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Hamptons.com
February 5, 2015

Hamptons Mortgage Rates Dropping

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

According to a recent New York Times article, the average rate on a 30 year fixed-rate mortgage was 3.8%, the lowest since May 2013, and far below the 5% plus-rates of early 2011.

Families who mortgaged their properties when rates were higher than at present may be induced to refinance if the savings from the lower monthly payments justified the up-front costs of refinancing. It would also seem logical that the lower rates would result in more purchases and presumably at higher prices.

Just how mortgage interest rates affect the a-typical Hamptons real estate market were questions I posed to Christopher Minardi, Branch Manager of the East Hampton Division of GuardHill Financial Corp.

How common are cash as opposed to mortgage-financed purchases in the Hamptons real estate market?

CM: The higher the price the better the chance it’s a cash deal. I don’t see many loan applications for waterfront. More and more deals are cash, but with low interest rates I’ve seen many more inquiries from people who do not include a mortgage contingency in the purchase contract but do mortgage the property to take advantage of the low interest rates.

Is that true in particular price points?

CM: I would say the 2 to 3 million dollar price range.

Do lower interest rates have the same impact in the Hamptons as other real estate markets?

CM: Yes. Low rates means cheaper borrowing power, more house for the same money, or same house on a better budget.

Do lower interest rates lead to refinancing as much as other markets?

CM: Yes. The funny problem I see is that in 2004-2006, and then 2010 to present, rates have been at an all-time low and everyone has already financed. People are reluctant to do it again because lenders are tough on paper work and guidelines. I try to make the process as easy as possible which is why I have been busy non-stop for the past fifteen years.

Is it difficult to get a mortgage?

CM: No. It’s difficult to be well qualified. If you’re not, then you need an expert to get it done correctly, or at least a quick “no.” I’m a believer in a quick yes or no.

How are first-time buyers and senior citizens affected by lower rates?

CM: First-time buyers get lower rates which equal lower payments or more buying power. I don’t encounter seniors much, but they would be able to refinance to lower carrying costs if they are on a fixed income.

To gain some perspective on the Hamptons real estate market, consider that in New York, a high-priced area, Fannie Mae and Freddie Mac will buy loans and the Federal Housing Administration will insure loans up to $625,500. The median prices of homes in Suffolk and Nassau Counties 300k plus and 400k plus. In the Hamptons it is closer to 1 to 2 million depending on location.

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Indulge On Valentine’s Day With A Truffle Mac & Cheese Main Course

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  • The Hamptons have seen their fair share of collaborations and takeovers this summer. Still, nothing compares to The h.wood Group and Chase Sapphire Reserve’s transformation of Montauk hotspot Mary Lou’s into Delilah Montauk.⁠
⁠
The four-day takeover combined unforgettable dining experiences with show-stopping live entertainment featuring performances by Zack Bia, Alesso, Gwen Stefani, and DJ Pee.Wee (Anderson Paak). ⁠
⁠
Exclusively for Chase Sapphire Reserve cardholders, diners were treated to white glove hospitality and Delilah’s staples, including the famous chicken tenders and tuna tartare, and bold twists on Hamptons classics like lobster rolls, striped bass crudo, and crab and avocado toast. 

Check out more at Hamptons.com (Link in Bio)

#gwenstefani #alesso #djpeewee #chasesapphirereserve #delilahmontauk #montauk #hamptons
  • LVIS thrift shops are open Tuesdays through Saturdays 10 AM through 5 PM

donations are accepted Wednesday through Saturday 10 AM through 1 PM by appointment 

located at 95 Main St East Hampton
  • Check out the Top Hamptons Events This Weekend!⁠
⁠
🚗 The Bridge IX⁠
📅 Sat, Sept 13 | 2–7PM⁠
📍 The Bridge, Bridgehampton⁠
Over 300 rare automobiles showcased across stunning landscapes.⁠
⁠
🎬 23rd Annual Surf Movie Night⁠
📅 Fri, Sept 12 | 5:30–9PM⁠
📍 Southampton Arts Center⁠
Surfboard swap, live music & outdoor film screening. 🌊⁠
⁠
🍝 San Gennaro Feast of the Hamptons⁠
📅 Sat, Sept 13 – Sun, Sept 14 | 10AM⁠
📍 Hampton Bays⁠
Italian pastries, live entertainment & fireworks Sat @ 8:15PM 🎆⁠
⁠
🎭 In Process: Roderick George⁠
📅 Sat, Sept 13 | 7PM⁠
📍 Guild Hall, East Hampton⁠
A special in-process presentation of The Missing Fruit (Part I).⁠
⁠
🎤 Sheena Easton at WHBPAC⁠
📅 Sat, Sept 13 | 8PM⁠
📍 Westhampton Beach PAC⁠
Grammy-winning artist live on stage!⁠
⁠
☕ Cars & Coffee⁠
📅 Sun, Sept 14 | 9–11AM⁠
📍 Bridgehampton Museum⁠
Classic & exotic cars, food, drinks & live music.⁠
⁠
🛍 Hampton Vintage⁠
📅 Sun, Sept 14 | 10AM–5PM⁠
📍 Westhampton Beach Village Green⁠
Shop unique vintage finds!⁠
⁠
🎶 Hamptons Festival of Music Finale⁠
📅 Sun, Sept 14 | 4PM⁠
📍 St. Luke’s Church, East Hampton⁠
Featuring Cimarosa, Berlioz & Beethoven.⁠
⁠
🍷 Wine Dinner with Pradorey at R.AIRE⁠
📅 Tues, Sept 16 | 6:30PM⁠
📍 Hampton Bays⁠
Five-course tasting menu with exquisite wine pairings.⁠
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🎥 Toy Story 30th Anniversary Screening⁠
📅 Sept 12–15 | Various Times⁠
📍 Southampton Playhouse⁠
Celebrate Woody & Buzz’s timeless adventure!⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
.⁠
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#carshow #hamptons #sangennaro #sangennarofeast #winedinner #bridgeIX
  • The Animal Rescue Fund of the Hamptons (ARF Hamptons) hosted the Bow Wow Meow Ball in East Hampton. The evening’s honorees, Ellen and Chuck Scarborough, were presented with the Champion of Animals Award, recognizing their more than twenty-five years of support to ARF. ⁠
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Over 400 guests celebrated ARF’s remarkable work with cocktails, followed by dinner catered by Olivier Cheng. Peter Marino, accompanied by his daughter and ARF Board Member Isabelle Trapnell Marino, presented the Scarboroughs with their award. ⁠
⁠
📸: Patrick McMullan/PMC⁠
⁠
Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
  • Make sure to add this event to your list for next summer
#Seafood #localeats #mtk #montaukgreen
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