September 26, 2007
Co-Exclusive Or Go It Alone?
received an e-mail from Texas broker and follower of these pages, Melinda Potosky Keller (Dallas/FW Metroplex) about listing named co-exclusives. A sharing/not sharing? An inclusive/exclusive? And how does the client (owner) benefit? Co-brokerage we understood: we list, you sell. But we list/list? Come on now!
In any case, Melinda from Texas writes:
I have never heard of co-exclusives until I read your article. It did nothing but confuse me. I was a real estate agent in Illinois during the '90s. Retired and moved back to Texas. I had 'exclusives,' but never 'co' with anyone. I worked alone. And, before working semi-co with anyone, I got the commission questions out front the first thing. Still loving your articles. Someday I would love to visit the Long Island area. Never been there. Looks fabulous."
So why doesn't someone invite/sponsor Melinda up north and out east? Maybe for the film festival? Now there's a thought!
A reaction from a visiting California broker, by the way: "What the heck is a co-exclusive?"
It is weird that I hear from Texas and California but not from the hands-on brokers and sales agents of the big firms out east. It's pretty much only canned stuff from a designated spokesman! And that is too bad. I am sure others have interesting tales and facts to share.
And despite the doom-and-gloomers, George Simpson's data (that's Suffolk Research, my friends) discloses another picture completely, that is to say the "Real Estate Industry of Eastern Long Island Soars!"
According to George the real estate market on the East End of Long Island is healthy and continues to increase in median price. Price growth in the East Hampton and Southampton markets is particularly impressive.
Measured from the end of 2006, through the end of August 2007. Median prices of single-family homes have grown from $762,000 to $925,000 (21.4 percent increase) in the Town of Southampton. The single-family home prices in the town of East Hampton have grown from $913,000 to $1 million (20.5 percent increase).
Price increases are growing even faster in the Village of East Hampton at $2.5 million to $3.45 million (35.3 percent increase) and in the village of Southampton prices are going from $1.6 million to $2 million (25.1 percent increase).
Asked why many real estate agents are talking as if the market is down, when in fact the market is booming, Mr. Simpson said, "The market is experiencing a shift of emphasis toward the 'monster trophy homes.' The larger firms usually list those homes, and by a small number of agents within those firms, the American Way, 'the rich get richer.' This trend is causing the 'average' and 'low producing' agents, particularly with the smaller agencies, to get less of the pie."
So, what do you guys think about the disparity between what some might say is happening and what is actually happening? (As for me I think it may be happening for fewer brokers – not necessarily firms – but agents themselves, something akin to what George was suggesting.)
Mr. Simpson asserts, "Unlike other areas of the U.S., Hamptons real estate is booming!"
And for those who are interested in these things, the Amagansett zipcode, 11930, made the Top Five list of expensive homes on "AOL Money and Finance" with the median offered at over $2.2 million. Isn't that wonderful? (But I think they missed or are behind on their research. See above medians! And what about Sagaponack?)
East End real estate, in its own special zone, is a very strange business.
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