Hamptons Online - Guide to the Hamptons and East End of Long Island
Friday, September 29, 2006
Tuesday, September 26, 2006
International Property Buying Guide - Forbes.com
International Property Buying Guide - Forbes.com: "Wish you could live on vacation, whether in the heart of Paris or on the beaches of the Caribbean? You can, if you play your real estate cards right. "
Saturday, September 23, 2006
Matrix » Location, Location, Location Becomes Housing, Housing, Housing
Insightful, thought-provoking, classic JM. The table about "traders" predicting real estate values is interesting. So many of our residences are owned by Wall Street traders; however, I have found that property and stock are like watermelons and navel oranges. Different reasons, different seasons. Still some of the most bullish Street traders have continued to be bearish on real estate in recent years, even as they have watched property values double and triple.
Matrix » Location, Location, Location Becomes Housing, Housing, Housing
DECONSTRUCTION - The Southampton Press
Jenn Henn, editor of the Residence section of The Southampton Press, wrote a piece about East Hampton architect Robert Strada and his wife and dedicated crew, who took on the daunting task of dissembling a 266-year-old Southampton Village colonial, one piece at a time. Check it out below.
The Southampton Press | Online Edition | Full Story
Monday, September 18, 2006
My New Hero is a Bloodhound
Greg Swann is a broker, Realtor, philosopher, businessman and blogger. He has a crisp and refreshing perspective about real estate that captures what I love about this business. This post, below, puts how I wish to conduct myself into words. Thanks for the inspiration, Greg. mdReal estate weblogging is a journey, not a destination . . . | BloodhoundBlog | The weblog of BloodhoundRealty.com in Phoenix, Arizona
Sunday, September 17, 2006
The Three C's of Real Estate Are Critical Today...
In fact, the three C's - Confidence, Commitment and Closing skills - are required for success in the real estate business today. Nearly one-half of agents in the Hamptons have never needed these core skills because they have been in this business for less than five years and have never seen a market where they actually had to "broker" a real estate transaction.
In the old days, all someone had to do was to get through (read: stay awake for) the 45-hour Licensed Salesperson course, pass the State test, get a desk at a real estate office and go to a cocktail party, then wait for the commissions to roll in.
Since 1999, listings have resulted in sales - most of the time. It has been easy for new agents to get listings by winning the "bidding war" for them. After all, would you list your home for $825,000 with an old battle-ax, when an enthusiastic new agent with a 917 area code on her cellphone tells you she can sell it for $1,000,000, even if it seemed a bit far-fetched? Of course you wouldn't. If it didn't sell right away, the market would "rise to meet the price", and it nearly always did just that.
Well, if those days aren't over, they're at least taking a break. The sellers are holding onto their asking prices, hoping that lightning will strike and that Mrs. Snodgrass will fall in love with the house, and the Snodgrasses will just "write the check" and live happily ever after in their new home. It happens all the time, right?
Back to The Three C's...
Confidence - Many of today's agents come from other successful careers in finance, advertising, law, hospitality, and retail. But real estate is a product unto its own. I've seen successful bankers crumble at the rejection and lack of loyalty that a real estate agent sometimes has to swallow. I've seen grown women brought to tears because their best friends from childhood bought a house from someone else after they dragged them around for the past six months, looking at everything they said they wanted to see. If you don't have the confidence to take the ups and downs, and if you can't accept that fact that real estate agents are often held in the same regard as car salespeople (which encourages clients and customers to be less than completely truthful due to the intrinsic lack of respect for the industry in general), then you're going to struggle. Don't take it personally. It's not about who you are (or who you were) - it's about how you conduct yourself in the moment.
Commitment - Working as an independent contractor in the real estate business is different than working a 9-to-5 job on Lexington Avenue. If you don't show up, you don't have a chance to make a commission. Getting to know the market, attending brokers' open houses (not just the ones with lunch), learning how to read tax maps, negotiating the web-based tools of the trade, and standing in line and begging for property information at town hall, are all actions that are very new to most people. Real estate, especially in a market like the Hamptons, is a 16-hour per day, 7-day per week business. That's if you can sleep, of course. You've got to be in it to win it, as they say.
Closing Skills - At the first interview or the first training session for new recruits, when I ask why they want to be real estate agents, it's common to hear things like, "I love people and I love houses, so I figured I'd get a job where I could work with both." Well, six to nine months later, it's not uncommon for those same new agents to be foaming at the mouth about "those idiots" who didn't buy "that dump" they showed them. It doesn't matter how much you love people and how much you love houses. If you're not able to bring people together in a deal, if you're not able to facilitate agreement in a transaction - you're sunk.
There are several newer agents who have proven their abilities in the last five years. They know who they are - I'm recruiting them as we speak for my new RE/MAX BEACH PROPERTIES office in Southampton. They've made the transition. They've figured it out (the elusive "it"), and they've got what it takes.
It's not rocket science, but it's no piece of cake, either. I, for one, have found where I belong. I love the business, even in the softer times. I enjoy the challenges of bringing buyers and sellers together where there are no losers, and of coaching and supporting new and experienced agents and building high-performing teams.
Not only do I feel that I am good for real estate because I approach the business with a commitment to integrity and honesty; I also feel that real estate has been very good to me. It has allowed me to bring my knowledge and experience in business and people development together in one place, where the personal and professional risks are great, but so are the rewards - but only for those who understand the wisdom of using those Three C's of Real Estate as a daily part of their business lives.
Saturday, September 16, 2006
Nice Going, Judy!
