It’s January, and we all know what that means: Montauk is sizzling.
The Hamptons summer rental season is upon us, and, just as in years passed, the early action is in Montauk.
While it’s way to early to make a call on how the rental market will fare this season, the data is promising. As usual we look at traffic to www.hamptonsrentals.com to give us a hint. A 15% increase in user sessions, a 17% increase in users, 25% more page views, and a 35% increase in session duration compared to the like period (Jan.1-16) in 2014.
By contrast 2014 compared negatively to 2013 in each category.
In 2014 the Hamptons real estate industry experienced a significant contraction in rental activity with some agencies experiencing as much as a 40% drop in commission income attributable to rentals.
For the moment the data signal strength, the weather has been pretty nice, gas prices are down, so we are expecting 2015 to be relatively strong.
It’s January, and we all know what that means: Montauk is sizzling.
Montauk’s legendary Shagwong Restaurant, one of our favorite hangouts for a mid – winter Bloody Mary, with a dozen cherrystones on the side, is for sale at a newly reduced price of $2,995,000.
The 90 seat restaurant, bar, and apartment with ocean views, combine to create a Montauk classic. Call Rosehip Partners for details. 631-495-3404
East Hampton Town Board Addresses the Proposed New Rental Registry Law – How to Grow Government While Creating A New Class of Lawbreakers: Non-compliant Landlords
The East Hampton Town Board opened discussion to the public about a proposed new Rental Registry Law that fails miserably in achieving its goals.
Over the last couple of years there have been a growing number of complaints from residents of overcrowding of single family homes that had been rented out during the summer season. These complaints are generally in response to loud, late night parties which tend to occur in houses that are rented, and then re-rented as share houses by a younger aged subset of tenants. Local law forbids the selling of shares, or partial rentals, of single family homes. In addition there are limitations as to how many unrelated people can occupy a home as well as the absolute number of occupants based upon the number of bedrooms.
The Town Board was called upon to address the issue and now a proposed new law is being discussed. In our view the proposed law does nothing to address the issue of share houses and overcrowding, much less disturbing the peace. What it does manage to do is create an entire new set of burdens on Landlords, who, in the event of non-compliance with the proposed Registry requirements could expose them to fines, or worse.
Here is the basic idea behind the proposal…Landlords would be required to register their rental business with the Town, which in turn would give the Landlord a registration number. This registration number would be required to be included in any advertising of the property (which on the surface doesn’t make any sense, as properties that are available for rent are generally advertised before they are rented, that is before they are even eligible for a registration number.) Here’s what’s included on the application:
This information would provide an as of now yet to be created new level of bureaucracy in local government the core information required to monitor the frequency at which homes are rented. Current law permits not more than two rentals of 14 days or less twice during a 6 month period. In addition Landlords would be required to submit affidavits attesting to their compliance with all codes. On top of all this there may be a fee for the registration. In addition any subsequent rental will require obtaining a new registration number. It’s all silly and a waste of time and energy and does nothing to solve the problems meant to be addressed.
The proper way to handle late night parties and over crowding is to call the police and code enforcement. The rules are already on the books, they just need to be enforced, there is no reason to create a whole new level of regulations and record keeping.
There is one thing that we have always felt and that is the limitations on short term rentals should be eased. Our season is short and the trend over the last few years has been toward shorter term rentals, there is a lot greater demand for weekly rentals than there is for the more traditional Memorial Day to Labor Day. Allowing shorter term rentals does not increase congestion. What it would do is bring fresh wallets to our economy, more frequently. This is something that would be of tremendous benefit to local merchants who need to make all they can during the summer months in order to survive the lean off season.
Time Capsule Document – The Original Contractors Reconciliation For The Construction of 140 Egypt Lane
We were provided the following interesting document regarding the construction costs for 140 Egypt Lane a house that is currently for sale. It is pretty fascinating.
Here it is:
The first thing that impressed us was that it was prepared with a manual typewriter and it is basically flawless. We know that sounds trite, but all you have to do is think about it for a few seconds as you sit in front of your computer.
