Hamptons Real Estate Blog

Hamptons Real Estate Blog Moved to Wordpress

2006-11-19T08:37:00.000-05:00

the Hamptons Real Estate Blog has moved to Beachamptons.com
Beachamptons Blog

All the Discussion That's Worth Discussing..

2006-11-13T08:33:00.000-05:00

...about Zillow, Intermediation and the Purity of Real Estate is here:

The Bloodhound Blog

and

Sellsius Real Estate Blog

Check them out. If you are a true real-estate-issues junkie (like me), you won't be disappointed. md

Builders & Agents: Know Your Customer

2006-11-13T08:32:00.000-05:00

As much of a pain as it is to post on Blogger Beta, this one was worth it!

"When you were born says a lot about your idea of the perfect house. Here's a review of the features that appeal most to boomers, Gen X and Gen Y, plus tips on how to sell to homebuyers in each generation."
By Christopher Solomon, MSN.com
"Observers say attitudes about homes do change as people enter different stages of their lives: Witness the Gen X-ers who want high-end kitchens now that they're nesting, just like their boomer parents before them."
More Here :'Dream homes' vary by generation

HELP!!! BLOGGER BETA IS KILLING THE HAMPTONS REAL ESTATE BLOG!!!!

2006-11-12T10:08:00.000-05:00

Someone out here, please help me...I began the Hamptons Real Estate Blog nearly a year ago on Blogger. Sure, I read all the comments that Blogger was inferior, but I just figured that was feedback from "techno-snobs" who wanted greater functionality and didn't mind paying for their blog hosting.

After all, I began developing relationships with my blog, made blogfriends, even got linked by colleagues whom I respect greatly. Gosh, one of my new fav blogbuddies even brought Barbara and me a couple dozen fresh, delicious clams (thanks again, Joe). My ranking on technorati was climbing, not exponentially, but consistently. I was just about to break the 100,000 ranking.

Then, as I was posting sometime in September, my eye caught the invitation to switch to Blogger Beta.
BETTER (they said),
IMPROVED (they promised),
BLAH, BLAH, BLAH (they tantalized).
Well, I might just as well have clicked on a porn site that is in partnership with a Viagra'd dating community. I'm stuck, bombarded, and can't get out.

I have been sending email to the Blogger Help gROUP, hELP AT bLOGGER bETA, ANYONE i CAN. aLL i WANTED TO DO WAS GO BACK TO THE original bLOGGER (look I'm so upset, I'm not even paying attention to my caps button). But there are NO INSTRUCTIONS on Blogger or Blogger Beta whatsoever to do this!!!

THE "BLOG THIS" BUTTON ON THE GOOGLE TOOLBAR DOESN'T WORK WITH BLOGGER BETA!

BLOGGER HELP GROUP WON'T LET ME JOIN FOR SOME REASON!!

I CAN'T LEAVE COMMENTS ON NON-BETA BLOGS!!!

I'M STIFLED!!!!

THIS IS NOT WHAT BLOGGING IS ALL ABOUT!!!!!

THE HAMPTONS REAL ESTATE BLOG IS DYING!!!!!!

IT'S NO FUN BLOGGING ANYMORE.

I just want out of Blogger and Blogger Beta.

If anyone can suggest how to transfer my Hamptons Real Estate Blog to another blog host, I'm all ears. I'd prefer not to join a pay service, because I'm now up to about $2,000 per month with all the $39.99 services that have been adding up in today's "pay-for-what-used-to-be-free-or-things-that-you-don't-need-that-didn't-previously-exist" world.

Any ideas? I'm fading, folks...really. md

Say It IS So!

2006-11-11T20:04:00.000-05:00

The parade of real estate agents to Gosman's Dock over the years, sitting before "the family" (or parts of it, anyway), has been legendary. Many a broker has gone asking for the listing and has gotten it, only for it to be rescinded a day, a week, a month later.

Maybe it's for real this time?

The Gosman's Dock property is a great compilation of resources that, with the right touch and investment, will be a world-class destination and change the face of Montauk - The End.

Montauk Landmark Up For Sale

Don't Just Sit There - DO SOMETHING!!!

2006-11-11T09:10:00.000-05:00

As discussed here, in Hamptons Deer In The National News Headlights, so many agents and brokers are paralyzed by the softening of business this past year. Matt Carter, the newest member of Inman News, has brought a refreshing, solution-oriented and "call-it-like-it-is" approach to the Inman Blog, and he posts on a recent panel discussion at the NAR convention in New Orleans. Thanks, Matt. md
Click Your Heels and Repeat After Me - Inman Blog

Cha-Ching! Hamptons Real Estate Open For Business

2006-11-08T08:12:00.000-05:00

The news has not been very good as of late. Nationally, real estate sales are down and values are dropping. The press loves the sensational, the dramatic. Good news isn't a draw. Who slows down on the highway to look at a car on the side of the road when there hasn't been an accident, right? Add some twisted metal and a few emergency vehicles and cars line up for miles to catch a peek. Sad, but true.