I wonder if she saw those words leaving her mouth like a big dark cloud? Click below to see why consumers hold real estate agents in such low regard.
Just Listed- Again - Inman Blog
Friday, September 15, 2006
I'll Put My Money on John Kanas
On Tuesday evening, John Kanas, CEO of North Fork Bank, spoke at the annual dinner of HANFRA, the Hamptons and North Fork Realtors Association. He is one of the area's biggest and most successful businessmen, heading up a bank that will be the 7th largest in the US, after the mergers with Hibernia Bank and Capital One are complete.
During his 20-minute discussion he stated that, while there were certainly pockets of distress and some markets that were feeling the strain of over-enthusiastic condo development, there were NOT signs that this current market would result in anything similar to the 1989-92 market decline.On the flip side, you have RealtyTrac.com publishing reports of 25-50% increases in foreclosure activity this year. More bad news for real estate. Does anyone realize that Realty Trac makes its money from selling subscriptions to their foreclosure reporting service? How many "investors" or wannabees are willing to pay $39 a month to get all the newest foreclosure info for their zip codes?
I was, for about 3 months. Then I realized I was getting old and incomplete information that RealtyTrac appears to be "churning" - sending time and time again in order to appear like new information. What RealtyTrac is really setting up is another Lead Generation model, designed to get leads and sell them to real estate agents, using the foreclosure twist as a marketing tool.
Very exploitive. Somewhat clever, but very exploitive. Another interesting tidbit is that it took me over 3 months of effort to cancel my subscription to the RealtyTrac service. The links to unsubscribe on their website didn't work and the instructions telling me how to unsubscribe led to dead ends. I sent them emails and finally, after no response, found a telephone number to call. Of course, I had to call another "special unsubscription number" that was closed and had limited office hours. Finally, I called and a very nice man took my info (no AOL-type experience). We'll see if the charge shows up on my next credit card bill. I can't say I'd be terribly surprised. SHAME ON YOU, REALTYTRAC!!
Reported info from Long Island Profiles is that foreclosure sales have actually gone down in the Hamptons (combined townships of Southampton and East Hampton) in 2006 vs 2005. For the first 6 months of 2005, there were 6 foreclosures with an average transfer price of $513,000. For the same time period in 2006, Long Island Profiles reports 3 foreclosure sales, with an average price of $517,000.
So, that makes reported foreclosure sales in the Hamptons down 50% in 2006 vs 2005! But is that the headline for this post? NO! Why not? Because the difference in those figures is not statistically significant, and sending out a newsflash reporting that "Foreclosures In The Hamptons Are Down 50%" would be exploitive and irresponsible.
So, back to my original point, Mr. Kanas. I like straight talk. md
md
Tuesday, September 12, 2006
OK, EVERYBODY- FISH!!! Capt. Amanda Switzer
If you're going fishing and you don't know the territory, it's a good idea to find someone who does. Word has it that Capt. Switzer really knows her stuff. Check it out at:
Capt. Amanda Switzer
Platinum Protection - Forbes.com
The number of security options has increased dramatically over the past few years, experts say. And in addition to new technologies, of which there are many, there is more fusion than ever before - and more expense.
Platinum Protection - Forbes.com
Platinum Protection - Forbes.com
What To Do About Real Estate Newbies?
I believe the question is also, "What to do about real estate oldies?".
Fortunately, New York State has decided to raise the bar on new licensees by requiring them to complete more hours of school in order to become eligible to take the State licensing test. New York has also eliminated the rule that allows brokers licensed for more than 15 years to forgo continuing education for their license renewal every two years. These new rules start in 2008. Some might say that the horse is out of the barn already. I say better late than never.
As far as brokerages are concerned, now that the salmon are not jumping out of the rapids into the paws of agents and giving brokers their share of the earned commissions, they will HAVE to reduce operating costs by developing and enforcing performance standards. This will result in separating the wheat from the chaff, as it were, and getting rid of the dead weight.
Ahhhh...the circle of life. md
Inman Real Estate News - What do to about real estate newbies
Fortunately, New York State has decided to raise the bar on new licensees by requiring them to complete more hours of school in order to become eligible to take the State licensing test. New York has also eliminated the rule that allows brokers licensed for more than 15 years to forgo continuing education for their license renewal every two years. These new rules start in 2008. Some might say that the horse is out of the barn already. I say better late than never.
As far as brokerages are concerned, now that the salmon are not jumping out of the rapids into the paws of agents and giving brokers their share of the earned commissions, they will HAVE to reduce operating costs by developing and enforcing performance standards. This will result in separating the wheat from the chaff, as it were, and getting rid of the dead weight.
Ahhhh...the circle of life. md
Inman Real Estate News - What do to about real estate newbies
Monday, September 11, 2006
Chicken and Real Estate...
...are not videotapes and airline tickets.
(note: this is a repost of this blog's 9/2/06 entry Sellsius Zillow Poll Results. Feedback was that the point needed to stand alone. md)
Zillow. Brilliant marketing concept, for sure. We're all running around saying, yelling, screaming the "Z" word, while the founders go to every realtor trade association meeting they can get a plane ticket to (on-line tickets, through Expedia.com, of course) and sit up on the dais, with Cheshire cat grins, talking about how they created the fabulous Expedia.com and how it changed the travel agency business forever (read: put thousands of travel agents out of business).
