Northfork Properties

The 2013 Hamptons Rental Market – A Preview

 
Posted on Saturday December 29, 2012 8:24 PM
by Joseph Kazickas Comments Off

2012 is fast drawing to a close and with it a year of substantial improvement in the Hamptons real estate market.
Here is an interesting metric that might provide some indication as to how the 2013 summer rental season could develop…web traffic to www.hamptonsrentals.com over the last 30 days, compared to the same period last year, is up a very significant 38.5%. Page views are also up by nearly ten percent.
The increase in web traffic has translated into a greater lead flow compared to last year, with more closed deals as a result.
Traditionally President’s Weekend in February marked the start of the Hamptons rental season. No more. The internet has changed that.
While we can’t give you a reason for the increased traffic it’s possible that people who have historically rented in areas that have been touched by Hurricane Sandy are looking to the Hamptons as an alternative destination in 2013.


54 Highway Behind the Pond – Just Half the Story

 
Posted on Thursday November 29, 2012 6:51 PM
by Joseph Kazickas Comments Off

Our earlier post about the Highway Behind the Pond outlier, is only half of the story. We learned that under a separate purchase the buyer also closed on 58 Highway Behind the Pond, owned by the same seller of the aforementioned 54. The package of the two properties was sold for over $40 million. This makes Highway Behind the Pond, East Hampton perhaps the most valuable address in America with its unique combination of ocean front estates (10 of them) golf course, pond views and pond frontage.


54 Highway Behind the Pond, East Hampton – A Real Estate Outlier

 
Posted on Tuesday November 27, 2012 9:42 PM
by Joseph Kazickas Comments Off

If anyone had any concerns about the health of the high end real estate market in the Hamptons, well the recent transfer of 54 Highway Behind the Pond in East Hampton Village should allay concerns.

Sited on 1.4 acres, and overlooking the 15th fairway of the Maidstone Golf course, this architecturally unimpressive house recently sold for an astounding $20 million, and definitely ups the value of the neighborhood. In 1999 this property sold for $3,100,000, and other than some personalized landscaping not much else has changed.


Hamptons Real Estate Market – Gone With the Wind

 
Posted on Friday November 2, 2012 9:23 PM
by Joseph Kazickas Comments Off

It has been 4 days since Sandy barreled through the northeast United States, and for now at least, a low cloud seems to be hanging over the real estate market. Agents are reporting that at least temporarily they hope, the phones have stopped ringing, that interest has shriveled; in short, the market may be officially closed for the season.

Sandy has dumped wet sand on the Hamptons real estate market, but that can hardly be surprising, what with no electric, no cable, no internet, no cell, no phone, no water, no heat and now gasoline shortages the latest pesky annoyance. We are thankful our area got away so light compared to our friends on the Jersey Shore. Theirs is the disaster.

Near Town Line Road in Sagaponack - The bad news is another storm is expected next week.

The tremendous damage to the northeast’s coastal areas has people wondering (once again) as to the wisdom of living on, or so near to, the ocean, sound or bay. In the old days people knew better than to live too close to the sea. Communities were settled a safe distance away.
With time the question of safety gave way to the value and desirability of an esthetic. And not without good reason. Given the unimaginable wealth created over the generations, and as our population grew, it’s no wonder that owning a beautiful stretch of beach with an incomparable view, would become desireable, not to mention pretty effective at setting one apart. But it can come at a cost.

Fresh Pond beach on the bay side, in Amagansett, before the storm hit.

Man is helpless in the face of nature.
Coastal erosion is a terrible thing to watch. In the end it is real money, washing away in front of your eyes, which, in our material age, might be pretty painful to some.

The same bay, the next day. All serene, but a lot of real estate has disappeared.


Stratus Goes MacOS/Safari Compatible

 
Posted on Tuesday October 2, 2012 7:45 PM
by Joseph Kazickas Comments Off

It doesn’t mean anything to those working in the PC environment but one of the big hassles about the Long Island Board of Realtor’s Stratus MLS platform was its incompatibility with the Apple Mac OS.
Our office is a an Apple bastion, and having to find a PC in order to enter listings into MLSLI was, well, nothing but a hassle.
For those who’ve endured the hardship, our days in the desert are over. Stratus is now Mac compatible and it seems to work like a charm.


Sellers can take advantage of a great opportunity

 
Posted on Saturday September 15, 2012 2:17 PM
by James Young Comments Off
Stay off the Shoal

Chart Your Course Carefully

Because of all the noise out there what with the presidential race, and the 24 hour news cycle some of you sellers may need reminding of the impending major adjustment upward of your capital gains liability if you wait until next year to sell your home or commercial property. Capital tax rates are moving up from 15% to 25% with the expiration of the Bush era tax cuts. You will pay a whopping 66% more $$ to Uncle Sam in 2013.

But Don’t take my word for it.

If you’re an agent, here’s your chance to get your seller off the fence. Become a consultant. Calculate his tax liability under 2012 vs. 2013 rules and let him know how much more of his hard earned profits he will keep by getting it done in 2012.


