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Values, for the most part have held up fairly well, here in the Hamptons (and Manhattan) during this recent national real estate market meltdown. One of the problems is, that some homeowners have/had an unrealistic view as to the true “value” of their property to begin with.
Today, although as the attached article discusses, many sellers are holding firm on their prices, there are some terrific deals on the market.
My clients just closed on a property at $1.875M that was originally listed at $2.6M. The seller got motivated and decided to bring his price to market value. Sure, the buyer wanted to make a 10 – 15% discsounted offer, but I demonstrated to him that the house was prices properly and that, in this instance, offering at (or near) asking price was a smart move. He listened and is now happily in the home.
Today, an agent needs to know the status behind the offering prices. There may be 3 houses listed at $3M with one firm, another willing to sell for $2.8m and the third willing to let it go for $2.3M. Only getting behind the facade will tell you that. The days of “taking orders” for houses, showing five and having buyers pay full price for one is all but gone…it’s time to do your homework.
Check out this NYTIme article. It’s a little bit of the “Hamptons Hype”, but makes some interesting points:
…“This is a resort discretionary luxury market, so it doesn’t look and behave too much like the regular primary residential market,” she said. “Buyers don’t have to buy and sellers don’t have to sell. As a result of those two things you get a flat market, not necessarily a depressed market.”
Sad, but true, there are those who don’t know (or care to know) the ‘value’ of anything. Value takes into consideration, not only the cost of replacement, but the benefits of the experience one gets from possession.
Here, on these final days of summer, where so many are sadly thinking about leaving the beach and returning to the concrete jungle, the value of a Hamptons beach house is certainly on many minds…md
Published: August 30 2008 03:00 | Last updated: August 30 2008 03:00
Lampert Puts Money
On Housing Rebound
In Battered Builders,
Lenders and Retailer
June 12, 2008; Page C4
Billionaire hedge-fund manager Edward S. Lampert is placing new bets on a U.S. housing recovery, buying stakes in beaten-up home builders, mortgage lenders and a home-improvement retailer.
Mr. Lampert’s ESL Investments Inc., which owns half of department-store giant Sears Holdings Corp. and 40% of car retailer AutoNation Inc., has previously focused with mixed success on retail and bank stocks.
Recently, the Greenwich, Conn., hedge fund, which controls investments it valued at about $11.6 billion in its most recent government financial report, began picking up shares in hard-hit housing-related stocks. ESL acquired small stakes in U.S. home builders Centex Corp. and KB Home, according to its latest Securities and Exchange Commission filings. At recent prices, the stakes in the two home builders are valued at $10.4 million and $10.8 million, respectively.
ESL also is tip-toeing into mortgage origination and servicing, acquiring about four million shares of CIT Group Inc., a struggling subprime home and commercial lender, as well as 1.4 million shares of PHH Corp., a mortgage originator and mortgage-service company. The shares are valued currently at about $35.5 million and $25.2 million, respectively. ESL spokesman Steve Lipin declined to comment on the investments.
Mr. Lampert’s purchases come as some analysts think the housing market’s decline may be nearing an end.
In another bet on a housing turnaround, Mr. Lampert this spring increased his stake in Atlanta-based home-improvement retailer Home Depot Inc. ESL now holds about 22.7 million shares valued at $590 million, up from 16.7 million shares last year.
Write to Gary McWilliams at firstname.lastname@example.org
Charter helicopter service to Hamptons takes off
- | email@example.com
- 8:11 PM EDT, May 14, 2008
“After taking an occasional copter to East Hampton last year, this year she bought the 10-trip pass, which amounts to $2,800 per one-way trip. That compares to $21 for a peak train ticket or $29 for the Jitney (known as an “air-conditioned luxury bus” in other parts of the country).”
see the complete story here
UPDATE 3/1/2009 – things have changed…these words don’t taste so good.
Hedge Funds’ Paulson
Trades Up in Hamptons
April 11, 2008; Page W8
Last year, hedge-fund manager John Paulson pocketed billions by betting the housing market would collapse, but in the Hamptons he’s just listed his three-acre retreat for $19.5 million, more than 50% above what he paid for it two years ago.
|Hedge-fund manager John Paulson purchased this 10.4-acre Southampton, N.Y., compound for $41.3 million. It sits on Lake Agawam.|
The founder of Paulson & Co., managing roughly $32 billion, recently bought a 10.4-acre lakefront compound less than a mile away for $41.3 million. The seller was Rodney Propp, chairman of a Manhattan property firm.
Last year, Mr. Paulson made as much as $3 billion to $4 billion for himself — thought to be a record one-year payday on Wall Street. This year the former Bear Stearns Cos. investment banker bet against the financial sector and profited from weakening among banks, including Bear.
The Southampton, N.Y., house he’s listed is a seven-bedroom “cottage” on three acres with an enclosed pool and sauna and a detached garage. He bought it two years ago from Jurgen Friedrich, a director of clothing company Esprit Holdings, for $12.75 million, records show.
The trader’s 15,000-square-foot new house was built in 1911 and fully renovated, and comes with separate staff quarters, two other houses, a three-car garage and a pool. The property, called “Old Trees,” has about 450 feet on Lake Agawam and ocean views. It was listed for $48 million in 2006.
It’s very exciting news that the Sag Harbor Village Boards are, one by one, approving the plans that have been put forth by Cape Advisors for the Bulova Residential Plan. It’s been said that the project will take 5 years, and the economic rewards to the village will last for at least 100 years.
For more info, also goto: www.savesagharbor.com/
Word has it (or at least the newspapers are reporting) that due to the difference in the US Dollar versus the Euro and the Pound, that foreign buyers are keeping the market up.
We’ve always had a good number of foreigners buying here. I think it’s just the in fashion hype to say that “the europeans are simply breaking the door down”… makes one seem so “in the know”.
Ito the Box TV had a video on it as well, see it below. md
click HERE to se the video
This secluded 4-bedroom/2-bath contemporary is brand new to the market. It is set off the beaten path in the prestigious Deerfield area on a very private wooded two-plus-acre parcel. The first floor consists of three bedrooms and one full bath, and the kitchen and main living area with fireplace are on the second floor with an additional bedroom and full bath. The elevated deck off of the living area provides the perfect place to watch over the beautiful heated gunite pool and raised spa with waterfall. Surrounding the pool is a magnificent Turkish limestone patio with plenty of room for lounging, including a screened-in dining pavilion. Room for tennis. Offered at $1,495,000. Contact Alyra Hoffman 631-276-5960.