Their posture is uncannily similar to that of a group of men I met back in 1992 when they bought a little-known company called Boston Chicken. I was Director of Operations for Boston Chicken at the time, a concept of fresh food served in a charcuterie style to raging fans in the Boston area. The concept was founded by Kip Kolow and Arthur Cores, two "nice boys" from Newtonville, Mass. about 10 years earlier. The foundation of the concept was the fresh and delicious food, prepared with the finest, freshest ingredients, delivered daily to our stores.
This group was still riding high on their success with the Blockbuster Video chain. They had become early franchisees of Blockbuster and grew at a faster pace than the franchisor, eventually taking the founders over and making lots of money in the process. They figured they had the Midas touch (and so did their backers) and could do the same thing with Boston Chicken that they did with Blockbuster - grow it fast and reap the rewards.
In order to do this, they developed plans to buy the entire crop of butternut squash grown in the midwest, put the fresh product into leased freezers, have it processed, and have it sent frozen to the stores by a distributor. They planned similar mass buys, storage and delivery schemes with potatoes (if you ever had the mashed potatoes from one of the original Boston Chickens, you understand what a blasphemous act this would have been). The same plan existed for all fruits and vegetables, and even - brace yourself - chickens! After all, they needed to buy in bulk and get the product cost down in order to be more profitable for their company stores and to attract new franchisees. Gee whiz, when the video rental business slowed down, they could even put Boston Chicken stores in the Blockbuster locations and train the franchisees how to operate them. How brilliant!!! How enterprising!!!
These guys did know the video business and they sure knew how to create sizzle (use of "z" merely necessary, not intentional), but they didn't understand the food business. I remember talking with one of the head honchos in our offices overlooking the Harvard football stadium the day after they bought the company. He asked me what I thought the growth potential was of the company, and I told him what we had found in our concept development research: "probably 250-300 stores in upscale shopping centers and commercial districts around the country, owned and operated by franchisees who are committed to quality, freshness and service". These were the hallmarks of the Boston Chicken brand that Arthur and Kip had worked for years to create and we worked diligently to preserve, staying true to the concept even as we grew to 45 stores throughout the northeast.
He told me that I "wasn't thinking big enough". He put his foot up on the arm of my chair and, while scratching his nether-regions, told me they would become the "McDonalds of chicken!". He went on raving about how he and his "boys" (completely different meaning from the earlier use of the term) had built up "fifteen hun'red Blockbuster stores" and had changed the world forever. "Your success with the Blockbuster concept has been phenomenal," I said. "I think it's important, however, to keep in mind that people have a different standard for what they put in their mouths and feed to their families than the standard they have for what they put in their VCRs".
Well, the rest is history. The Boston Chicken name was changed to Boston Market, the group sizzled through a much-heralded public offering, the stock sky-rocketed, the stock plummeted, then they went bankrupt. A March 13, 2002 article in the WSJ drew a comparison between Boston Market and Enron.
I knew I recognized the cockiness I saw in the Zillow founders when I attended a presentation of theirs hosted by Brad Inman in New York this past February. It somewhat irked me and made the hair on the back of my neck stand at attention. I think I've figured out why.
They (and their backers) figure they have the Midas touch, too. They figure they can do the same thing with homes that they did with airline tickets - grow the business fast and reap the rewards.
In order to do this, they are developing a website that they claim will empower the consumer to make buying and selling decisions for homes on their own. They take raw numbers from the municipal records of villages, towns, and cities that they know nothing about and probably have never visited, and, using their own witchcraft formula, assign values to our homes that they arrogantly expect us to believe to be accurate and on which we will base million-dollar decisions.
Currently, the information Zillow provides is grossly inaccurate in many markets. Here in the Hamptons, their Zestimates differ from my professional valuations between 30%-100% on many properties (you read it correctly - up to 100% off-base). I have seen Zillow value a property at $4 million that has comps to support a value of over $8 million. The sad thing is that there are buyers and sellers making decisions based upon this information (see Seller Gets "Zillowed" ). I can see it now: con artists knocking on elderly folks' doors, using Zillow Zestimates to convince them to sell their homes for much less than they're really worth.
It will take a number of lawsuits or perhaps even a class action suit against Zillow before they put the appropriate disclaimers on their site. Fact is, NO ONE should be making a buy or sell decision based solely on Zillow information. Professional advice is highly recommended.
If asked, what I would say to them would be: "Your success with the Expedia.com concept has been phenomenal. I think it's important, however, to keep in mind that people have a different standard for making what will most likely be the largest purchase in their lives - their home - than the one they have for buying an airline ticket."
My prediction is that, despite the current sizzle that has been created, Zillow will be a Zubble, a Zlip in Zistory. Unless, of course, they figure out how to provide accurate information and take responsibility for advising people how to use it in proper context, at which point it just might become a useful tool to consumers and brokers alike.
Brace yourself again: the rest will be history. md
(note: this is a repost of this blog's 9/2/06 entry Sellsius Zillow Poll Results. Feedback was that the point needed to stand alone. md)
Zillow. Brilliant marketing concept, for sure. We're all running around saying, yelling, screaming the "Z" word, while the founders go to every realtor trade association meeting they can get a plane ticket to (on-line tickets, through Expedia.com, of course) and sit up on the dais, with Cheshire cat grins, talking about how they created the fabulous Expedia.com and how it changed the travel agency business forever (read: put thousands of travel agents out of business).
