Northfork Properties

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.

Memorial Day Weekend for Hamptons Real Estate Agents

Posted on Friday May 25, 2012 8:44 PM
by Joseph Kazickas Comments Off

Memorial Day Weekend is here and a stoic approach is the order of the day for most real estate agents in the Hamptons. The Summer of 2012 has finally arrived and after several months of catering to tenants and landlords many agents see Memorial Day weekend as being both a goodbye to the quiet and peaceful beauty of the East End during the off season, and a hello to the hectic and consuming job of placing tenant customers in their Hamptons summer rental homes.
More often than not the process is a snap. Most landlords take exceptional care of their properties, are familiar with the entire rental ritual, and do their best to make a summer rental in the Hamptons a success for their tenants, and, by extension, a small triumph for the real estate agent who put together the deal back in February.
It isn’t uncommon for an active rental agent to be placing twenty, if not thirty, customers into their summer rental homes over the course of the weekend. No small task. But somehow it gets done.
The tenants most common concern..? “Why isn’t the pool hot?”
There are nightmare stories to be sure, of clothes driers and refrigerators that don’t work, or worse yet, don’t work well enough.
Truth be told, most tenants don’t return again until later in June, so there’s time to fix things up and get things right. Time, also, for agents to catch their breath, before summer in the Hamptons explodes in July.

The Hamptons Real Estate Market – Everyone Has An Opinion

Posted on Saturday April 28, 2012 8:11 PM
by Joseph Kazickas Comments Off

It’s that time of year again – the numbers are in on the Hamptons real estate market for Quarter 1 – 2012, and everyone has an opinion as to how the market is doing. Here are some Google Alerts we’ve received…

Hamptons, South Shore home prices up – Newsday
Hamptons Home Prices Rise as Buyers Prefer Luxury Deals – Bloomberg
The Hamptons, North Fork Home Sales Slightly Uptick in Q1, Luxury Sales … – World Property Channel (?)
Hamptons Real Estate Prices Soar! –
Hamptons and North Fork Real Estate All Over the Place – New York Magazine (I liked that one)
Elliman’s Report For Q1, Results: “More Of The Same” – Curbed Hamptons
Price of high-end Hamptons pads soars 35% in 1Q – Crains
Hamptons sellers cautious, as buyers seek value – The Real Deal

Hamptons Real Estate Market Report

Posted on Saturday April 14, 2012 8:37 PM
by Joseph Kazickas 1 Comment »

Suffolk Research Service, Inc. has released its report on the state of the Hamptons real estate market for the first quarter of 2012. Despite the buzz about a recovering market the numbers would seem to indicate that any perceived recovery is less than robust. Granted, these reports lag actual market activity since they reflect closings in the reporting period, not contracts signed. Anecdotal evidence suggests things have improved however we won’t know for sure until 2nd quarter numbers are tallied. You can read the report here.

Rental Market Report from Hamptons Rentals

Posted on Wednesday April 4, 2012 3:50 PM
by James Young Comments Off

Great for a Wedding or Event

The Hamptons rental market continues to steam along out here in our paradise on earth. The website/blog curbed hamptons recently posted an interesting discussion about the strength of the rental market. Unfortunately there is little empirical data since there is no central clearinghouse, like an MLS for example, in the Hamptons. The data is highly fragmented among multiple agencies and it’s impossible to know exactly whats going on in the market. That said, at Rosehip we believe the market is approximately 50% rented based upon our database and the number of properties that have gone “Inactive-Fully rented,” which we track and which currently stands at 37% in our system. The fully rented status does not account for monthly rentals that have been made where there are additional time periods still available, or for listings in our system that have rented for the season that we might not have gotten the word about. The close to 3000 listings on is updated directly by owners as well as by our team of 15 agents on an ongoing basis so we have a pretty good sense of available vs. rented inventory. Apparently the word is getting out as we have just been interviewed by WCBS all news radio 880 AM. Check out the interview here; there’s a button you can press for the audio version as well. If you want a Hamptons rental give us a call, it seems we’ve become experts!

The Hamptons Rental Market

Posted on Monday March 12, 2012 9:47 PM
by Joseph Kazickas 1 Comment »

There has been a fair amount of press recently about the state of the Hamptons rental market. The consensus opinion suggests that the market has been good, if not strong, maybe even hot.