Here in the Hamptons, the news has not been all bad. Sure, there are stories of motivated sellers, price drops and more inventory than we have experienced in recent "high-flying" years, and there are data reports showing the number of sales are down from 2005, but the median and average sales prices are up. That's not bad news.

Well, the Wall Street bonuses are coming.
"For a fourth consecutive year, year-end bonuses are forecast to be highly lucrative, with the payouts rising 10 percent to 15 percent from 2005, according to Alan Johnson Associates, a leading executive compensation consultant."

And the Hamptons spring real estate market is right around the corner.

Read more below:

New York Times - Big Bonuses Seen Again For Wall Street

Hamptons Real Estate Blog

2006-11-01T10:00:00.000-05:00

Interesting, when I did a search for my Hamptons Real Estate Blog on Google, the results showed several other sites that have referred to this blog, and links to post comments on the blog with no way to actually get to it...but it did not come up with a link to the blog itself!?! What's the deal? Gotta figure that one out. md

Heard it all before - Brad Inman, Inman Blog

2006-11-01T08:54:00.000-05:00

About Zillow having a complaint filed against them with the FTC, Brad Inman, founder of HomeGain writes the following in the Inman blog:

Zillow gets zinged, surprise, surprise. When HomeGain launched its home valuation tool in 1999, most consumers loved us but many hated us. We were estimating the value of an expensive and emotional asset: peoples' homes.
The service also scared Realtors, brokers and appraisers. It was new. Even new fashions make people mildly nervous, but new technology can send a sharp icy cold shiver up the spines of established companies.
The appraisers were particularly irked -- even though they had quietly become our power users and a few of them went to state regulators to stop us. Two states came after me personally, threatening severe penalties. At the time, I said: "Bring it on, I cannot wait to stand on the courthouse steps and say that I will willingly go to jail for giving the public, public information."
-- Bradley Inman, Inman News

Brad-
Yes, there are some similarities, but the differences are attitude and presentation.
You have always been one to challenge the industry to be better. They appear to be trying to "cripple" it, with a smile.
You presented your info for what it was, these guys claim that their info is more than it really is. You're assertive and aggressive, they are arrogant and sneaky. That the difference, and I've heard it all before, too! See my post Chicken and Real Estate. Maybe it's all about PR? Maybe not. Time will tell. md

Former Cendant Chairman Found Guilty

2006-10-31T22:53:00.000-05:00

The former chairman of Cendant Corporation, the old corporate parent of brokerages like the Corcoran Group and Sotheby's International Realty, was found guilty on Tuesday of conspiracy to commit securities fraud and two counts of making false statements. The verdict against Walter Forbes stemmed from a fraud that cost Cendant and its investors more than $3 billion. [NYT]

New Luxury Home Must-Haves

2006-10-31T15:55:00.000-05:00

Question: Do you have an outdoor kitchen? My, my...better call the contractor. md

Forbes - What's Important to Have in Your Home Today

Steve Alpert Artwork at RE/MAX Beach Properties, Southampton

2006-10-31T00:54:00.000-05:00

We are very fortunate to have the Hamptons landscape oil paintings of artist Steve Alpert displayed on our office walls at RE/MAX Beach Properties.

Steve came in a few weeks ago with his dog, Ray (for whom our Zoe is still pining), and proceeded to transform our empty walls into a warm, inviting place to call home and do great business, surrounded by beautiful things. As Steve says, "Art is one of the few things we leave behind. To me, there is something sacred about making art, working with one's hands, especially in this fast-moving era of technology. The images art-makers create are the signposts of the times in which we live and records of the very personal moments we deem worthy of recording in paint."

Here's a small tease. Come see his work. We're there between 10am - 5pm every day.

Need Another House or Two, Ed?

2006-10-25T22:48:00.000-04:00

In the last several years, Warner Music Group's chairman and chief executive has listed a number of properties in New York's Hamptons, including a 6,800-square-foot house on 3.2 acres in Amagansett, priced at $9.5 million, and a five-bedroom home in Amagansett for which he asked $10.25 million. In late 2005, he bought a 4.5-acre Bridgehampton spread for $31 million.

Currently on the market: his 8,000-square-foot home on Indian Wells Lane in Amagansett. Bronfman, 51, bought the three-lot spread, formerly the site of the grass tennis court Namagansett Club, for $12.5 million in the spring of 2005. He is hoping to find a buyer willing to pay nearly $15.8 million for the property, which was gut renovated by a previous owner in 2000.