Their posture is uncannily similar to that of a group of men I met back in 1992 when they bought a little-known company called Boston Chicken. I was Director of Operations for Boston Chicken at the time, a concept of fresh food served in a charcuterie style to raging fans in the Boston area. The concept was founded by Kip Kolow and Arthur Cores, two "nice boys" from Newtonville, Mass. about 10 years earlier. The foundation of the concept was the fresh and delicious food, prepared with the finest, freshest ingredients, delivered daily to our stores.
This group was still riding high on their success with the Blockbuster Video chain. They had become early franchisees of Blockbuster and grew at a faster pace than the franchisor, eventually taking the founders over and making lots of money in the process. They figured they had the Midas touch (and so did their backers) and could do the same thing with Boston Chicken that they did with Blockbuster - grow it fast and reap the rewards.
In order to do this, they developed plans to buy the entire crop of butternut squash grown in the midwest, put the fresh product into leased freezers, have it processed, and have it sent frozen to the stores by a distributor. They planned similar mass buys, storage and delivery schemes with potatoes (if you ever had the mashed potatoes from one of the original Boston Chickens, you understand what a blasphemous act this would have been). The same plan existed for all fruits and vegetables, and even - brace yourself - chickens! After all, they needed to buy in bulk and get the product cost down in order to be more profitable for their company stores and to attract new franchisees. Gee whiz, when the video rental business slowed down, they could even put Boston Chicken stores in the Blockbuster locations and train the franchisees how to operate them. How brilliant!!! How enterprising!!!
These guys did know the video business and they sure knew how to create sizzle (use of "z" merely necessary, not intentional), but they didn't understand the food business. I remember talking with one of the head honchos in our offices overlooking the Harvard football stadium the day after they bought the company. He asked me what I thought the growth potential was of the company, and I told him what we had found in our concept development research: "probably 250-300 stores in upscale shopping centers and commercial districts around the country, owned and operated by franchisees who are committed to quality, freshness and service". These were the hallmarks of the Boston Chicken brand that Arthur and Kip had worked for years to create and we worked diligently to preserve, staying true to the concept even as we grew to 45 stores throughout the northeast.
He told me that I "wasn't thinking big enough". He put his foot up on the arm of my chair and, while scratching his nether-regions, told me they would become the "McDonalds of chicken!". He went on raving about how he and his "boys" (completely different meaning from the earlier use of the term) had built up "fifteen hun'red Blockbuster stores" and had changed the world forever. "Your success with the Blockbuster concept has been phenomenal," I said. "I think it's important, however, to keep in mind that people have a different standard for what they put in their mouths and feed to their families than the standard they have for what they put in their VCRs".
Well, the rest is history. The Boston Chicken name was changed to Boston Market, the group sizzled through a much-heralded public offering, the stock sky-rocketed, the stock plummeted, then they went bankrupt. A March 13, 2002 article in the WSJ drew a comparison between Boston Market and Enron.
I knew I recognized the cockiness I saw in the Zillow founders when I attended a presentation of theirs hosted by Brad Inman in New York this past February. It somewhat irked me and made the hair on the back of my neck stand at attention. I think I've figured out why.
They (and their backers) figure they have the Midas touch, too. They figure they can do the same thing with homes that they did with airline tickets - grow the business fast and reap the rewards.
In order to do this, they are developing a website that they claim will empower the consumer to make buying and selling decisions for homes on their own. They take raw numbers from the municipal records of villages, towns, and cities that they know nothing about and probably have never visited, and, using their own witchcraft formula, assign values to our homes that they arrogantly expect us to believe to be accurate and on which we will base million-dollar decisions.
Currently, the information Zillow provides is grossly inaccurate in many markets. Here in the Hamptons, their Zestimates differ from my professional valuations between 30%-100% on many properties (you read it correctly - up to 100% off-base). I have seen Zillow value a property at $4 million that has comps to support a value of over $8 million. The sad thing is that there are buyers and sellers making decisions based upon this information (see Seller Gets "Zillowed" ). I can see it now: con artists knocking on elderly folks' doors, using Zillow Zestimates to convince them to sell their homes for much less than they're really worth.
It will take a number of lawsuits or perhaps even a class action suit against Zillow before they put the appropriate disclaimers on their site. Fact is, NO ONE should be making a buy or sell decision based solely on Zillow information. Professional advice is highly recommended.
If asked, what I would say to them would be: "Your success with the Expedia.com concept has been phenomenal. I think it's important, however, to keep in mind that people have a different standard for making what will most likely be the largest purchase in their lives - their home - than the one they have for buying an airline ticket."
My prediction is that, despite the current sizzle that has been created, Zillow will be a Zubble, a Zlip in Zistory. Unless, of course, they figure out how to provide accurate information and take responsibility for advising people how to use it in proper context, at which point it just might become a useful tool to consumers and brokers alike.
Brace yourself again: the rest will be history. md
Saturday, September 09, 2006
The Unsold Warhol - New York Times
A clever and refreshing piece about the unsold Morrissey house that he shared with Warhol.
This property is one of the enigmas of Hamptons real estate. Every agent who fights for these "ball and chain" listings ends up rueing the day that he or she flattered the seller into the exclusive agreement. But agents take them because it helps attract customers and clients in that price range. And besides, the magic of the Hamptons is that "lightning does strike" here more often than you might think. md
The Unsold Warhol - New York Times
Friday, September 08, 2006
Thursday, September 07, 2006
Zillow Pumps Up Values With No Explanation - Are The Trying To Buy Our Confidence?
It's common knowledge in the real estate business that flattery toward owners/sellers will get you everywhere.
