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An architectural rendering of the proposed Calvin Klein house.

An architectural rendering of the proposed Calvin Klein house.

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I can’t imagine how anyone would object to the removal of the current gargantuan cyclop of a house that Klein bought about 5 years ago and has throw some terrific parties in.  He’s made it known that he would some day tear it down and replace it…here’s his vision. ..and the stories around the process.

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Publication: The East Hampton Press

More review before potential Dragon’s Head demolition

By Brendan O’Reilly

Jan 14, 09 3:03 PM

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cityfile new york – Hamptons

Calvin’s New Foe: The Lawyer Who Thinks He Has Taste

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Unbeige

Calvin Klein Battles Preservation Board and Neighbor Over Design of His Future Southampton Home

AND HE WINS:

http://www.newsday.com/news/printedition/longisland/ny-lidrag6037966feb16,0,5148813.story

maslovhierarchyofneeds_01In recent years, many agents learned that the more you work, the better you earn. Those wewre they years when doing business was like being a bear in the middle of a stream during the salmon run. As long as you were there, on a good rock, you could eat to your hearts content.

Today, with business slower, the ‘big bears’ are still nibbling, but many others are ‘shrieking and freaking’ about having nothing to do.

Why not take that free time and put it to good use, helping others?  There are many non-profit organizations, here on the East End that could use our help; civic, church, childrens, family, environmental and animal related.

And doing good feels good! Let’s be grateful for what we have and ‘pass it on’.

For  a list of East End Non-Profit organizations, click here.

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sellsiuslogo

This post was inspired by a Selsius Blog post: NAR Must Add Pro Bono Provision to Realtor Code of Ethics  

Thanks for the inspiration, Joe!

What a great story and EXACTLY what the people want to see public preservation funds used for.

Very often, we don’t know what land/property is available for development until after it is too late and the developer brings down the bulldozer. Cheers to the parties that made this deal happen!!  See story below.

77 Acre Cavett Property in Montauk, NY To Be Preserved

77 Acre Cavett Property in Montauk, NY To Be Preserved

 

 

 

  Tuesday, October 28, 2008 <!– letters · –>  

     


County Finalizes Joint Purchase Of Cavett Parcels Completing Moorlands Preservation
Aaron Boyd

Michael Daly, Principal Broker

Serving The Hamptons, Shelter Island and the North Fork

631 725 0554 (o)  631 525 6000 (m)  www.beachamptons.com

michael.daly@mfdaly.com 

After 10 years as a salesperson, broker, executive and owner in Hamptons real estate, I and my brokerage, True North Realty Associates have become an Exclusive Buyers Brokerage. True North will be working only with BUYERS seeking to purchase real estate in the Hamptons, Shelter Island and the North Fork. TNRA will not take listings and will not represent those selling their properties in this market.

WHY?   We see the need for buyers, who are NOT BEING REPRESENTED in the current market, to have an advocate; someone who will accept the Fiduciary Responsibility  to protect their interests in the real estate transaction.  Someone willing to take the time to get to know you, the buyer, to find out what makes you tick, what truely fits your needs, both personal and financial and do the research necessary to build the business case for your purchase.

With all that is taking place in the financial markets; Bear Sterns, Lehman, AIG, Countywide – one thing that is becoming clear is the concept of “Moral Hazard” and we see the preponderance of Listing Agents pushing their own listings, showing customers (who, by the way, are NOT clients – clients get fiduciary) the properties that THEY want to sell them, not what the customer wants to see, as a true Moral Hazard, one that the industry is not yet willing to face head on.   Interestingly enough, the name of our brokerage, True North, was inspired by Stephen Covey literature (Seven Habits, First Things First), where “true north principles” lead to decisions that are guided not merely by the “clock” of scheduling but by the “compass” of purpose and values.

In the following days and weeks, we will be adding posts, separately and as links below,  explaining the nuances of Buyer Brokerage; how it works, from the “head” to the contract agreements to the commissions. One thing is for sure, it doesn’t cost any more or less to use a Buyers Broker. All the commission comes from the same place, the proceeds of the sale.

For those of you who I have represented as sellers over the last 10 years, I will be happy to assist you in finding the best suited listing agent for your property.  We can do a thorough analysis of who has the best experience in your particular market and who would be the perfect fit for your needs.

Here’s an explanation of Buyer Agency from About.com  in fairly easy to understand terms.

Buyer Agency  

Part 1: What is Buyer Agency?

Buyer agency is defined as a principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that as a buyer’s agent you are tied to the buyer, and that all of your loyalties are to the buyer.