In addition to six bedrooms and seven-and-a-half bathrooms, the shingled estate features wrap-around porches, a gourmet eat-in kitchen with marble countertops, a full basement with a media/billiard room, a guest cottage, a 42-foot gunite pool, pool house and gardens by award-winning designer Deborah Nevins.

DON'T JUMP...

2006-10-25T10:47:00.000-04:00

...from the frying pan into the fire....

....without checking out RE/MAX BEACH PROPERTIES in Southampton.

1- Build your own business. Teams welcomed and supported.
2- Industry-leading training and ongoing professional development for experienced associates.
3- Sell anywhere your license allows. No required referrals to Manhattan or other parts of New York.
4- Keep 95% of what you earn. Other programs available to meet your needs.
5- Worldwide direct referrals. No relocation departments sharing the referrals.
6- State-of-the-art technology including wireless in our office, dedicated phone lines, RealNet, MLS and support for home office associates.
7- Partnerships and affiliations with North Fork Bank, UBS, Marin Corporate Risk Associates and other to help you manage your money, secure proper health, personal and business insurance and properly structure your business for maximum profitability and sound retirement.

And there is much, much more to it.

We understand that many of you are not familiar with the RE/MAX brand because, until now, it has not had a presence in the Hamptons luxury market and has just recently started expanding in Manhattan.

I have been looking at developing the Hamptons with RE/MAX since 2004 and now believe that the time is right and have bought the rights to develop offices in Southampton, Sag Harbor and East Hampton. Many agents who I have worked with since 1999 at Prudential and Corcoran, are familiar with my business philosophies creating high-performing teams, and conducting business with honesty, integrity and professionalism. You know that I will only align myself with a company or a brand that will be successful in this market.

Change is not easy. It's no secret that many agents in this market are considering changing companies or getting out of the business entirely.

Do yourself justice by finding out all of what's available to you. Once you see why RE/MAX is the most successful real estate brokerage in the world, you'll then have the information needed to compare your options. Then decide for yourself.

Available when you are. All inquiries strictly confidential.

Michael Daly
Direct 631.702.1600
Mobile 631.525.6000
mdaly@remax.net

RE/MAX Beach Properties, Southampton - The Sign is Up!!!!

2006-10-24T21:50:00.000-04:00

...and so is the door stenciling...

...and the interior sign...along with Steve Alpert's incredible works of art...

Stop by for a visit!
241 County Road 39A (Route 27) Suite 4
at intersection of North Main Street
Southampton, NY 11968
631-287-6200

What's Good for the Zoose...

2006-10-24T21:30:00.000-04:00

You've gotta love these Sellsius guys. They call it like it is. Realtors have been hanging their caps on the fact that Realtor.com is the largest, most often visited real estate website in the US, with listings from nearly every MLS in the country.(Not that that helps us here in the Hamptons much, because less than 10% of the total listings in the Hamptons are on the Long Island MLS, therefore Realtor.com. Same issue for Manhattan, but we'll tackle that NYC/Hamptons MLS issue another time.)

So Alan Dalton is the president of Realtor.com and has been running around the country bashing the new-tech guys (zillow, willow, dillow, squillow, trulia, blulia, glulia, etceteria) and fact of the matter is, if Realtor.com met the needs of the consumer, these newbies wouldn't have a chance.

As my dear Irish Grandmother would say when we started to criticize each other at the dinner table: "PUT YER NOSE ON YER OWN PLATE!"

"sellsius° real estate blog" -Top 10 Complaints with Realtor.com

The REAL Trends E-mail Update - Particularly Insightful...

2006-10-24T20:54:00.000-04:00

...to the Resort and Second Home Market today.

The REAL Trends E-mail Update is a service of
REAL Trends, Inc. -- http://www.realtrends.com

Steve Murray is one of the most respected real estate consultants in the business. Many of the largest companies in the industry are on his client list and he has brokered several large mergers and acquistions in recent years.

Some exerpts from todays Real Trends Email Update #849:

===Luxury Homeowners looking to purchase additional residences in the next two years===
In its latest consumer-trend study, Architectural Digest has united with Sotheby's International Realty Affiliates, Inc. to find that affluent homeowners are planning to acquire additional residences in the near future. The study, "Seeking a Luxury Lifestyle," discovers that one in three Architectural Digest subscribers (36%) intend to acquire a secondary/additional home in the next two years. The study further reveals:

* Of those Architectural Digest subscribers who already own three or more homes, 49 percent plan to acquire an additional home within two years;
* Of those who already own a second home, 35 percent plan to acquire a third home within two years; and
* In an indication that young affluent consumers are in the market for second homes, 44 percent of those under age 45 stated that they may acquire a second home in the near future.

