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Santa’s Gift to Wall Street

By Judi Desiderio, Monday, December 29, 2014
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2014 was an incredible ride for the stock market—and we all know what that means to the Hampton’s, North Fork and Shelter Island Real Estate. I always say, ‘we are umbilically connected’. 2014 was a year of many personal bests, new ceilings and for Town & Country—our #1 year! We thank all our loyal clients for their business and support. Last week we saw the DOW hit another milestone… 18,000 and the Standard & Poor’s 500 index had its second record high close in one week!

The driver—consumer spending— an impressive GDP Report. In fact the US economy grew at the fastest pace in more than 10 years in the 3rd Quarter of 2014. Furthermore, the US Commerce Department reported a 5% seasonally adjusted annual rate. Clearly, our trajectory is a complete breakaway from much of the rest of the world. This then brings international money to our shores.

There are some highly respected, intelligent economists and market gurus on both sides of this with their formulated predictions.

There should be many more market gains re allocating to hard assets such as art and luxury real estate. Statistically most of our real estate is deemed luxury real estate. Looking at our regional markets here on the East End, I predict an extraordinarily busy winter this year. Depending on the flow of business, the spring should ride the wave. I also predict we will see more sales to international buyers as wealthy foreigners look for safe havens for their wealth. While money has been ‘cheap’ it has not been ‘easy’. Mortgages have held a tight rein on the housing market nationwide, which is one of the biggest contributors to the economy. 2015 should see mortgages somewhat easier to obtain. Therefore with employment up and mortgages more available, homeownership should rise back up to the historic norms. Keep in mind, every new home built puts eight people to work. Then there’s all the ancillary business that benefit when homes are purchased. There is still considerable opportunity for growth in this country. That provides a spring board on which companies can build. As the nation does better so we all move. The wild cards of course, are those who do not value human life as we do. As we have seen, things can change on a dime.

source by: Factors for Improving Home Sales

Judi A. Desiderio, Chief Executive Officer
631.324.8080 ext. 221