time between an architect billing for his or her services and the time construction begins, has shown an increase in the amount of time between the end of the design process and the beginning of construction for the past six months. New construction now begins, on average, between nine and 12 months after the final architectural documents are prepared.
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One of the frequently stated conclusions by real estate agents in the present market is: “The high end is doing fine, but the low end is in trouble.”
I don’t believe the data support that statement. The median price for single-family homes on the East End in 2004 was $545,000, and rose to $740,000 in 2007. That means that half the single-family homes sold on the East End were sold below $545,000 and half the single-family homes sold above that price in 2004. And in 2007, half of homes sold were below $740,000 and half above.
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The Corcoran Group held its annual mid-year awards ceremony and company meeting on August 7. The event, held at The White House in Hampton Bays was hosted by President and CEO Pamela Liebman, Executive Vice President, Director of Sales Tresa Hall and Regional Senior Vice President Rick Hoffman. Agents from Shelter Island and the North and South forks attended a formal breakfast and expo that included booths manned by Hamptons.com, Plum TV, LIRB, Manhattan Mortgage, Skyline Title, Xpressdocs and various departments within the Corcoran Group. The venue invited agents to learn about new marketing and advertising opportunities while networking with fellow agents.
“This was a strategic event for our brokers to introduce them to a myriad of local and company resources as well as acknowledging our top performers,” Mr. Hoffman said.
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