Although geography is the primary driver when it comes to searching for a secondary residence, lifestyle amenities are becoming increasingly critical. Approximately one in three (32%) of the Architectural Digest subscribers measured know the characteristics and amenities they desire and would search in a number of geographic locations to find the home that matches what they want, rather than looking purely by location. Subscribers with household incomes under $400,000 (38%) are more likely than their wealthier counterparts to indicate they would search in a number of locations to find the house that meets their amenity checklist.

The study finds that waterfront property (75%) is the most sought-after amenity when buying a secondary residence. Surprisingly, gourmet kitchens (10%) and swimming pools (5%) were among the least significant amenities.

===New-home buyers want high-tech options===
Home builders could be missing the boat if they donâ€™t offer high-tech options.

A recent survey by the Consumer Electronics Association found 38 percent of recent home buyers and 61 percent of those planning to buy indicated that they were in the market for monitored security, but only 29 percent of the builders surveyed were offering that option.

The study also found:

* 86 percent of builders said technology is a significant factor in marketing new homes, compared with 66 percent two years ago.
* 33 percent of builders said revenue from home-technology products had increased, up from 24 percent in 2004.
* 32 percent of new home buyers said they did not buy structured wiring because the builder did not offer it.
* 36 percent of all households had home theaters, up from 28 percent in 2003.

===Places where Americans would love to live===
North Carolina and Virginia top the charts as places where American most want to live, while California and Florida received the top votes of foreign respondents in a recent study, the Anholt State Brands Index. The Index analyzes the brand strengths and weaknesses of all U.S. states.

The survey polled more than 9,000 U.S. citizens and 12,000 people in 15 other countries on their attitudes and perceptions of all 50 states. Questions regarding physical aspects of each state, economic and educational opportunities, lifestyle appeal, people and basic qualities and infrastructure were designed to give state administrators and economic development offices insights into how their state is perceived within and outside of the United States.

The top five most desirable states to make a home, according to U.S. citizens are: North Carolina; Virginia; Florida; Colorado; and Oregon. North Carolina and Virginia also ranked highly as lifestyle destinations, and they consistently placed in the top 10 for climate, physical attractiveness, amenities, ease of finding employment, commercial opportunity and education.

Foreign rankings were based on parameters similar to those used for the domestic audience. For international respondents, the top five states are: California; Florida; Hawaii; New York; and Washington state.

===Second home ownership in Baby Boomers===
In 2004, 43 million American households aged 50 or older owned their main residence. Fifteen percent of this group, or 6.6 million households, also owned a second home. The second home market is relatively small, but there will be sustained future growth in second-home mortgage activity due to the sheer size of the Baby Boom cohort, not because baby boomers own these properties at a higher rate than older generations.

"Housing Trends Among Baby Boomers," a study conducted by Gary V. Engelhardt and jointly sponsored by Radian and the Research Institute for Housing America (RIHA), analyzes two trends. The first part of the report profiles second-home ownership and mortgage activity associated for homeowners aged 50 or older. The second portion of the study focuses on the mobility of older households, with a particular interest in quantifying suburban-urban migration. For older households, mobility is not determined by changes in employment, income, or broader labor-market conditions, but instead by changes in marital status, primarily widowhood, and health and functional status.

On second home ownership (based upon analysis from the Health and Retirement Study (HRS) data, they found that 6.6 million homeowners aged 50 and older own second homes. Second home purchases are geographically concentrated in well known vacation areas. As a result, local and regional economic conditions related to employment growth and migration will have important influences on the collateral value and credit risk of these properties.

Mortgage debt outstanding on second homes is estimated to total $126 billion. Only a small percentage of second homes owned by those 50 and over have outstanding mortgages. Second-home mortgage originations comprised only about four percent of overall mortgage market originations.

On mobility and suburban-urban migration (based upon analysis of Current Population Survey (CPS) data), it was found that at the national level, empty-nest retirement-age suburban homeowners are not flocking to urban areas in great numbers. In particular, based on the last decade's experience, in a given five-year period, only two percent of all empty-nest retirement-age suburban homeowners can be expected to move to an urban area. Suburban empty-nesters are just as likely to move to a non-metropolitan area as they are to an urban area.

Another Reason To Head East...

2006-10-23T21:51:00.000-04:00

...so as to not be spending too much time in an exurb. Sure, I can see the charm and even the pleasure at spending time in an exurb, but I think I'd rather live at the beach.

As part of their Living Cities Census Series, The Brookings Institute has conducted a study that will either fascinate you or put you to sleep. Let me know how it affects you, eh? md

This study defines exurbs as communities located on the urban fringe that have at least 20 percent of their workers commuting to jobs in an urbanized area, exhibit low housing density, and have relatively high population growth.

