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JUDI’S CRYSTAL BALL
JUDI DESIDERIO, CEO,
TOWN & COUNTRY
REAL ESTATE
Judi, what do you see in your crystal ball for Hamptons real estate? Well, back in 2014, I predicted we might have a seven-year cycle forming for high-end sales and new HWMs (high water marks) when Barry Rosenbaum purchased the estate of Andrew Gordon from his partner Chris Brown for $147M on Further Lane in East Hampton.
It began seven years prior in 2007, with Ron Baron’s purchase of the 40-acre deMenil/ Carpenter estate on Further Lane for $103M. Then 2021, the best year for real estate sales ever seen, continued that seven-year trend with the tally for the top 10 most expensive sales totaling $634.5M—39 percent more than 2020! If that trend continues, the next HWMs will be in 2028.
So what happens between now and then?
The lower end, which for the East End is under $1M, should see little to no change— understandably, since inventory is severely low in all markets at the lower end.
From there it’s mathematics. Check out the T&C Market Reports and you can see market activity—per quarter, per region, and per price range—for nearly two decades. Then look at the inventory levels per region, per price range, and you can predict with reasonable accuracy the shift in prices. Inventory, in certain segments of the market, will stabilize the prices within those specific markets. The wild card is the origin of the future inventory.
The years moving into this next correc- tion, or market balancing as I like to call it, were fed by cheap easy money first, then a worldwide pandemic, which caused a migra- tion to rural areas within commuting distance to major cities. The good news is many buyers bought with cash and with the “buy and hold” mentality. That’s positive and leads us to predict that we should not see sellers doing the dump. That should help to stabilize prices. But let there be no mistake: The reset on prices is not at the height of the “COVID kick-up” as I call it. Week by week, month by month, I shall be gazing at my crystal ball
to help our associates and clients navigate future market trends.
EUGENIA FOXWORTH
FROM ENTREPRENEUR TO PODCAST STAR
Tell us a little about yourself, Eugenia.
I’m an independent woman who is passionate about the arts, culture, and history. I have a strong belief in help- ing others and giving back. I worked as a flight attendant, a boutique owner, and an art dealer and gallery owner
in the past. And now I’m into my fifth incarnation!
Tell us about your podcast series I host a twice-weekly podcast, The Foxworth Theory, on Tuesdays and Thursdays
at 9 p.m. ET on YouTube and Face- book. We interview leaders in the arts, business, fashion, and culture. My past guests include actor Antonio Fargas and award-winning film director/pro- ducer Warrington Hudlin. The show is now entering its third season and I’ll be doing more on-location interviews this summer. To learn more: thefox- worththeory.com.
What is your “day job” when you’re not rubbing shoulders with celebrities?
I also own Foxworth Realty, a unique real estate brokerage that is local and global and is based in NYC. Recently I completed a term as president of FI- ABCI-USA (International Real Estate Federation)—the first woman of color
Get a mentor or follow someone’s journey that you admire.
ever elected in the organization’s 70 years—and I was also recently sworn in to the FIABCI-ORG Board of Direc- tors in Paris. I also serve as a trustee for the FIABCI scholarship fund. Back in New York, I stay actively involved with the Harlem community by serv- ing on boards and advisory boards and doing philanthropic work.
Any advice for those who want to succeed in life? My advice for those who want
to achieve their goals is to follow your mind. Never let anyone tell you that you cannot succeed or do anything that you want. Use the negative as a posi- tive and it will become your strength. Get a mentor or follow someone’s journey that you admire. n
HAMPTON SHEET
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