Northfork Properties

Great New Listing in the Amagansett Dunes

 
Posted on Wednesday June 11, 2014 9:34 PM
by Joseph Kazickas Comments Off

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.

10 Dune Lane, Amagansett - Listed at $3,495,000 - Rosehip Partners Real Estate

10 Dune Lane, Amagansett – Listed at $3,495,000 – Rosehip Partners Real Estate

Hamptons Rental Market Fizzles

 
Posted on Wednesday June 11, 2014 9:17 PM
by Joseph Kazickas No Comments »

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!

$100,000,000 Sales in the Hamptons – Sooner Than We Think? Think Again!

 
Posted on Sunday May 4, 2014 3:53 PM
by Joseph Kazickas No Comments »

We wrote about the prospect of ultra high end transactions in March. Well guess what?

http://nypost.com/2014/05/03/activist-investor-buys-east-hampton-mansion-for-record-147m/

Beautiful, Newly Listed Hamptons Rental in Amagansett

 
Posted on Monday April 28, 2014 7:06 PM
by Joseph Kazickas No Comments »

Still dragging your feet when it comes to your Hamptons summer plans? Well sometimes it pays to procrastinate. Rosehip Partners is pleased to list this beautiful home in Amagansett, first time to market. You can get more details by following this link.

Close to the most beautiful beaches in the world.

Close to the most beautiful beaches in the world.

Summer is only weeks away!

Summer is only weeks away!

Soon To Become Accused Hamptons Arsonist Paid Us A Visit

 
Posted on Saturday April 26, 2014 7:03 PM
by Joseph Kazickas No Comments »

Text Screen Shot We aren’t sure why it happens to us here at Rosehip Partners, but it sometimes does. Just like our Two Jons story we posted last year, there are things that you just can’t make up. And this one falls into the unusual co-incidence category.

A story making the rounds lately here in the Hamptons, concerns a number of fires (most of suspicious origin) that had suddenly plagued the area. It wasn’t long before a suspect was apprehended, an individual identified as David Osieki.

You can imagine our surprise when we learned because a few mornings earlier one of my colleagues, Katie Santarem, texted me the following:

Our office is designed as a collaborative one where agents share workspaces, here’s a picture:
Office
When I walked in I found this guy, drinking a morning cup of coffee, sitting next to an unsettled but polite Katie, and another of our agents, Carl Dahl, sitting at a different desk. This fellow had clearly settled in. After introducing ourselves he explained that he had just spent most of the night kayaking from 3 Mile Harbor enroute to Shelter Island, had hurt his back near Northwest Harbor, landed and was lucky enough to get a ride from the police back into East Hampton Village. He said that he had had a number of run ins with the police (34, he added) and this one ended happily. He was hoping to get back to Montauk, needed to make a call and claimed not to have any cash.
Read More

Hamptons Real Estate 1st Quarter Results

 
Posted on Friday April 25, 2014 5:02 PM
by Joseph Kazickas Comments Off

Suffolk Research Service
Market Report 1st Qtr 2014, East End of Long Island

April 25, 2014

East End Real Estate Market Shows Strong Trend for Recovery
In Median Price, Unit Sales and Dollar Sales

Suffolk Research Service, Inc. Releases Comparative 1st Quarter 2014 Market Figures for the Real Estate Industry of Eastern Long Island

According to George R. Simpson, President of Suffolk Research Service, Inc., the real estate market on the East End of Long Island is showing a healthy trend of recovery in all respects.

For single family residences, all three market indicators are up 1st Qtr 2014 over 2013. Median Price is up 5.9 %, Unit Sales are up 7.9 %, and Dollar Sales up 5% over 1st Qtr 2013 figures.

Median Price changes for the 1st Qtr 2014 vs 1st Qtr 2013 were up in two of the five East End towns: to $988,000 in East Hampton (up 12.9%) – to $1,625,000 in Shelter Island (up 51.2%) on sales of 11 units, not statistically significant. Median Prices went down in Riverhead, to $310,000 (down 8.8% from 1st Qtr of 2013); to $809,000 in Southampton (down 3.1%) and to $440,000 in Southold (down 15.4%).

Unit sales increased in 4 of the 5 East End towns 1st Qtr 2014, compared to 1st Qtr 2013. Unit Sales in Shelter Island were down in 1st Qtr 2014 vs 1st Qtr 2013.

Residential Vacant Land (land use code 311) Dollar Sales were up 48.8.7% in 1st Qtr 2014 over 1st Qtr 2013, 115 parcels vs. 94 a year ago. Median price of Vacant Land was down 48.8% over the same period.

You can get the full report by clicking on this link.

The Hamptons – Time and Traffic

 
Posted on Tuesday April 15, 2014 7:23 PM
by Joseph Kazickas Comments Off

512px-1882_map_of_Long_Island_Railroad-2

The 2014 Hamptons rental season is in full swing. As has proven the case once again, the early birds were focusing on Montauk, which seems to sell out by the end of January (as far as affordable deals are concerned). The market then starts to creep westward to Amagansett and beyond.

At the western end, Westhampton Beach, you don’t see things gravitating to the east. A considerable factor may be drive times. Many tenants just aren’t that interested in dealing with the traffic issues east of the Shinnecock Canal, and once that becomes a part of one’s mind set, it is hard to shake. The trip from NYC to Montauk under optimum traffic conditions and with an elastic respect for the speed limits, is about 2 and 1/2 hours whereas the drive to Westhampton is only about 1 hour and 30 minutes. On a weekend day in the summer the trip from Westhampton to Montauk alone could take between 2 and 3 hours.

