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There’s finally a bit of good news for the local real estate market, according to statistics compiled by Hampton Bays-based Suffolk Research Service Inc.
In a recent press release, George Simpson, president of Suffolk Research Service, wrote that real estate activity on the East End is showing strong signs of a turnaround from the first four months of this year.
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See the Suffolk Research press release here
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 …
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.