Changing Trends in the Hamptons Rentals Market

 
Posted on Friday August 17, 2012 8:28 PM
by Joseph Kazickas Comments Off

One of this seasons stand out rental homes, close to the Ocean in Amagansett

Historically, back in the age of single wage earner families, the rental season meant Memorial Day to Labor Day, the “full season” rental. But things have definitely changed over the years.

First the season contracted to July through Labor Day. In the last ten years it seemed that the norm had become renting for a month, either July or August. In terms of enquiries the most popular rental period now may be weekly.
These changes may be a reflection of our less affluent times, or just plain lack of time to enjoy a full season of leisure.
As the market demand shifted the question of how to price rentals became more important and a neat rule of thumb developed. A full season rental priced at $100,000 would be parsed into two halves with August alone asking $50,000 and June and July the other $50,000. And then to split the hair again June would be priced at a sixth of the season value (or $17,000) with July claiming a third, or roughly $35,000. All nice and logical.
Except for when the market shifts again.

July? Or August, by the pool? And how should it be priced?

I am referring to a market shift which places a July rental in higher demand than an August rental. Pricing should adjust accordingly.
The reason this is a topic worth commenting on is that in the Hamptons, at least, we may be seeing a shift to July as our most desired month. More than one customer has made the comment to us that the weather is better, the traffic lighter, the crowds are thinner in July and that August in the Hamptons is a nightmare (with the added risk of hurricanes thrown in.)
If all this is, in fact, the case then we will eventually see a re-pricing of July rentals, closer to those of August.
This is something we’ll be discussing with Landlords prior to next season.


This Summer’s Hot Hamptons Rental Story

 
Posted on Monday July 16, 2012 8:09 PM
by Joseph Kazickas Comments Off

Lest we seem remiss, we are in fact very much aware of this summer’s hot Hamptons rental story, involving a crafty young promoter who figured to make a killing hosting prom parties in houses that he rented, ostensibly for “large family reunions”, from unsuspecting homeowners. Well, it seemed good on paper. Until he got caught and the story went viral. Here are just a few links that offer details:
In the New York Post…www.nypost.com/…/party_over_in_li_prom_con_jobs_BQCC…
In Newsday…http://www.newsday.com/long-island/suffolk/man-charged-in-hamptons-prom-party-rentals-1.3837494
From the Real Deal…http://therealdeal.com/blog/2012/07/12/li-man-allegedly-profits-from-turning-hamptons-rentals-into-teenage-drinking-havens/
Even the UK’s Daily Mail picked it up.  The original story was broken in the East Hampton Star.


Rosehip Supports Hamptons Childrens Museum CMEE

 
Posted on Wednesday June 27, 2012 1:49 PM
by James Young Comments Off

Farming is Very Important in the Hamptons

Here here in praise of the Childrens Museum of the East End!  Better known as CMEE, we’re talking about the Hamptons own world class childrens museum!

Rarely does such a visionary institution come to life in a community,  and better yet, manage to stay alive. Enriching the lives of Hamptons kids, residents and visitors alike for over a decade CMEE has come a long way and needs continued support for their journey forward. Because of our high regard for CMEE, Rosehip was happy when asked to be Patron sponsor at the event last Friday, June 22nd, honoring “founding mother” Lucy Kazickas who has seen CMEE from a mere idea into the jewel that it is today. Offering dozens of play and learning centers for kids of all ages you can see that the Rosehip Partners James Young and Joe Kazickas got in touch with their youthful spirit while getting a special lesson in farming methods from fellow supporters, Vicky, Bobby and Karin Dulai and special friend Amber Bennett. If you’ve got kids of any age get over to CMEE, the whole family will love it!


The Heat Hits

 
Posted on Saturday June 23, 2012 7:44 PM
by Joseph Kazickas Comments Off

The last few days have been miserable. Unusually warm temperatures, high humidity, still air. The perfect recipe for lethargy. Rental traffic has slowed…driving past the Corcoran office in Bridgehampton, nary a car in the parking lot.
The real estate market showed promise in the spring, and delivered. Numerous closings  recorded in April and May are showing up in transfer records now. Since the start of June, 38 transactions were reported in East Hampton Town over half of which transferred in excess of $1,000,000. In April we participated in a bidding war which resulted in a final sale price roughly 6% above asking for a desirable 2.9 acre location at 45 Middle Lane in East Hampton Village. It traded for $10,525,000.
The property was built out in the early 1990′s by the mercurial Cestone sisters as one of a handful of projects, each of which they developed, lived in, and sold on either Middle or Hither Lanes, leveraging the proceeds from each sale into another project until they built a final home for themselves to keep. 45 Middle Lane was purchased from them for $3,150,000 in 1996 – a gain of over 300% over the last 16 years. Curiously there was no pool back then, and there still isn’t today!

45 Middle Lane, earlier this year.