Finding Exurbia: America’s Fast-Growing Communities at the Metropolitan Fringe

A Serial Designer in Sarasota, the Hamptons, New York and Europe

2006-10-22T19:04:00.000-04:00

"Being Hungarian, I am accused of being a nomad," she said in an interview. "My husband, who is totally Milanese and is rooted for three generations in the same home, he finds this very disturbing, but I find homes very disposable. I fall in love with them, I do them, and I'm on to the next project."

Well, better with houses than spouses, eh?

Her name is spoken with reverence here in the Hamptons. She has done some beautiful projects and only gets better with each one.

Vittadini's latest creation comes on the market

Field Guide to Mold

2006-10-21T15:04:00.000-04:00

Yup, M-O-L-D : the new dirty word (unless, of course, you're talking about a great Stilton cheese).
Remember R-A-D-O-N? Well, there are still areas of the country that DO, in fact, have real issues with radon. I can't exactly tell you what they are - this post is about mold.

More and more people are discovering how much of a role mold (or the lack of it) plays in one's health. More and more home inspectors are including mold testing in the home inspection services. So read up on it a little. Along with underground oil tanks, it can be a deal breaker.

Caution: also be careful whom you hire for mold remediation. It's become a "get rich quick" scheme for some - the same guys that were installing thousand-dollar water filters in homes in the late 1980's. Not all are evil, but deal with someone who's recommended to you. md

There's quite a bit of information here:
NAR info Centers Field Guide to Mold and Health Issues

A Career Helping People Find A Place To Call Home

2006-10-18T10:04:00.000-04:00

This is a pretty innocuous view of what a real estate career is. We need to remind ourselves of what the basics are every now and then. So much has gone into demonizing the industry and the people in it since the market explosion of the 00's.

A Career Helping People Find a Place to Call Home

By Aja Carmichael

From The Wall Street Journal Online

The job: A residential real-estate agent

The pay: Agents are paid by commission. The median annual pay for a real-estate sales agent is $37,600, according to the National Association of Realtors. In New York, an agent who's starting out can make as much as $70,000 a year -- if successful -- while in Washington, an agent could earn $80,000. Some also receive year-end bonuses.

The hours: Agents who handle the sales of luxury homes in popular markets say they sometimes work as many as 70 hours a week.

Benefits: Independent-contract agents don't receive benefits, though many pay for medical coverage through a trade group, such as the National Association of Realtors.

Related Links

Five Almost Painless Ways To Make a Career Change

Pay Table: What residential real-estate professionals earn

Other incentives: Vary -- some top-selling agents can receive complimentary trips to exotic destinations, while some offices offer treats like weekly massage services. Agents with high-profile clients may also receive invitations to exclusive events.

Career path: Many agents say starting as an assistant to another agent helped them learn the industry from the ground up. Agents, who are licensed by state, need to have strong negotiating skills and know their local housing market as well as the past of buildings they're selling. "When you're selling a home you're literally selling a piece of history," says John T. Mahshie, an associate at Tutt, Taylor & Rankin, an affiliate of Sotheby's International Realty in Washington.

Best part of the job: Helping people find a home, and making friends. "The American dream is to own a house," says Anthony Abdalla, a real-estate agent at Coldwell Banker's Town & Country Property in Clarks Summit, Pa. "It's so rewarding to help people reach their dreams."

"The nature of what I do is so personal," says Joan Sacks, an associate broker at Stribling & Associates in New York. "My business relationships with these total strangers end up as friendships. They become part of my social circle and to me that's a perk."

Worst part of the job: When a deal falls through. "It's frustrating not being able to have [complete] control of a deal," says Wendy J. Sarasohn, a real-estate broker at Corcoran Group Real Estate in New York. "Sometimes things do not work out, so I've learned to be more resilient and to find my clients better deals."

"Most people's homes are their primary assets, so some tend to be emotional about selling," notes Drew Kern, a real-estate agent at Esslinger-Wooten-Maxwell Realtors in Coral Gables, Fla., a subsidiary of HomeServices of America. "To help them sell, you have to make sure their personal and financial goals are met."

HAMPTONS REAL ESTATE SEPTEMBER SNAPSHOP - Number of Sales Down, Average Sales Price Up

2006-10-17T20:30:00.000-04:00

What do you hear about Hamptons real estate these days? Are You Listening To The Right People?

If you're hearing that things are slow, that's right, for many agents: those who have not established themselves as a trusted advisor to their clients and customers.

If you're hearing that business is brisk, that's right, for some agents: the top agents in the market are busy. Listings are selling and customers are out buying. Those who know how to broker deals are doing fine.

In this type of a market where the "foam" settles down, instead of an 80/20 rule, it becomes a 90/10 rule. Veteran agents know how to create business and how to roll with the ebb and flow of the markets. While many newer agents are feeling the blues, the top 10% are making deals.