Beyond that we can note the start and end dates, the house was completed in 11 months. The contract estimate was $34,848.00 and the total job cost, after adjustments came to $35,793.20. Just for the record that is equal to $476,409.49 in today’s dollar. The house is about 5,485 square feet in size so that equates to a cost of about $86/sq.ft. Try getting anything done today at $86/sq.ft.
We were wondering about the substitution of kalsomine for paint. In fact we hate to admit it but had never heard of kalsomine, which shouldn’t be a surprise as its general use in home construction, we learned, ended in the 1930′s. Here are two links to some information about it, in case you care.
This newly listed country French cottage is located at 153 Egypt Lane on Hook Pond and lies squarely between Egypt and Wiborg beaches. Take your pick! The ocean is just seconds away in either case.
You can click here for more information.
140 Egypt Lane by Architects Polhemus and Coffin, Comes To Market for the First Time in over 50 Years
The residence located at 140 Egypt Lane has come to market for the first time in over 50 years.
Noteworthy for its handsome profile and beautiful gardens the property is bordered to the east and south by the Maidstone Club.
The property is listed at $22,500,000 by Rosehip Partners.
Here is a great new listing in the Amagansett Dunes. If you are in the market for a beach house with a view than this one might be for you. The second floor deck wraps from east to south to west with beautiful ocean views, and, as a bonus, a great big western sky for those legendary Hamptons sunsets.Visit www.10dunelane.com for more information including a survey.
The vacation and seasonal rental market in the Hamptons has fizzled. Our own (Rosehip Partners) numbers are off, year over year, for the first time since 2008 with a decline of approximately 16% from the 2013 period.
But it gets worse.
Some of our competitors have shared even more dismal numbers with us, as much as 40% off from last year.
Why so? There are a few theories floating around. The most common being that the continuing economic improvement has driven renters to buy rather than rent. While it is true that the resale market has improved steadily with an additional 450 properties sold during the 6 months ended March 2014 compared to the previous year, we don’t think that this accounts for it all.
Another theory is that last year’s Hamptons rental market was bolstered by people who might otherwise have rented at the New Jersey shore, which was heavily impacted by Hurricane Sandy.
Whatever the reasons there are hundreds of properties that remain unrented. Visit www.hamptonsrentals.com, or www.hreo.com to see for yourself.
A rental season that showed significant strength in January and February turned pretty cold by the time April came around. Probably a great time to pick up some bargains!
- The Hamptons Summer Rental Season (v.2015) Is Upon Us
- 774 Montauk Highway, Montauk – The Shagwong Restaurant- Montauk’s Legendary Tavern
- East Hampton Town Board Addresses the Proposed New Rental Registry Law – How to Grow Government While Creating A New Class of Lawbreakers: Non-compliant Landlords
- Something Off Topic – We think we understand what the message is…
- Time Capsule Document – The Original Contractors Reconciliation For The Construction of 140 Egypt Lane
- agent bonus
- agent bonuses
- agent ethics
- bernice ross
- business model
- business models
- cloud computing
- commission split
- commission splits
- hamptons rentals
- hamptons summer rentals
- high-end real estate
- home rentals
- Industry News
- lead capture
- lead conversion
- lead generation
- lead management
- listing agent
- listing agents
- listing brokers
- Montauk summer rentals
- multiple listing service
- multiple listing services
- Real Estate
- Real Estate & Personal Finance
- Real Estate Agents
- real estate blogs
- real estate business
- real estate commissions
- real estate journalism
- real estate listing
- real estate listing portals
- real estate listings
- real estate market
- real estate market report
- real estate marketing
- Real Estate MArkets
- real estate news
- real estate portals
- real estate predictions
- Real Estate prices
- real estate professionals
- real estate recovery
- real estate sales
- real estate salesperson
- real estate signs
- real estate success
- real estate tax talk
- Real estate technology
- real estate tools
- realty executives
- rent listing prices
- rental demand
- rental income
- rental list prices
- rental property
- second homes
- tablet computing
- web marketing
- web presence
- website traffic