Well, Zillow is getting into the game in a big way. While the complaint has been that their "zestimates" have been off, usually under-zestimated by anywhere from 30% - 100% here in the Hamptons, all of a sudden it appears that values in the Hamptons are rising (according to Zillow) at a neck-breaking pace!
Look at the following graphs. All three are different houses in different areas in the Hamptons. All three, according to Zillow, have seen miraculous increases in zestimates in the last several months - RETROACTIVELY!!!
$4.8M - $6.6M in 4 months.
$700k - $950k in 4 months.
$624k to $784k in 6 months.
According to the statistics that I have received from locally-reliable sources like Long Island Profiles and Suffolk Research, values have not gone up 25-35% across the board in the Hamptons this spring/summer. I imagine that Zillow hopes this will get more people to use their site to make buying and selling decisions.
The Zillow numbers are as unreliable today as they were 6 months ago, even if they are more flattering to the homeowner. md
Well, Zillow is getting into the game in a big way. While the complaint has been that their "zestimates" have been off, usually under-zestimated by anywhere from 30% - 100% here in the Hamptons, all of a sudden it appears that values in the Hamptons are rising (according to Zillow) at a neck-breaking pace!
Look at the following graphs. All three are different houses in different areas in the Hamptons. All three, according to Zillow, have seen miraculous increases in zestimates in the last several months - RETROACTIVELY!!!
$4.8M - $6.6M in 4 months.
$700k - $950k in 4 months.
$624k to $784k in 6 months.
According to the statistics that I have received from locally-reliable sources like Long Island Profiles and Suffolk Research, values have not gone up 25-35% across the board in the Hamptons this spring/summer. I imagine that Zillow hopes this will get more people to use their site to make buying and selling decisions.
The Zillow numbers are as unreliable today as they were 6 months ago, even if they are more flattering to the homeowner. md
Wednesday, September 06, 2006
Real Estate - Great Homes - New York Times
The New York Times Launches New Real Estate Web Sites; ''Great Homes'' to Feature Real Estate Listings and Original Content Focusing on Prime Destinations Throughout the United States and Europe
They have some good coverage of Hamptons Real Estate as well. Not complete - but good. md
Real Estate - Great Homes - New York Times
Update on RE/MAX BEACH PROPERTIES, Southampton, New York
The new RE/MAX will be opening around September 15th in the Hamptons. We look forward to seeing you. md
RE/MAX TO ENTER COVETED HAMPTONS,
NEW YORK MARKET WITH LUXURY BRAND
September, 5 2006, Southampton, New York - RE/MAX of New York, Inc. announced that Michael F. Daly will open his first RE/MAX BEACH PROPERTIES office at the intersection of North Main Street and County Road 39A (Route 27) in Southampton, NY. The high-profile retail center where the new RE/MAX office will be located was recently built by Ben Krupinski, one of the Hamptons’ most admired residential builders and commercial businessmen.
Mr. Daly will market properties under the RE/MAX Renowned Properties program, the company’s luxury division (http://www.remax-renownedproperties.com). The Hamptons have an average sales price of over $1.2 million, and Mr. Daly believes that the Renowned Properties marketing program will serve the market well. “The sophisticated look and feel of our marketing will fit the area nicely,” said Mr. Daly. “In my travels, both internationally and around the US, I have seen RE/MAX real estate signs on many high-end properties. Consumers in this region are highly sophisticated, well-educated, and world-traveled and know the RE/MAX brand” says Mr. Daly. “RE/MAX has an outstanding reputation, and I am proud to be bringing the RE/MAX luxury brand to the Hamptons.” RE/MAX conducts business in 64 countries, which gives Daly the ability to provide high-end customers worldwide exposure when marketing their properties. Mr. Daly will open several additional comprehensive, full-service real estate brokerage offices on the East End. The Hamptons, located on the South Fork of Long Island, is one of the most coveted markets in the country, with 2005 sales totaling over $4.5 billion. Recently, NRT acquired the market-leader, Allan Schneider Associates, and folded their 12 offices under the Corcoran Group name, eliminating the area’s largest, most established independent real estate brokerage.
In this current real estate market, where many brokerages are cutting expenses and closing offices, RE/MAX is growing in many high-end markets. Driving the growth is the RE/MAX concept, created by top-producing real estate agents for top-producing real estate agents. RE/MAX links a fair and equitable brokerage management system with a powerful brand, extensive support services, and respect for entrepreneurial spirit. The result: a formula for agent success unmatched in the industry. “When brokers understand the model, the 95-percent split structure, the ability to be in control of their own business, and the affiliation with a worldwide referral network, they get excited,” says Daly. All of the brokerages in the area operate under the traditional 50-50 split system, which offers less incentive for agents to excel. “Our phones have been very busy these last few weeks,” said Mr. Daly.
RE/MAX Beach Properties is the latest office to become part of the rapidly-growing RE/MAX of New York, Inc. real estate network. “RE/MAX Beach Properties will be opening in one of the hottest markets in the country. Michael is building a strong team, and we expect he will be able to capture significant market share in a short period of time,” said Henry Weber, President and Regional Director of RE/MAX of New York, Inc.
Daly entered East End real estate joining Prudential Douglas Elliman RE in 1999. He became a top-selling agent, then managing director with the company and went on to serve as an executive at NRT’s Corcoran Group before starting True North Realty Associates, Inc., the holding company for RE/MAX Beach Properties. Mr. Daly’s weblog, The Hamptons Real Estate Blog, can be found at http://truenorthrealty.blogspot.com. Barbara Daly, Michael’s wife, is a licensed real estate salesperson and will be overseeing the administrative aspects of the brokerage.
