Janette and I went to preview a rental property today that is fabulous. For anyone who wants total privacy that is water front and surrounded by acres of nature preserve this is heaven. This house is contemporary and owned by two artists. It is in the wood but not. The views are wonderful and filled with birds and wild life. Open fabulous space with decks that invite nude sunbathing – a charming Futterman style house and so private. Okay keep your clothes on if you like. $35,000 August through Labor Day. Nature – quiet and peace. Close to all but so removed. A real joy to know that these special places still exist.
Bonny
The media says that this is a “down” real estate market. That is true and not true. Certainly there has been a price correction in what was an upward trend for the past 10 or so years. So in the upward market people kept buying and buying and there were bidding wars because good product needed to be scooped. So now, due to world and financial markets we have price adjustments and wonderful opportunities for truly “good deals” for the first time in 10 years. Prices are down and this seems to me like the opportune time to buy.
We are a vacation market and second home market. The Hamptons may have sandy soil but our foundation is solid rock. To my mind, as long as New York City is thriving so will the Hamptons. I am not a financial wiz but I see this as a great time for buyers to invest in real estate. If our dollar is shrinking and the stock market unsteady – where better to place money than in something “real”. Am I wrong here?
I saw a property today it a great location, bay front – house needs work big open views $1.5M -it looks as good as gold to me.
I guess the question I am asking is when the market is high people buy at the top of the market with a great deal of confidence and yet when the market adjusts downward they hesitate. Does this make sense? Is this not like which came first the chicken or the egg? Comments please.
I never remember any summer being so crowded as this 2007 Season. All these people want to be here and they are looking for longer rentals and homes to buy. At the beginning of the season or rather late spring we were busy with high end buyers only – the $10 million and up crowd. Now however, it is all price ranges. Homes that sat in the $5million range are now in contract. Properties in the $1million to $3million range that were mostly north of the highway were stuck but no longer. Everything is selling and selling at close to asking price. There have even been several bidding wars and three and four back up offers on a property. So what does this mean? I know this is not happening throughout the US but in New York City and here in the Hamptons the market is strong.
Someone wanting a home may read this and say “it is too late for me, how can I buy now?” I have been in this business about 12 years now and I have never seen a bad time to buy. I have never seen the market really go down. It is supply and demand and the demand is here but the supply is limited. It is always a good time to buy.
I do think the fall of the year is the best time to buy since there will be many new properties coming on the market. This happens each fall, summer rentals empty, home owners that used their homes say now is the time. So i do think that fall gives the best choice for the buyers. However, pricing is always an issue and sometimes a better buy is a home that has been on the market than to wait until new homes come on with new expectations in pricing. When I was in the antiques business there used to be a saying “the time to buy an antique is when you see it” I think the same applies to real estate. When you see what you want that is the time to bid.
Since I have been selling real estate I have noticed that more and more, all the homes look alike. Everyone wants the typical beach cottage. More and more the look is the same.
Cedar shingles, 6500 sq. ft. minimum but usually 9000 sq. ft. or more and with the following “simple home amenities”. Must have huge kitchen with center island with two dishwashers, Sub Zero refrigerator (maybe two) and an 8 burner viking stove with griddle and water faucet over the stove to fill the pot.
Extending from the kitchen a family room with fireplace. French doors leading to a stone patio and the mandatory huge outdoor grill/outdoor kitchen and seating area. Must have a full formal dining room and living room also with fireplace and french doors.
As part of the common space there is needed a den or library and downstairs staff room with bath and master bedroom with bath. There will of course also be an upstairs master bedroom with even larger bath and both master bedrooms will have fireplaces. High ceilings, sweeping central staircase and back staircase that leads to kitchen.
On the upper level in addition to the master bedroom with huge bath which will include a steam shower, separate soaking tub and enough space for additional lounging furniture, the master will also have the additional sitting room. There are usually another 4 upper bedroom,bath suites.
Is this an estate? No, it is just a simple country cottage. It is just a country home that will most likely be decorated with depression glass and old green Pyrex bowls. It is typical of the new construction of today and updated larger house of yesterday.
What else do they have in common with each other – well, there is always molding floor and crown the thickness depending on price. There is always some wainscoting and the hint of old world charm with maybe distressed floors.
Every now and again some builder or architect will attempt to break the mold and the house will sell – but not as quickly or easily as the typical hamptons cottage as described here. The same style holds true in every price range and at every size from 2000 sq. ft. with less bedrooms and common space and amenities. That is what most buyers are looking for “a little beach cottage”.
As a broker it is very interesting to watch a home progress. Many times the builder will list the property when they have not even broken ground. If the location is good then it is something to keep in mind and show at every stage.
However, most times the buyers can’t visualize what the finished product will look like and so the listing at the very early stage is almost a non listing – it becomes a future listing. There are some people that will be able to understand what will be there in the finished stages, especially if it is a house built by someone with a track record.
Still, most prefer to actaully see it compelted before buying. Right now I am keeping my eye on a couple of homes under construction. One is Janette’s and my listing on the ocean in Montauk and so it’s progress is very important to me. Janette and I were there today and it is coming along nicely now. The kitchen cabinets are in, the walls are being painted, the lighting is in, the finished basement is being completed.
Still it is a construction site and until the floors are done and the countertops and appliances are installed and then it pulls together as a home. There is also another house that I keep watching and waiting for it to near completion and take enough shape to show a
customer that I am working with. Patience and Progress.