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Gregg Saunders, vice president of retail real estate development at Philips International, had been in no rush to sell a house north of Route 27 in Sagaponack that was built for him and his wife in 1998. The four-bedroom property with a tennis court and pool had been on the market for two years at $2.9 million.
Then last year, he bought a historic home on an acre of land closer to the beach in the same town for $2.45 million.
Saunders said he “didn’t want to be stuck with two homes,” so he cut the price on the first house “dramatically.” It sold in December for $1.75 million.
as told to Bloomberg News, Jan26, 2012
The reality is, the realty market in Manhattan has held significantly better than The Hamptons. We have typically said that “as goes New York, so goes the East End”, however it does not appear to be holding true this time around.
January 27, 2012, 8:14 AM EST, Bloomberg
Why would that be? Could it be:
1- Manhattan has more permanent residences and The Hamptons are more discretionary homes?
2- There are more foreign buyers in Manhattan than The Hamptons because the investment quality of Manhattan real estate is more stable?
3- The Bankers who have fueled both buying here as well as the business of others who end up buying here are being more conservative? ( have you heard the stories about the senior management at Goldman, Chase, etc telling their ranks to “keep a low profile”)
4- Is it that The Hamptons don’t have professional property management companies that can manage real estate investments adequately for investors?
5- When enough properties sell for 60% (or less) of asking price, does that spook big buyers to downsize and play it safe?
6- Could the lack of dependable Market Data make today’s more educated buyers uneasy?
Crains New York
Small buyers get their shot
With less competition from speculators, end users are stepping up—but financing is tough
“After years of being sidelined by stratospheric prices, small businesses, nonprofits—and even the occasional country—are snapping up new homes for themselves at prices that average 32% below the peak of two years ago. Once routinely outbid by developers, today’s small buyers are seizing on a far softer market to secure a long-term base for their operations. That will save them from having to worry about rising rents, and at the same time give them an opportunity to own something that’s likely to appreciate over time.”
see complete story here
Curbed Hamptons: Gere Sells, Madoff Mysteries, And More!
1) For celebrities as for the rest of us, the way to move property this summer in the Hamptons is with liberal use of the ol’ PriceChopper. …
To Unload a Mansion, Many Must Turn to Auctions
New York Times
But increasingly, people with multimillion-dollar homes who need to raise money are discovering they have few alternatives, as the market …
In ritzy East Hampton, beware the deadly tire boot!
Mother Nature Network
(Credit: Flickr/quinn.anya) You have to be tough to take a seaside vacation in the Hamptons, the billionaires’ paradise on the upscale end of Long Island. …
Reverse mortgages on the rise as seniors find financial security …
“Money was getting kind of tight, so I called a real estate dealer I knew and told him I thought I’d sell and move up north, closer to family, …
Lloyd Blankfein Misses the Mark
Who’s going to keep high-end busy? Who is going to keep the fancy stores on Fifth Avenue in business? (Besides tourists from China, …
Prospective Hamptons buyers who own Manhattan property are being hit with falling values there, too. Manhattan apartment prices dropped last quarter for the first time since 2002, declining 18.5 percent from a year earlier, according to a July 2 report by Miller Samuel and Prudential.
“Manhattan could very well be a leading indicator” for the Hamptons, Miller said.
see Bloomberg Story here
see the Jonathan Miller report here
see the CNBC Report here
In this part of the world – The Fabulous Humptons – it’s difficult to avoid celebrity news and gossip – something we have tried to resist, keeping to relevant real estate info as much as possible.
Well, here’s one stunning up-and-comer who not only makes celebrity fun, she is making the pursuit of it admirable, having started Guest of a Guest, a tasteful, positive side of life social site that makes everyone look their best in the process.
Guest of a Guest chronicles night life from the city and the Hamptons through dozens of daily posts and photographs. For followers of such coverage, the coin of the realm has traditionally been exclusivity, a sneering velvet-roped rejection. But GofG, as it calls itself, gives civilian readers the illusion that they can attend these parties, too, as virtual guests. Who would believe that the effusiveness of Nebraska Nice could sell? But in bad-news times, maybe that’s precisely why it does: the site, Ms. Hruska said, which began on April 1, 2008, broke even just this month.
see the NYTimes story here
FOR IMMEDIATE RELEASE
StreetEasy.com, the leading NYC real estate website launches StreetEasy
New York, NY. June 11th, 2009. StreetEasy.com recently launched their expansion to the Hamptons, covering the beach towns on the Eastern end of Long Island along with the North Fork of Suffolk County. The East End of Long Island is one of the largest second home and seasonal rental markets for New Yorkers, with over 60% of those looking in the Hamptons and North Fork residents of New York, giving StreetEasy the built in audience interested in these properties. New Yorkers will finally be able to see listings in the Hamptons the way they have been accustomed to in New York, with full detailed history.
StreetEasy’s unique local approach to real estate search in New York has made them the most popular site with advanced search options like new development, school zoning and commute time. StreetEasy is taking this approach in the Hamptons as well, incorporating important local search features like South of the Highway and Oceanfront property.
“StreetEasy has made New York one of the most transparent real estate markets in the country and we aim to do something similar for the Hamptons, which has traditionally been shrouded by the exclusive nature of the area and the geographic isolation” said Dawn Doherty, VP of Strategic Development at StreetEasy. She added that “now many brokerages on the East End are embracing transparency and StreetEasy’s entrance into the market. Along with exposing their properties to the huge audience of over 30,000 New Yorkers who visit StreetEasy daily, leaders are realizing that a real estate decisions.”offer consumers the information needed to make
One company fully embracing StreetEasy’s expansion to the Hamptons is PrudentialElliman.com, StreetEasy has become a strong partner for us, and we expect it will offer a boost to our web traffic in the Hamptons, where people are searching for real value now.”, which is displaying all of their sale and rental listings on the site. “At Prudential Douglas Elliman, we believe good decisions are based on knowledge of the facts. We are committed to helping provide transparency for consumers as a way to ensure confidence in the market,” said Jill Harnick, Chief Marketing Officer at PDE. “As a compliment to the information we provide at
StreetEasy Hamptons includes sale and rental listings, open houses, recorded sales, and discussion boards. StreetEasy Hamptons is accessible from StreetEasy’s homepage or http://www.streeteasy.com/hamptons
StreetEasy.com is a New York based Real Estate information portal that aggregates the most comprehensive set of sale and rental listings along with other useful info to help consumers make better decisions with detail such as days on market, recent price reductions, and what homes sold for.
For more information about StreetEasy, please visit StreetEasy.com or contact Dawn Doherty at firstname.lastname@example.org
See Real Deal article here
This info is true (and expertly compiled by Jonathan Miller)but remember, some of this info is as much as 6 months behind the actual transactions.
Business that happened in September closed (or didn’t as the case may be) in December or January and got reported in February or March. Sad, but true, this is old news…not that today’s news is much better, but we are hearing of some uptick in spring activity. We’ll have to see if it translates into transactions.