Some info worth noting:
Reported Closed Sales for Southampton and East Hampton Townships
September 2005......229 sales......$280,000,000.....Avg of $1,223,000
September 2006......195 sales.......$285,000,000.....Avg of $1,462,000
Preliminary Reports from Suffolk Profiles, Brightwaters, NY.

So, while the number of sales is down 15% '06 vs '05, the average sales price is up 16%, very similar to '05 vs '04 where the number of sales was down and the average sales price was up.

Adding-up the rosters of the four largest brokerages out here, Corcoran, Brown Harris Stevens, Prudential and Sotheby's, there is a total of about 1,000 agents. Add to that all the other small and mid-sized agencies and the "lone rangers" running around, and we probably have about 1,500-1,600 licensees. Last year there were 3,451 transactions in the Hamptons - not all of them had a broker involved.

If the top 10% of the agents average 10 transactions a year, that doesn't leave a whole lot to go around for the rest.

So find yourself someone to work with who's doing business, and leave the whiners at their own pity parties.

New Picture of My Favorite Listing In the Hamptons

2006-10-15T17:20:00.000-04:00

Remember my post about that Verrrry Sexy Little Noyac Path listing in Water Mill? Well, believe it or not, that house is still available for sale!

It's a terrific spot, with 2 acres and, at $1.595M, I still think it's the best buy in the market. There are other properties valued at $5M+ in the area, so it's amazing to me that this one is still around. md

Tomorrow is Here - Today.

2006-10-10T04:29:00.000-04:00

This Turn Here video shows how the VREO Real Estate Dashboard can change the whole "docu-drag" experience in the listing and selling process. Watch the video: Tomorrow is here Today - VREO

Ahhhh, The Changing of the Light...Happy Columbus Day

2006-10-09T09:37:00.001-04:00

The tweaking-down of the amount of sunlight we experience as we roll into fall is getting more obvious by the day. I remember when living in New England that this weekend was the height of the "leaf peaking season".

Here in the Hamptons, the leaves are just starting to turn, but the trajectory of the sun has changed noticeably. Just yesterday, the morning sun arrived at an angle where it shines through the window of my study at 7am, something I haven't seen in months.

As a boy, I would help my father take down the screens and put up the storm windows each Columbus Day weekend at our family home in Westhampton. When I was younger, my job was the screens. As I got older, my job became the much heavier storms. The windows were all different in this 1890's house, so each storm and screen had to be labeled (Den-L or Kit-W) and even then, the last storm window didn't fit the last empty window and we'd have to go through a game of swapping-out until we found the right match. Each fall, the quality of the sunlight changed, not only with the angle of the sun, but with the removal of the screens from the windows, just as it does today. AKIKO BUSCH writes a piece on that rite of passage for the NYTimes:
NYTimes - The Value of Transparency, Measured in Glass

Hamptons Deer In The National News Headlights

2006-10-08T11:07:00.001-04:00

It's not just skittish buyers and sellers who are impacted by the drone of "the sky is falling" news reports about real estate sales dropping in New Jersey, Miami and San Diego. Many of the agents I run across are walking around with zombie-like stares, buying into the "end is near" scenario.
At the first annual Home and Building Fair, sponsored by Corcoran and put together by the dynamic team of Allison Barwick and Joseph Naas,we visited table after table of agents displaying their listings. If you read my piece on The Three C's of Real Estate, you'd see that #1 is Confidence.

While some agents are running around, wringing their hands about how "the phones aren't ringing", there are others who don't wait for the phone to ring, they just keep doing business, day in and day out, month in and month out, year in and year out.

THESE HAMPTONS REAL ESTATE AGENTS ARE HOT, HOT, HOT!

2006-10-08T10:42:00.000-04:00

While it may be true that you "can't buy me love", witness truth to the fact that you can buy me agents!

These three pros all sell under the Corcoran name, and are there because their firms were acquired by NRT in recent years. While marginal agents in the market are moping about, spending time reading about the real estate bubble, these folks are too busy to break stride.

Diane Saatchi, formerly Principal Broker of Dayton-Halstead Real Estate.
Diane has created a brokerage within a brokerage with "The Saatchi Team". She is a real estate machine and is considered by many to be the best broker in the Hamptons. Diane is well-connected and always calm and cool in a business where emotions can run amok.
Click here to read about her.