RE/MAX of New York, Inc. is a leader in the sale of residential and commercial real estate in New York State. RE/MAX of New York, Inc. has a sales force of more than 1,900 agents and 135 offices throughout New York. RE/MAX agents in New York generated over $12.9 billion in sales since 2003 and completed more than 90,000 transactions. For more information, visit www.remax-newyork.com on the Internet.
The RE/MAX franchise network is a global real estate system with more than 6,522 independently owned offices engaging 120,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation, and asset management. Local community involvement is important to RE/MAX members who participate in thousands of local charitable causes and have raised more than $66 million for Children’s Miracle Network. RE/MAX is also a major sponsor of the Komen Race for the Cure Survivor Program. For more information visit www.remax.com.
-END-
RE/MAX TO ENTER COVETED HAMPTONS,
NEW YORK MARKET WITH LUXURY BRAND
September, 5 2006, Southampton, New York - RE/MAX of New York, Inc. announced that Michael F. Daly will open his first RE/MAX BEACH PROPERTIES office at the intersection of North Main Street and County Road 39A (Route 27) in Southampton, NY. The high-profile retail center where the new RE/MAX office will be located was recently built by Ben Krupinski, one of the Hamptons’ most admired residential builders and commercial businessmen.
Mr. Daly will market properties under the RE/MAX Renowned Properties program, the company’s luxury division (http://www.remax-renownedproperties.com). The Hamptons have an average sales price of over $1.2 million, and Mr. Daly believes that the Renowned Properties marketing program will serve the market well. “The sophisticated look and feel of our marketing will fit the area nicely,” said Mr. Daly. “In my travels, both internationally and around the US, I have seen RE/MAX real estate signs on many high-end properties. Consumers in this region are highly sophisticated, well-educated, and world-traveled and know the RE/MAX brand” says Mr. Daly. “RE/MAX has an outstanding reputation, and I am proud to be bringing the RE/MAX luxury brand to the Hamptons.” RE/MAX conducts business in 64 countries, which gives Daly the ability to provide high-end customers worldwide exposure when marketing their properties. Mr. Daly will open several additional comprehensive, full-service real estate brokerage offices on the East End. The Hamptons, located on the South Fork of Long Island, is one of the most coveted markets in the country, with 2005 sales totaling over $4.5 billion. Recently, NRT acquired the market-leader, Allan Schneider Associates, and folded their 12 offices under the Corcoran Group name, eliminating the area’s largest, most established independent real estate brokerage.
In this current real estate market, where many brokerages are cutting expenses and closing offices, RE/MAX is growing in many high-end markets. Driving the growth is the RE/MAX concept, created by top-producing real estate agents for top-producing real estate agents. RE/MAX links a fair and equitable brokerage management system with a powerful brand, extensive support services, and respect for entrepreneurial spirit. The result: a formula for agent success unmatched in the industry. “When brokers understand the model, the 95-percent split structure, the ability to be in control of their own business, and the affiliation with a worldwide referral network, they get excited,” says Daly. All of the brokerages in the area operate under the traditional 50-50 split system, which offers less incentive for agents to excel. “Our phones have been very busy these last few weeks,” said Mr. Daly.
RE/MAX Beach Properties is the latest office to become part of the rapidly-growing RE/MAX of New York, Inc. real estate network. “RE/MAX Beach Properties will be opening in one of the hottest markets in the country. Michael is building a strong team, and we expect he will be able to capture significant market share in a short period of time,” said Henry Weber, President and Regional Director of RE/MAX of New York, Inc.
Daly entered East End real estate joining Prudential Douglas Elliman RE in 1999. He became a top-selling agent, then managing director with the company and went on to serve as an executive at NRT’s Corcoran Group before starting True North Realty Associates, Inc., the holding company for RE/MAX Beach Properties. Mr. Daly’s weblog, The Hamptons Real Estate Blog, can be found at http://truenorthrealty.blogspot.com. Barbara Daly, Michael’s wife, is a licensed real estate salesperson and will be overseeing the administrative aspects of the brokerage.
RE/MAX of New York, Inc. is a leader in the sale of residential and commercial real estate in New York State. RE/MAX of New York, Inc. has a sales force of more than 1,900 agents and 135 offices throughout New York. RE/MAX agents in New York generated over $12.9 billion in sales since 2003 and completed more than 90,000 transactions. For more information, visit www.remax-newyork.com on the Internet.
The RE/MAX franchise network is a global real estate system with more than 6,522 independently owned offices engaging 120,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation, and asset management. Local community involvement is important to RE/MAX members who participate in thousands of local charitable causes and have raised more than $66 million for Children’s Miracle Network. RE/MAX is also a major sponsor of the Komen Race for the Cure Survivor Program. For more information visit www.remax.com.
-END-
Tuesday, September 05, 2006
Are You A BUBBA?
Peter Miller from Realty Times gives us a new fun term:
"In the same way that we have self-selling FSBOs, we also have self-buyers. About the best acronym for these folks comes from Terry Crook, a Realtor in Chapel Hill and Carrboro, NC. A self-buyer, says Crook, can be described as a "Buyer Unrepresented By a Buyer Agent" or a BUBBA."
