September 12, 2007
Buy Near The Bottom, Sell Near The Top
"Speak what you think today in hard words and tomorrow speak what tomorrow thinks in hard words again, though it contradict everything you said today." – Ralph Waldo Emerson
Above was submitted by Laura Scott, Prudential Douglas Elliman executive. Interesting advice for brokers, politicians and used car salespeople. (Kidding, Laura, we love hearing from you.)
For more on the following, contact Cordes Public Relations on the company's website. It seems like important information for both homeowners and realtors:
"In order to get insurance for any property within 1500 feet of a canal or body of water, New York State Insurance Fund would like the house to go through a wind storm certification. This is an audit of the structure foundation, windows, surrounding vegetation, etc. and whether they meet the standards necessary to prevent extreme wind damage in a hurricane. New houses must be built to these standards. Most houses do not qualify. The owner can then take whatever steps are necessary to fix these items or risk not being covered for extreme wind damage."
The above inspections, by the way, can only be performed by a professional engineer or architect, working for a properly licensed engineering or architecture firm.
Mentioned last week about a Hampton Bays agency whose Remax franchise was not renewed. Some questionable situations with the broker/owners is rumored to be the reason. Either way, we are told several agents may be left with no commissions, one having almost $100k due!
More on East End market reactions from Judi Desiderio. I literally begged you guys to give your take on the market – the offer is still good – but once again the Town and Country CEO jumped right in responding to bad news headlines about things that could affect real estate. (I will not reprint the headlines Judi took from the business sections of various newspapers. Once is enough!)
So heeeeere's Judi:
"Take a deep cleansing breath and relax. Fortunately for us, we live in one of the most beautiful places on Earth, that just happens to be surrounded on three sides by water (thus yielding a finite inventory at all times). However, we are completely insulated from such profound economic activities.
"Effects have already begun to surface. We have owners who MUST SELL NOW, thus listing prices as favorable as 10 percent below current market value (selling prices). They then move quickly at or near the listing price and some very fortunate buyers who have been waiting for such opportunities luck out!
"Real estate is not meant to be a short term investment – we're not selling commodities. If you're looking for a quick flip, now is not the time and real estate is not the vehicle. The long-term prognosis for real estate values on the East End has proven to be a solid performer. Yet, more than just investments, these homes provide memories, gathering places for family and friends, homes to raise our children in, beautiful views to retire to and much more food for the soul.
"If you have to sell, most properties will have accumulated equity from the time of purchase – though it is not the top. For those of you lucky enough to buy in this market, you're going to be glad you did in the years to come, even if it may not be the absolute bottom. After all, we never know the absolute bottom until we are six months or more on the other side!"
(Shades of Bernard Baruch who claimed he bought near the bottom, sold near the top!)
East End real estate? There have been stranger businesses.
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