December 03, 2008

Realty Takes

The good news, good deals that are happening out there, happening now.

From Tom MacNiven, Broker Manager, Senior Vice President, Prudential Douglas Ellliman East Hampton: "We have signed contracts last week of $5 million plus and $4 million plus as well as a good number (in addition to John Brady's report last week) either side of $1 million. Smart buyers are locking in good deals. Bryan Midlam, Robin Kaplan, Josiane Fleming, Bonny Aarons, Janette Goodstein, Tyler Mattson and the Atlantic Group are all proving that "great agents shine in tough markets."

From Sag Harbor's Brad Beyer: AmeriSpec House Inspections, Commercial, Marinas, The works: " Best of Thanksgiving to you and your family. Yes, it is slow. We only did 15 jobs in October. I used to do that in 3 days or so. November not looking too much better yet, but I am seeing and hearing from brokers about all sizes, locations and shapes. So there are a few things happening.

 From Tracy Annacone, Realtor, Town & Country Real Estate, East Hampton: "I have been working with some customers since February. They have finally found the house of their dreams. We are in contract. All cash. No contingencies. Due to close December 5." Nice story, Tracy. It's called synchronicity and hanging in there.

From Robert Kohr Prudential Douglas Elliman Real Estate International Division & Commercial Real Estate Services: "A steady interest by investors and developers in commercial property here on the east end. These customers see long term value with the right property. It still remains that anything waterfront or prime location gets attention."

About Gary DePersia. Corcoran Group, East End market Senior Vice President

Since August, Gary DePersia has seen nearly $30 million of his exclusive listings – from $2.5 million to over $8 million – go to contract while also negotiating rentals for both the year and summer 2009. In November, he was ranked the nation's fourth top broker with $202 million of sales volume in the Top 200 annual ranking by The Wall Street Journal, REAL Trends and LORE Magazine.

DePersia sees five key trends moving into 2009 for the Hamptons luxury home market:

*Slow market, fast buys. "With the increased negotiability of sellers, a growing number of buyers are hovering around the periphery of the market. In just the last few weeks, I've seen four sales in the $8 million and up range where there had been none for several months."

*Timing the market is risky. "As buyers look for the bottom of the market, they risk losing the house they really want. The savvy buyer is snapping up their first choice property because there may not be another one like it on the immediate horizon."

*As new construction pipeline slows, attractiveness grows. Major players in the spec market are being very cautious with new projects due to shrinking profit margins."

*Luxurious amenities continue to appeal. "In new constructions, buyers get what they want with the latest in technology and high-end amenities as in: swimming pools and tennis courts, also on the scene are elevators, home gyms and spas, theaters, staff quarters, and, if possible, guest houses."

*Rentals to rise. "If prospects are not buying, they will be renting."

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