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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?

Breaking the Hamptons’ clubhouse mindset

July 01, 2009 02:34PM By Candace Taylor

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Yes, there hasn’t been much news about Hamptons real estate to write about lately. We’ve all been “under the weather” with these last 3-4 weeks of constant rain.

This Improper.com piece came my way and I thought it was refreshing to hear some local agents speak the truth about the market…now, if the more sellers will listen, we might see an uptick in business.

“It’s like trying to catch a falling knife,” Mala Sander, of the Corcoran Group in Sag Harbor told the magazine. “Listings that were $6 million last year which should have been $4 million, now they’re going for three and a half.”

“This is beyond anything I’ve seen in 22 years,” says Tara Newman, also with Corcoran. “I’ve gone from low expectations to no expectations.”

“Where is the market?” said Peter Turino, of Brown Harris Stevens in East Hampton. “At all levels we’re struggling to understand. We’re still in shock. We’ve left a period behind. A period of history that’s well behind us, it’s gone.”

See TheImproper.com article below:

The Hamptons’ Summer of Distressed Real Estate

Simspon suit against heavy-hitters continues
27east.com – Southampton,NY,USA
The two companies at the core of the battle, realnet Solutions and Hamptons Real Estate Online Inc.—both owned by Nicholas Khuri—filed a motion to dismiss

FOR IMMEDIATE RELEASE

StreetEasy.com, the leading NYC real estate website launches StreetEasy Hamptons

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 transparent market offer consumers the information needed to make real estate decisions.”

One company fully embracing StreetEasy’s expansion to the Hamptons is Prudential Douglas Elliman, 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 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.”

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

About StreetEasy.com

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 (646) 365-0285 or dawn@streeteasy.com

See Real Deal article here

The following East End agents have been recognized as being in the Top 100 Agents in the US for 2008.

Congrats to them, well done in a tough market!

Rank – -Name- – – –  – -Company- – – – Location- – – – – – – – -Volume

5       Harald Grant       Sotheby’s        Southampton, NY       $191,922,500

6       Beate Moore        Sotheby’s        Bridgehampton, NY  $177,101,799

41    Susan Breitenbach Corcoran    Bridgehampton, NY  $ 92, 187,500

42    Gary DePersia      Corcoran       East Hampton, NY      $ 92,065,002

59    Sherri Winter Clarry  Corcoran  Southold, NY             $ 76,262,500

69    Paul Brennan        Prudential     Bridgehampton, NY   $ 69,974,162

87    Timothy Davis     Corcoran        Southampton, NY       $ 60,920,000

see the WSJ article here

In a previous post, we stated that East End dollar volume of sales was down 80% from the peak in 2007.  The following CPF revenues supports that. 2009 revenues are down 82.5% from 2007.

That’s not being a ‘bear’ or negative about the market…that’s reporting facts. I’m a long-term bull on Hamptons real estate. I still believe that a long-term investment in a property on the East End of Long Island will provide years of enjoyment in one of the most beautiful places on earth as well as a good monetary return on the investment.

That being said, facts are facts, and putting your head in the sand doesn’t make it any better. There are some terrific deals in this market. If you are a buyer, find an agent who can tap into them. If you’re an agent, drill down into each listing, understanding the motivation of the sellers and find out who’s a ‘real seller’ and who’s a poser. If you’re a seller, wake up and smell the coffee. For the most part, properties that ARE selling today, are selling for an average of 35% below 2006-7 values. If you’re not willing to sell at that level, then think again about listing your home.  Sure, there will be some exceptions to this…if you have one, let me know.

HAMPTONS.COM

As of April, East Hampton’s CPF has taken in $1,668,534, compared to the $5,631,267 accumulated by the same time last year and $9,538,793 in receipts recorded by April 2007, the highest grossing year since the two percent tax was instated in 1999. Most were expecting a bad year for the fund, though the first four months of 2009 have been particularly discouraging, declining 67.6 percent throughout the South Fork over the same period in 2008 (2008 revenues were 41.1 percent below 2007).

see story here

It’s coming to a brokerage or realtor association near you. Consumers are demanding it and, once available, you will have to take part or you won’t get any clients (unless you devise some slick marketing net, but that’s so expensive and inefficient, isn’t it?)

stampede

Transparency, service ratings -eBay, Amazon style. The stampede is on. To financial services, Wall Street, Main Street, real estate, investments…sure there’s always the underbelly that will figure out new scams to trap the unsuspecting.

Brokers, if you received customer satisfaction reviews on your agents from every customer they did business with, do you know who would rise to the top in your office(s)?   More importantly, do you know who woould be at the bottom?  And why are they still working for you?

inman

The “Client Experience Rating” program is free and optional for members of the Houston association, a regional Realtor trade group with about 23,000 total members.

Realtor association launches ratings program

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