Unfortunately there is no way to accurately confirm that conclusion because the Hamptons rental market lacks a common platform off which all agencies

Newly listed in the Amagansett Dunes - July-LD $55K

operate. It is a fragmented market, with no agency listing all properties in the rental pool. Even a popular advertising billboard such as suffers from the defect of multiple duplicate listings, and conflicting data which renders the site useless for an outsider trying to guage the overall well being of the rental market. is counting the number of property de-activations and the remaining inventory at a handful of the major real estate brokerages as one way to help draw conclusions, but thank goodness they publish the information with a healthy disclaimer as to its accuracy, much less its value in determining the market’s status.

For the moment at least, without a clearing house of some sort, the most accurate information is anecdotal.

Nonetheless, from our perspective, and from conversations with Landlords and competing agencies the 2012 rental season in the Hamptons is off to an earlier and stronger start than either 2011 and 2010. Traffic to the website is up 11% year over year.

The New York Post Reports on the Hamptons Real Estate Market

Posted on Sunday March 4, 2012 6:26 PM
by Joseph Kazickas 1 Comment »

Jennifer Keil sheds light on the Hamptons Real Estate Market with this piece in the New York Post.

Nationwide, home prices are back to late 2002 levels, according to Case Shiller in their Feb 28 report on Home Price Indices.

Looking In, From the Outside

Posted on Friday March 2, 2012 12:45 AM
by Joseph Kazickas Comments Off

The BBC makes its call on the Hamptons real estate market. Click here.

What’s It Like In The Hamptons Right Now?

Posted on Wednesday February 22, 2012 9:30 PM
by Joseph Kazickas Comments Off

If we aren’t asked that question at least once a day, we are pretty sure that people ask it of themselves. Visit this link and enjoy a neat little live streaming webcam that answers the question, any time you wonder. Be sure to select the full screen mode. Mesmerizing!

Entrepreneurial Musings: How to Build Winning Real Estate Teams

Posted on Thursday February 9, 2012 3:49 PM
by James Young Comments Off
A Model Agent?

Me, passive-aggressive and angry, no way?

As a technology entrepreneur in the Hamptons Real Estate business I find that one of the most challenging parts of the job is finding good agents. Rosehip Partners is always evolving, our technical platform, our massive database of rental properties, our very business practices change and grow on a day to day basis. We consider ourselves a technology company that happens to be in the real estate business. The most successful members of out team embrace change, work to quickly understand how the changes affect their business and quickly get on board without (too much) complaining about the inevitable speed bumps and misunderstandings that come part and parcel.

As we interview new agents, increasingly common as our business grows I am happy to report,  I think the single most important aspects in judging their potential for success is to somehow guage two traits. First is what I call their “adaptability index.” How comfortable are they with constant change? Will they get on board new technology initiatives, data management practices, customer service strategies or will they passively or even actively resist, insisting that “I’ve always done it this way” or “we’re not salaried employees you cant TELL us what to do!”

The second quality for success I term each individual’s “team orientation.” In one way it’s very linked with the adaptability index in that once a decision and direction is taken by the team, or by management, even if they are not in total agreement with it, do they get on board so that everyone on the team is singing from the same sheet of music, or do they continue to resist either passively or overtly weakening the power of the initiative and it’s chances for success? In another way, team orientation has to do with how well agents work with other agents. Hamptons Real Estate is famous for being cut throat, you know, the eat what you kill, come near my dog bowl and I’ll bite you, zero sum game, way of thinking. Yeah, it’s a tough business, and as agents we will periodically bump up against each other but in order to grow our individual business as well as the entire team’s success we must be willing to support our fellow team members even if there is no direct benefit to us or EVEN if it costs us an opportunity in the short term.

Been thinking about these ideas the last several days as people have been interviewing to join our team and last night this article I saw in Bloomberg Business Week kind of coalesced my thoughts. The authors tackle the same subject but from the opposite end of the looking glass. They postulate that as important as hiring the right team members is not being afraid to fire negative influences whose attitude weakens team cohesiveness and saps the organization of critical energy. So let me close this post by citing two oft quoted business luminaries. First, Ted Turner, who famously said when discussing criteria for success in an organization, “Either lead, follow or get out of the way,” and finally the great orange haired real estate maven, Donald Trump… “You’re fired!”

The Way NOT to be

No Room For This On Successful Teams