Monday, September 04, 2006
Saturday, September 02, 2006
The Sellsius Zillow Poll Results: Agents Still Needed
Hmmmm...a very strange phenomenon, this Zillow thing. Brilliant marketing concept, for sure. We're all running around saying, yelling, screaming the "Z" word, while the founders go to every realtor trade association meeting they can get a plane ticket to (on-line tickets, through Expedia.com, of course) and sit up on the dais, with Cheshire cat grins, talking about how they created the fabulous Expedia.com and how it changed the travel agency business forever (read: put thousands of travel agents out of business).
Their posture is uncannily similar to that of a group of men I met back in 1992 when they bought a little-known company called Boston Chicken. I was Director of Operations for Boston Chicken at the time, a concept of fresh food served in a charcuterie style to raging fans in the Boston area. The concept was founded by Kip Kolow and Arthur Cores, two "nice boys" from Newtonville, Mass. about 10 years earlier. The foundation of the concept was the fresh and delicious food, prepared with the finest, freshest ingredients, delivered daily to our stores.
This group was still riding high on their success with the Blockbuster Video chain. They had become early franchisees of Blockbuster and grew at a faster pace than the franchisor, eventually taking the founders over and making lots of money in the process. They figured they had the Midas touch (and so did their backers) and could do the same thing with Boston Chicken that they did with Blockbuster - grow it fast and reap the rewards.
In order to do this, they developed plans to buy the entire crop of butternut squash grown in the midwest, put the fresh product into leased freezers, have it processed, and have it sent frozen to the stores by a distributor. They planned similar mass buys, storage and delivery schemes with potatoes (if you ever had the mashed potatoes from one of the original Boston Chickens, you understand what a blasphemous act this would have been). The same plan existed for all fruits and vegetables, and even - brace yourself - chickens! After all, they needed to buy in bulk and get the product cost down in order to be more profitable for their company stores and to attract new franchisees. Gee whiz, when the video rental business slowed down, they could even put Boston Chicken stores in the Blockbuster locations and train the franchisees how to operate them. How brilliant!!! How enterprising!!!
These guys did know the video business and they sure knew how to create sizzle (use of "z" merely necessary, not intentional), but they didn't understand the food business. I remember talking with one of the head honchos in our offices overlooking the Harvard football stadium the day after they bought the company. He asked me what I thought the growth potential was of the company, and I told him what we had found in our concept development research: "probably 250-300 stores in upscale shopping centers and commercial districts around the country, owned and operated by franchisees who are committed to quality, freshness and service". These were the hallmarks of the Boston Chicken brand that Arthur and Kip had worked for years to create and we worked diligently to preserve, staying true to the concept even as we grew to 45 stores throughout the northeast.
He told me that I "wasn't thinking big enough". He put his foot up on the arm of my chair and, while scratching his nether-regions, told me they would become the "McDonalds of chicken!". He went on raving about how he and his "boys" (completely different meaning from the earlier use of the term) had built up "fifteen hun'red Blockbuster stores" and had changed the world forever. "Your success with the Blockbuster concept has been phenomenal," I said. "I think it's important, however, to keep in mind that people have a different standard for what they put in their mouths and feed to their families than the standard they have for what they put in their VCRs".
Well, the rest is history. The Boston Chicken name was changed to Boston Market, the group sizzled through a much-heralded public offering, the stock sky-rocketed, the stock plummeted, then they went bankrupt. A March 13, 2002 article in the WSJ drew a comparison between Boston Market and Enron.
I knew I recognized the cockiness I saw in the Zillow founders when I attended a presentation of theirs hosted by Brad Inman in New York this past February. It somewhat irked me and made the hair on the back of my neck stand at attention. I think I've figured out why.
They (and their backers) figure they have the Midas touch, too. They figure they can do the same thing with homes that they did with airline tickets - grow the business fast and reap the rewards.
In order to do this, they are developing a website that they claim will empower the consumer to make buying and selling decisions for homes on their own. They take raw numbers from the municipal records of villages, towns, and cities that they know nothing about and probably have never visited, and, using their own witchcraft formula, assign values to our homes that they arrogantly expect us to believe to be accurate and on which we will base million-dollar decisions.
Currently, the information Zillow provides is grossly inaccurate in many markets. Here in the Hamptons, their Zestimates differ from my professional valuations between 30%-100% on many properties (you read it correctly - up to 100% off-base). I have seen Zillow value a property at $4 million that has comps to support a value of over $8 million. The sad thing is that there are buyers and sellers making decisions based upon this information (see Seller Gets "Zillowed" ). I can see it now: con artists knocking on elderly folks' doors, using Zillow Zestimates to convince them to sell their homes for much less than they're really worth.
It will take a number of lawsuits or perhaps even a class action suit against Zillow before they put the appropriate disclaimers on their site. Fact is, NO ONE should be making a buy or sell decision based solely on Zillow information. Professional advice is highly recommended.
If asked, what I would say to them would be: "Your success with the Expedia.com concept has been phenomenal. I think it's important, however, to keep in mind that people have a different standard for making what will most likely be the largest purchase in their lives - their home - than the one they have for buying an airline ticket."
My prediction is that, despite the current sizzle that has been created, Zillow will be a Zubble, a Zlip in Zistory. Unless, of course, they figure out how to provide accurate information and take responsibility for advising people how to use it in proper context, at which point it just might become a useful tool to consumers and brokers alike.
Brace yourself again: the rest will be history. md
To see the updated results of the Sellsius Zillow Poll, click the link below:
sellsius real estate blog - Zillow Poll Results: Agents Labor Still Needed
Their posture is uncannily similar to that of a group of men I met back in 1992 when they bought a little-known company called Boston Chicken. I was Director of Operations for Boston Chicken at the time, a concept of fresh food served in a charcuterie style to raging fans in the Boston area. The concept was founded by Kip Kolow and Arthur Cores, two "nice boys" from Newtonville, Mass. about 10 years earlier. The foundation of the concept was the fresh and delicious food, prepared with the finest, freshest ingredients, delivered daily to our stores.