Buyer agency is a relatively new concept for the real estate world. In the past, agents were Seller’s Agents, working for the person who signed a contract employing them to sell real estate. Over time that arrangement resulted in too many misunderstandings. A buyer working with a Seller’s Agent often regarded that person as his agent, and felt free to make confidential statements, not understanding they would be passed on to the seller.

Complaints were made to real estate commissions, and lawsuits were filed. As a result, many states now require us to explain agency status to the buyer. New York State requires that the buyer or seller is presented with a disclosure on the first substantive contact.

In today’s real estate world, you’ll find agents who work as Seller’s Agents and Buyer’s Agents, and in some areas you’ll see Dual Agents and Designated Agents. Here’s a simplified recap of those terms.

Seller’s Agent Your duty is to obtain the best deal for the seller. You are allowed to give the buyer only material facts about the property.A Seller’s Sub Agent is an agent from another office who is not working as a Buyer’s Agent.
Buyer’s Agent Your duty is to obtain the best deal for the buyer. You may pass on any and all information you obtain about the seller or the property.
Dual Agent You must be loyal to both parties. Dual agency occurs when a real estate agency owns a listing, and an agent from the office, working as a buyer’s representative, shows that listing.

Here are subsequent posts with more info on the Buyer Agency subject as it pertains to the Hamptons market:

Why Work with a Buyer’s Broker?

Looking at a Transaction from the Buyers Side 

Duties of a Real Estate Agent – Fiduciary 

 

 

 

Bobby Gianos

As we first reported over two years ago, on the original Hamptons Real Estate Blog, Robert (Bobby G) Gianos, is in full swing developing Olde Towne on the last large parcel of land in Southampton Village.

Like him, or not; like his project or not, Gianos has focused like a laser beam on this project and has approached in in an undeniable fashion. A great example for all business people to follow.

Hamptons.com released a piece on Olde Towne: check it out!

Building Olde Towne Tree By Tree, Billionaire By Billionaire
By Andrea Aurichio 

 

 

oNE MILLION dOLLAR BILL

Ok everybody, here we go again with the MEDIAN price figure.

Raise your hands: How many of you REALLY know what MEDIAN price means and CAN EXPLAIN IT!?!?   Median is like a Metric figure to me. Like: “What, you want me to walk two kilometers?” or, “WOW! that was a matter of centimeters!!!” Sorry, it’s pretty meaningless to me…for a definition of “median”,try this

Would it make it any better or worse to know that the AVERAGE price of Hamptons Real Estate is now over $1.6 Million? Impressed? Depressed?  

SHEH3rdQtr2007

for more info: http://www.suffolkresearch.com/quarterlycharts.htm

 

Well, there’s two things I believe: 

1.  SELLING – You can sell you house today for the most its ever been worth.

2. BUYING – If you wait until next year, you will pay more for the house your looking at today.

 HERE’S WHAT JONATHAN MILLER (MATRIX) HAS TO SAY about Manhattan.

 What’s your view?

Beach Properties

Nationally, home sales declined 4.1 percent in 2006 from 2005. But, vacation-home sales rose 4.7 percent in 2006 to a record 1.07 million sales, according to the National Association of Realtors (NAR). The increased interest in buying vacation homes for personal use rather than rental is expected to continue throughout this decade. – National Association of Realtors, June 2007

See what Jonathan Miller has to sat about NAR reports here

getting the transfers to the county seat

 As we have said before, due to the lack of comprehensive tracking tools and the reliance on the county recording office, tracking sales here is like using an abacus. Good luck! It can take as long as 6 months before all transfers are recorded…by the time the horse ‘n buggy gets there and back with figures, we’re in another market already.

One way to track closings is revenue reported by  the Peconic Bay Community Preservation Fund, which collects a 2% tax for each transaction at the closing table.

According to State Assemblyman Fred Thiele, the five East End towns (Riverhead, Southold, Shelter Island, East Hampton and Southampton)  together collected over $53 million for the first 6 months of 2007. That’s compared to $48 million in 2005 and $45 million in 2005.

The CPF also reports the number of transactions as follows:

First 6 months 2007:  4129

First 6 months 2006:  4526

First 6 months 2005:  5133

So,  while revenues are up 11% from ’06 and 17% from ’05,

the number of transactions are down 9% from ’06 and nearly 20% from ’05.

Bigger fish, less of them…md 

[tags]Beachamptons, Beach, Michael Daly, Hamptons, hamptons sales figures 2007, Community preservation fund, conservation[/tags]

…that brokerages, here in the Hamptons and the North Fork move into the 21st century.

These tech introductions are still years behind the rest of the country as far as giving true exposure to sellers listings, but that’s been the parochial nature of the East End. 

Check out the latest article on the subject by Lauren Elkies

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stone age to e age

August 2007

Hamptons listings: From Stone Age to E-Age   

By Lauren Elkies

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