Jack Pearson, formerly of Allan Schneider Associates.
Jack is the quiet, unassuming broker who focuses on his business like a laser-beam. When Corcoran aquired the former Cook Pony Farm in 2004, they wanted their Manhattan agents to refer business to their new Hamptons counterparts. Reportedly, Robby Browne, king of Corcoran Manhattan, would have no part of it. He trusted Jack, and that was that. Well, if you can't beat 'em, BUY 'em. Jack is now part of the family with the recent acquisition of AMS by NRT.
Click here for Jacks profile

Gioia DiPaolo, formerly Cook Pony Farm Real Estate. Dare we say that Gioia is the East End's most well-put-together real estate professional. The art-collecting, multi-lingual diva has been the top-selling agent for Cook, now Corcoran, in the Sag Harbor market for six years running. Gioia has loyal clients and customers from all over the globe and truly knows the waterfront properties of the Sag Harbor and North Haven market better than anyone.
See more about Gioia here.

With all the recent organizational changes in the market, I'm sure these three are "feeling the love" from all directions, as agencies scurry to pick up the pieces that get broken during the dismantling of AMS, the house that Allan built.

Home Mortgage Rate Hits 7-Month Low

2006-10-07T16:21:00.000-04:00

By a WALL STREET JOURNAL Staff Reporter
October 6, 2006; Page C4

NEW YORK -- Long-term home mortgage rates were stable to slightly lower in the past week, with the average 30-year fixed rate reaching a seven-month low, said housing-finance agency Freddie Mac.

The average for 30-year fixed mortgage rates in the week ended yesterday fell to 6.30% from 6.31% a week earlier. One year ago, the rate averaged 5.98%. It is the lowest the 30-year fixed rate has been since the week of March 2, 2006, when it averaged 6.24%.

The average for 15-year fixed-rate mortgages this week was 5.98%, unchanged from a week ago and up from the year-earlier 5.54%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages were 6%, unchanged from the previous week and up from the year-ago 5.48%.

One-year Treasury-indexed ARMs fell to 5.46% from last week's average of 5.47%. The rate averaged 4.77% a year ago.

With mortgage rates having dropped sharply, "not surprisingly, home refinancing rose 18% last week, accounting for almost half of all mortgage applications," said Frank Nothaft, Freddie Mac vice president and chief economist. "This is due both to the recent decline in mortgage rates and to homeowners who are refinancing ARMs rather than waiting for them to reset in the future when rates may be higher."

Designing America - WSJ.com

2006-10-06T22:31:00.000-04:00

Designing America

By JUNE FLETCHER
October 6, 2006; Page W1

Ask someone to name the most influential residential architects working in the U.S. today and the list is likely to include Frank Gehry, Robert Venturi or Richard Meier. But how many would have the name Aram Bassenian?

While homeowners may never have heard of Mr. Bassenian, they may well have seen some of his work. During his 36-year career, the Newport Beach, Calif., designer estimates that builders have used his designs to produce hundreds of thousands of homes from coast to coast.

Aram Bassenian, Chairman and chief executive officer, Bassenian/ Lagoni Architects, Newport Beach, Calif. ;No. of employees: 140; Signature designs: Stone turrets; Mea culpa: Front-loading garages; What's next: Circular rooms, green gadgets
Mr. Bassenian is a production architect, part of a small, largely unknown cadre of designers who specialize in the sort of mass-produced homes typically found in housing developments and subdivisions. Working as self-employed consultants for national builders like Centex Corp., Lennar Corp. and K. Hovnanian Homes as well as for some regional and local builders, these architects, and the hundreds of designers and draftsmen who work under them, churn out dozens of plans a year for everything from million-dollar luxury residences to midpriced townhouses. (By contrast, even the most prolific and high-profile custom architects design only a handful of homes a year; Frank Lloyd Wright, for example, averaged 10 annually over a 66-year career.) Though hardly household names, top production architects are the ones who decide what most American homes look like -- whether Craftsman or Colonial will be in this year, for example, or if floor plans will be single-level or multistory.

Of the 1,716,000 single-family homes built last year, 79% were production homes, up from about 60% in the early '90s, according to the National Association of Home Builders. That's in large part because smaller, custom builders are being bought up by big builders, which have better economies of scale with suppliers and construction workers.

But the result, some critics say, is often ubiquitous, cookie-cutter design. "It's formulaic and not very distinctive," says Jeremiah Eck, a Boston custom architect and former lecturer at Harvard University's Graduate School of Design. Indeed, the cost of design typically makes up about 15% of the budget in a custom home; in a production home, it's less than 2%.

William Sherman, chairman of the architecture department at the University of Virginia, says that too often, pressured by builders, production architects lavish too much attention and money on flashy features such as granite countertops and not enough on critical elements like framing and mechanical systems.

Quality is also an issue. A survey by J.D. Power & Associates released last month found that buyers reported an average of 14 problems with newly constructed homes, up 7% from 2005, with complaints ranging from cramped garages to cheap light fixtures.

Even so, production design has come a long way from the relentlessly homogenous subdivisions that sprang up in American suburbs in the '50s and '60s. "Over time, production architects began to promote the idea that people could live in exciting spaces even if they couldn't afford their own architect," says Barry Berkus, the venerable Santa Barbara, Calif., designer.

