September 24, 2008
So, what on earth is going on?! Hard to be serious about an East End real estate market when everything else in the world is, at best, so volatile. We live in meta-stable times, my friends. (Look it up. It's a good word.)
So we are the bottom fishermen buying up indirectly the distressed market inventory! You! Indirectly! The government may warehouse everything in trouble with the hopes that they can get a good return on investment in the future. As usual, with high risk or any risk, venture the golden rule is operative. Always use other people's money. In this case ours. Lots of luck!
And I see on cable TV so many money mavens talking about "where to put your money." From some (perhaps many) vantage points, it may be great to have money to "put." My advice is, admittedly coming near the end of my visit on the planet, there's no point in panicking. There is no direct relationship between one's panic mode and problem resolution. And remember, if it is a genuine problem, there is a solution. It's part of what 'problem' means.
Real estate news for property owners interested in renting. Joe Kazickas, partner broker in Rosehip Partners, tells us they are "launching and operating a new website which includes some interesting and innovative features. The name of the site is Hamptonsrentals.com and it is premised upon serving three constituencies: landlords, potential renters and real estate agents. We believe that the rental market has, historically, been underserved by the real estate industry in the Hamptons, with negative consequences to all three of our audiences."
Rosehip believes that "the rental segment of our market is entering a growth stage" and that there may be more properties becoming available for rent than ever before.
For landlords the website designed exclusively for the rental market will be the first Hamptons central gateway to that market backed by a licensed broker, Mr. Kazickas goes on to say. "Furthermore the site allows property owners to manage their listing" make any changes, add photos and all the other things that happen to real estate properties. "What's really great," he adds, "is that the website automatically generates an e-mail notifying all the other real estate agencies you've pre-selected, that there has been a change to your listing, with a link to the latest information . . . all with one click.
"Here is no confusion about our domain name – hamptonsrentals.com – it is search engine friendly, marketable, and we expect a lot of eyeballs." And in these meta-stable times, Joe Kazickas saves the best for last. "Of course [the service is] free." Hamptonsrental.com goes live this week.
Congratulations to real estate's legendary Melanie Ross – a local success story, who built Cook Pony Farm and then arranged the Corcoran deal – and to her husband Mike, house painter par excellence, on the marriage this past weekend of their wonderful son Timothy to the lovely Jessica.
News from other brokerages tells us that musical chairs – in this case desks – continues, as the world goes round and round (we may be able to count on that motion for a while) as we hear brokers wholesale are moving from one firm to another. I guess we can call that activity.
Stability is the mirage, my friends; change is the reality. Thank you, Heraclitus. (What a pain in the neck, I am.) Use this concept for everything and you will never be disappointed, perhaps, taken aback, but that's the way it is.
More news from the other brokerages tells us that some deals were affected, went south, on that bad market news Monday a week ago, but may have recovered by the better market days, last Thursday and Friday. That's the way the ball is bouncing, my friends – up and down and also sideways, and it always has more or less (with blinders on for an East End view) in East End real estate. A very strange business in a very strange world.
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