The good news is that Rt. 27 is currently being repaved between Southampton and Bridgehampton. At least it will be a smooth ride this summer.

The most reliable and fastest way to Montauk? Likely the Long Island Railroad which should get you from Penn Station to Montauk in just over three hours. Just board early to get yourself a seat. Click here to see a larger version of the LIRR route map above, before the Montauk Line was completed, ages before the LIE and the Sunrise Highway. If you are getting off in East Hampton stop by our offices at 3 Railroad Avenue and say hello.

$100,000,000 Deals In The Hamptons- Sooner Than We Think?

 
Posted on Monday March 17, 2014 7:51 PM
by Joseph Kazickas Comments Off

It wasn’t so many years ago that the New York Times Key Magazine published a story about the Hamptons real estate market after the economic collapse of 2008. Make no mistake, it was a depressing article about how the real estate market had essentially frozen in place. Just to refresh your recollection here is a link to the piece which was originally published in March 2009.
No doubt that the real estate market has recovered since then, and there have been several deals that would lead one to think that the Hamptons might be nearing a breakout of sorts…the age of the $100,000,000 deal is approaching.

We recently learned that an assemblage on Lily Pond Lane in East Hampton comprised of three parcels, owned by two parties, is selling for just shy of $100,000,000 to a single buyer, reportedly a young hedge fund manager. Here is a Google Earth aerial.

Cuniffe copy

Maurice Cuniffe built the extraordinary white house, on the tall bluff overlooking the ocean, in 1996 after having purchased the original house for $6 million or so from what remained of the holdings of a certain Harvey Meyerson. Meyerson, coincidentally, partnered with Bowie Kuhn to create the law firm Meyerson and Kuhn. The high flying Meyerson eventually found trouble and spent several years as a guest of Uncle Sam for defrauding clients. Cuniffe also later bought an adjacent building parcel from Charles Bullock to complete his holding.

The second element of the assemblage was the former Estate of Maude Walker, a 2.8 acre parcel with a modest one level home which makes up the northern half. This property sold to an LLC in 2007 for $17,500,000, but the timing wasn’t right for the contemplated flip and the property languished on the market for years at an asking price of $19,900,000.

Now, here’s the interesting twist to the story. Nine West owner Vince Camuto recently sold his Gin Lane oceanfront estate for a record setting $75,000,000, the buyer identified as a young hedge fund manager.

The Gin Lane Southampton estate which recently sold for $75,000,000 now listed for $95,000,000.

The Gin Lane Southampton estate which recently sold for $75,000,000 now listed for $95,000,000.


Less than two months later that property has come back to market at a purported $95,000,000. The new owner in East Hampton, and the seller on Gin Lane, are one and the same. Now there’s a fellow who is definitely “long” real estate in the Hamptons.

Even if we aren’t there yet, $100,000,000 deals in the Hamptons seem to be nearing after the Great Recession. For more information on real estate in the Hamptons visit www.hamptonsproperties.com

Hamptons Real Estate Ethics. Who’s Being Sleazy?

 
Posted on Saturday February 15, 2014 5:38 PM
by James Young No Comments »

HR2As many of you are aware we are Rosehip Partners and manage our ubiquitous lead generating websites Hamptons Properties and Hamptons Rentals so as you might imagine we generate a lot of business and are involved in a lot of transactions with a lot of customers and clients. What I’m  saying is that if we haven’t seen it all we’ve seen a lot!

So we have this recurring issue now. It’s not a new issue but it seems to be happening more frequently. In fact three of our agents have recently had the same problem in the context of rental renewals from last year. Despite their having faithfully stayed in touch with their renters trying to get them back into the same house or a new house, the renters have essentially gone silent only to re-rent the same house but directly with the Landlord. Often the Landlord offers a more favorable rent since they agree with the tenant that there will be no commission paid to the agent. But wait a minute, It was the Rosehip agent who introduced them to the property in the first place! Now we find ourselves in heated discussions with our landlord clients about their paying us the fee we are due by agreement.

I know, cutting out the middleman is a time honored tradition but let go through the facts and you be the judge. Our listing agreements that the landlords sign include a clause that for renewals and extensions to the same tenant we are due a fee. The standard Hamptons Rental commission is 10% of the gross rent and every Hamptons real estate agency has this same clause in their agreements. The landlords sign these agreements. At Rosehip, we actually have a downward scaling fee structure for renewals so frankly we feel it’s pretty fair. The point is that the work of the agent is the procuring cause of that rental for that landlord and should that tenant re-rent or even purchase the house the agency is due a commission by agreement.

So here’s the question: Who is being unethical here? Essentially the Landlord and the Tenant are colluding to enter into an agreement without letting the agent who introduced them know. Is it unreasonable for an agent to expect any loyalty from a renter or a landlord in this situation? Technically, in Hamptons real estate practices the commission is the Landlord’s responsibility. They are the ones who have signed the commission agreement. Does that absolve the tenant? All good questions. Are agents being sleazy for simply expecting any sort of commission payment for a renewal? Your comments are welcome…

Hamptons Rentals are off to a Strong Start

 
Posted on Thursday February 13, 2014 9:20 PM
by James Young No Comments »

 

While we don’t need the New York Post to tell us the rental season is strong in the Hamptons, it’s nice to see they are right for once! Maybe that’s not entirely fair, but it does seem like the Post declares the Hamptons as dead or at least passé at least once every couple of years. If the rental season is any barometer, anything but. Here is a nice home walkable to all of East Hampton Village you can find in our exclusive rental portal, Hamptons Rentals

Walk to East Hampton Village Rental

Walk to East Hampton Village Rental