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But now, with summer just weeks away, property owners are relenting; they’re offering dramatically shortened leases to lure penny-conscious tenants. These leases, which historically lasted 10 years, can now be had for as short as five months.Retailers who take these mini-leases are known as “pop-up stores” for their ability to speedily put down and take out tent stakes. Four have opened or are slated to open in East Hampton, including Hermes (63 Main Street), Michael Kors (48 Main Street), Brooks Brothers (54 Main Street) and Trina Turk (79 Main Street). Jimmy Choo will also open a pop-up store in East Hampton at a yet-to-be-determined address, brokers say, though store officials didn’t return a call for comment.
While the market is down, it’s clearly not out (all together).
Someone who might have been in the market to buy an oceanfront home for $30, $40 or $50 million might see it as a wise investment to rent for the summer and buy later..
And, if there’s any two agents that are going to be involved in that deal, it’s Beate and Susan…two of the best! Nice going girls! Also, kudos to the Ex-Mrs Corzine for a terrific investment.
Susan Breitenbach of The Corcoran Group brought the renter, says a spokeswoman for the agent. She declined to identify the customer’s identity, but did say that it might be a record-setting price for a seasonal rental in the Hamptons. Beate Moore of Sotheby’s International Realty, the listing agent for the property, agrees. “It is a big number,” she says.
The lease is for Memorial Day to October.
The 6,200-square-foot, six-bedroom, 5.5-bath home is on a gated property. The 6.64-acre estate includes a heated gunite pool, a Har-tru tennis court and more than 500 feet of ocean frontage along Gibson Beach.
The house was signed over to Joanne Corzine in 2002 as part of her divorce settlement from Gov. Corzine.
REAL LI Blog – Newsday.com
Michael Daly, principal broker at True North Realty Associates in North Haven on Long Island’s East End, estimated that the number of rental transactions may be down by as much as 80 to 90 percent from last year at this time.
“Rentals are way down and there’s very little activity,” Daly said.
See the complete story here
Update- see the Forbes.com piece “Low-Tide” here