This group was still riding high on their success with the Blockbuster Video chain. They had become early franchisees of Blockbuster and grew at a faster pace than the franchisor, eventually taking the founders over and making lots of money in the process. They figured they had the Midas touch (and so did their backers) and could do the same thing with Boston Chicken that they did with Blockbuster - grow it fast and reap the rewards.
In order to do this, they developed plans to buy the entire crop of butternut squash grown in the midwest, put the fresh product into leased freezers, have it processed, and have it sent frozen to the stores by a distributor. They planned similar mass buys, storage and delivery schemes with potatoes (if you ever had the mashed potatoes from one of the original Boston Chickens, you understand what a blasphemous act this would have been). The same plan existed for all fruits and vegetables, and even - brace yourself - chickens! After all, they needed to buy in bulk and get the product cost down in order to be more profitable for their company stores and to attract new franchisees. Gee whiz, when the video rental business slowed down, they could even put Boston Chicken stores in the Blockbuster locations and train the franchisees how to operate them. How brilliant!!! How enterprising!!!
These guys did know the video business and they sure knew how to create sizzle (use of "z" merely necessary, not intentional), but they didn't understand the food business. I remember talking with one of the head honchos in our offices overlooking the Harvard football stadium the day after they bought the company. He asked me what I thought the growth potential was of the company, and I told him what we had found in our concept development research: "probably 250-300 stores in upscale shopping centers and commercial districts around the country, owned and operated by franchisees who are committed to quality, freshness and service". These were the hallmarks of the Boston Chicken brand that Arthur and Kip had worked for years to create and we worked diligently to preserve, staying true to the concept even as we grew to 45 stores throughout the northeast.
He told me that I "wasn't thinking big enough". He put his foot up on the arm of my chair and, while scratching his nether-regions, told me they would become the "McDonalds of chicken!". He went on raving about how he and his "boys" (completely different meaning from the earlier use of the term) had built up "fifteen hun'red Blockbuster stores" and had changed the world forever. "Your success with the Blockbuster concept has been phenomenal," I said. "I think it's important, however, to keep in mind that people have a different standard for what they put in their mouths and feed to their families than the standard they have for what they put in their VCRs".
Well, the rest is history. The Boston Chicken name was changed to Boston Market, the group sizzled through a much-heralded public offering, the stock sky-rocketed, the stock plummeted, then they went bankrupt. A March 13, 2002 article in the WSJ drew a comparison between Boston Market and Enron.
I knew I recognized the cockiness I saw in the Zillow founders when I attended a presentation of theirs hosted by Brad Inman in New York this past February. It somewhat irked me and made the hair on the back of my neck stand at attention. I think I've figured out why.
They (and their backers) figure they have the Midas touch, too. They figure they can do the same thing with homes that they did with airline tickets - grow the business fast and reap the rewards.
In order to do this, they are developing a website that they claim will empower the consumer to make buying and selling decisions for homes on their own. They take raw numbers from the municipal records of villages, towns, and cities that they know nothing about and probably have never visited, and, using their own witchcraft formula, assign values to our homes that they arrogantly expect us to believe to be accurate and on which we will base million-dollar decisions.
Currently, the information Zillow provides is grossly inaccurate in many markets. Here in the Hamptons, their Zestimates differ from my professional valuations between 30%-100% on many properties (you read it correctly - up to 100% off-base). I have seen Zillow value a property at $4 million that has comps to support a value of over $8 million. The sad thing is that there are buyers and sellers making decisions based upon this information (see Seller Gets "Zillowed" ). I can see it now: con artists knocking on elderly folks' doors, using Zillow Zestimates to convince them to sell their homes for much less than they're really worth.
It will take a number of lawsuits or perhaps even a class action suit against Zillow before they put the appropriate disclaimers on their site. Fact is, NO ONE should be making a buy or sell decision based solely on Zillow information. Professional advice is highly recommended.
If asked, what I would say to them would be: "Your success with the Expedia.com concept has been phenomenal. I think it's important, however, to keep in mind that people have a different standard for making what will most likely be the largest purchase in their lives - their home - than the one they have for buying an airline ticket."
My prediction is that, despite the current sizzle that has been created, Zillow will be a Zubble, a Zlip in Zistory. Unless, of course, they figure out how to provide accurate information and take responsibility for advising people how to use it in proper context, at which point it just might become a useful tool to consumers and brokers alike.
Brace yourself again: the rest will be history. md
To see the updated results of the Sellsius Zillow Poll, click the link below:
sellsius real estate blog - Zillow Poll Results: Agents Labor Still Needed
Friday, September 01, 2006
House Prices, Government Spin - Money Week
A somewhat cheeky piece from the UK that feels familiar. Click your heels together now...
Why trying to spin-doctor the economy doesn't work
Seller Gets "Zillowed"
A partisan realtor look, but points worth knowing about. md
"Grossly inaccurate and very damaging information from Zillow.com put our family in a very difficult financial position." -seller
Full article below:
Realty Times - Agent News and Advice
"Grossly inaccurate and very damaging information from Zillow.com put our family in a very difficult financial position." -seller
Full article below:
Realty Times - Agent News and Advice
Subscribe to:
Posts (Atom)
