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Another piece on the MLS, OREX, transparency (or lack of) issues in Hamptons real estate, here by Candace Taylor.
It’s interesting to note how some things change over time and others don;t, and why? In some ways, the lack of an MLS, while not necessarily in the best interest of the sellers, didn’t hurt them in the spiraling market of the “Exuberant 00′s” (or did it?). Prices escalated an average of 25% per year in most of the East End, and remember that 25% x 3 years nearly equals 100% (do the math) and 25% x 5 years equals more than 200%, not 125%. There are brokers and agents in this market that believe the presence of an MLS would have helped values grow even more during those high times, because of the increased exposure of Hamptons properties to the world market.
Some buyers and sellers actually like the boutique-y nature that the lack of a national listing system maintains in the market. It feels unique and special, like you have to be an “insider” to get the info.
So, what does the future hold? Certainly those in control know much better than the ranks…we’ll see, won’t we?
July 01, 2009 02:34PM By Candace Taylor
In most of the country, real estate firms of all shapes and sizes use a multiple listings service, or MLS, to freely share information about who’s selling what kinds of homes.
But not in the Hamptons…
Now, though, in an attempt to level the playing field, George and Jean Simpson… filed a 58-page lawsuit against OREX and 25 firms and individuals who use it, including the Corcoran Group and Prudential Douglas Elliman, claiming that they violate anti-monopoly laws, and that, in making the information inaccessible to the public, defendants have “enacted and enforced various anti-competitive and unfair rules, policies, practices and procedures.” To compensate for lost business, the Simpsons are also seeking damages of $18 million.
see the story below
Complaints by real estate agents made me aware of what I believe are significant and frequent antitrust violations in the East End real estate industry. Initially, a selective fax “co-broke” process was the key vehicle for breaking the law, but recently the violations have expanded, due to the advent of an online exclusion vehicle, the OREX automated co-broke system.