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