Honesty advocate, curmudgeon and man on a mission, George Simpson, has broken a curious story involving the Press Newspaper Group (publishers of The Southampton Press, East Hampton Press, 27 east.com, etc.,etc.), owned by Joe Louchheim, and, his Editor Joe Shaw. He is raising some questions as to the Newspaper Groups integrity in publishing real estate data, or worse, exposing their inability to correctly calculate a median value. This, of course, is sexed up by the fact that Joe’s dad, Don, is the Mayor of Sagaponack, NY among the wealthiest ZIP codes in America. But according to who? Here’s where it starts…
It hasn’t taken long for a trend to emerge in this years Hamptons rental deal making season. In fact, it is practically over, especially if you are looking for upper market, south of the Highway rental properties. Agents at many companies (including our own) are complaining about the dwindling supply of prime rentals, as one by one they find tenants, with little in the way of landlord concessions. So for now at least, on the eve of the traditional start to the rental shopping season, the trend is strongly positive.
“The sky is falling!” clucked the voice on the other end of the phone. Wall St. is in flames. Total compensation is down, way down, across the industry… up to 45% less at certain big shops like Morgan, Deutsche Bank, among others, for analysts, brokers and other finance types. Chicken Little continued, ” The young aspirational Wall Street buyer is gone for good. Rentals will suffer terribly!” Hummmmmhh? Well maybe. Sort of two minds about this. So have the greedy kids on Wall Street finally been hoisted on their own petard? That’s a good thing, right? But oh no! Now they have decidedly less money to spend!
It’s true. It will effect our market. So how should a seller interpret this news? Firstly, look in the mirror and decide whether or not you are serious about selling. Try to ignore excuse making, like the offer you didn’t take from ’08, or “Of course I could sell it for that, but it’s less than I owe.” Be honest. If you decide the answer is yes find a way to price your home to the market. This is important. Ask a realtor for their opinion. Be ready to negotiate offers. Focus on the freedom you will feel once you have sold the house and moved on to your next project!
Working the “flow”. The flow is information. Freely and openly distributed, its power overwhelms any obstacle. Benefitting all.
It always seemed to start mid February. The “official” start to the Hamptons summer rental season. We don’t know why…an improving economy? A miserable January? Mob mentality? This year the rental market is in full swing weeks ahead of usual with south of the highway rental properties now in short supply. As to be expected the first wave of deals involve returning tenants and affluent newcomers. Here is an interesting fact based upon our experience: in terms of rental transactions, as many occur after July 1 as do before. An indication that shorter term, or non-traditional rentals, subject to an entirely different set of market forces, make up as much as half the market. Something for landlords to keep in mind.
Rosehip Partners agent Jim Makrianes is currently “high hook” in 2011′s rental derby. Jim oversaw the rental of one of East Hampton’s classic summer colony estates to a New York financier. This transaction is Rosehip’s 2nd priciest deal. In 2010 Rosehip partners, Lisa Levitin and Joe Kazickas, closed a multi-year rental of a Wainscott estate valued at $375,000.
We are often asked how much value a pool brings to a rental property. In actual fact there is no easy answer. We received an enquiry…”md-ld all we need is a pool – willing to spend up to $55K”. Do you have a pool in the Amagansett Dunes? Might be worth a summer in Cap d’Antibes…
The Hampton’s newest web real estate portal is steppin’ up! Now that v.2 of www.hamptonsrentals.com (the Hampton’s leading website serving the rental market) is poised to launch we are making a push. Contribute to the flow! Our suite of websites offer great owner management marketing tools. Learn more here!
The market is open, and in our judgement earlier than traditionally. Rentals in both East Hampton and Southhampton Towns are starting to draw “requests for info” off www.hamptonsrentals.com at a pace 40% to 60% higher than in 2010. Too soon to draw any conclusions as to the state of the Hamptons rental market however…European clients remain part of the mix.
Here is an early take…enquiries have started to pile into our inbox at email@example.com. And here are some metrics concerning www.hamptonsrentals.com from our friends at Google…
1/1-7/2010 820 Visits 3,701 Page Views 54% New Visits
1/1-7/2011 1,157 Visits +40% 6,696 Page Views +80% 64% New Visits
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