Though most production architects keep low profiles so they won't upstage their builder clients, a handful have achieved star status within the industry, winning design awards year after year. Here's a look at four of the most prominent:

Chris Lessard

Chris Lessard, Founder and CEO, Lessard Architectural Group, Vienna, Va.; No. of employees: 150; Signature designs: Angled floor plans, back stairways; Mea culpa: Synthetic stucco; What's next: Smaller homes, detached garages
When he was just starting to make a name for himself in the late 1980s, Chris Lessard was determined to break with the Georgian Colonial tradition then dominating mid-Atlantic production architecture. Every new house, it seemed, had the same gray asphalt roofs, brown brick facades and symmetrical groupings of front windows, known in the trade as "five, four and a door."

In 1989, when he was 34, the Washington, D.C.-born architect created his breakthrough floor plan -- the Grand Renoir, which dispensed with the convention that all rooms in a basic rectangular house must be boxy. Instead, Mr. Lessard designed a Y-shaped foyer that set the interior walls in most of the first-floor rooms at an angle and opened up two separate sight lines from the front of the house to the back. The innovative 4,100-square-foot plan quickly became so popular that it has been built more than 300 times in the D.C. metropolitan area alone, Mr. Lessard says, especially in tony Virginia suburbs such as Alexandria and Reston. Currently, WCI Communities is offering the Grand Renoir in Oak Creek Club in Upper Marlboro, Md., for $897,000.

The son of a home-builder, Mr. Lessard learned about budget constraints the hard way. His father sent him out to buy hardware for a project and Mr. Lessard bought the most expensive kind -- solid brass. His father upbraided him and said that if any of his competitors used solid brass knobs and hinges, he'd install them -- if not, Chris would have to return them. (All used plated brass, he learned in a tour of the area's new homes.) It was an important lesson for the young architect: Everyone wants the best of everything but not everyone can afford it. The value of the production process, he says, is that experts have edited everything in the house with an eye to limiting costs.

As with all production architects, Mr. Lessard must stay atuned to shifting demographics. Now, with downsizing boomers and first-time home buyers poised to dominate the housing market for the next decade, he is looking for ways to eliminate wasted space. "I want to make houses that are as efficient as a boat," he says. That means getting rid of two-story foyers and vaulted ceilings and resurrecting ideas from small, efficient homes from the '20s through the '50s, like pop-out dormers, galley-style pantries, built-in bookcases and closets tucked under the eaves. Those are some of the features found in his Craftsman-style "1920s" collection currently for sale in the community of Brambleton in Ashburn, Va. The 2,500- to 3,400-square-foot homes with detached garages in the rear are being built by Miller & Smith Homes, McLean, Va.

Aram Bassenian

If Southern California sometimes looks like Tuscany, that's partly because of Aram Bassenian. In his 36 years as a production architect, Mr. Bassenian has borrowed plenty from that rural Italian style, inspired by frequent trips overseas, and has popularized stacked stone turrets, rough-hewn beams and waxed fieldstone floors in attached and detached homes. "I was trying to get away from that vague 'California look,'" says Mr. Bassenian of the red-roofed, sandy-colored villas that were prevalent throughout the Southwest.

COMING TO A DEVELOPMENT NEAR YOU

Each year, the National Association of Home Builders surveys its members to see what the home of the future will look like. Here are some predictions from this year's survey:
• Ceilings will be flat, tray or coffered, and at least 9 feet tall.

• Living rooms will disappear, replaced by a den, parlor or library.

• Dual closets will be standard in the master bedroom.

• Entry doors will be at least six inches wider (3 feet, 6 inches) than they are today.

• Garages will be bigger, but some may have tandem parking -- front to back -- because lots are getting smaller.

• Average homes will have open floor plans, with spaces defined by ceiling treatments, floor coverings, arches, columns or pillars.

• Shower stalls will get bigger, with multiple shower heads in upscale homes.

• Outdoor kitchens and fireplaces will become common.

• Staircases will move from the front to the middle or rear of the house, where they're more functional. High-end homes will have two staircases.

• Rear walls will be mostly glass, opening to the outdoors.

The 64-year-old architect concentrates on the upper end of the market, and so can play with a broader palette than most of his peers; his homes currently sell for about $500,000 to $7 million, and are found in 20 states, from Washington to Georgia. One of the first production architects to venture into semicustom work, which allows buyers to "customize" their homes to some extent, Mr. Bassenian designed 4,000- to 5,000-square-foot homes for Westlake Trails in Westlake Village, Calif., built by J.M. Peters Co. in 1990, with such features as a "morning room" nook off the kitchen for reading the paper and drinking coffee, a library, secondary bedroom suites and four-car garages. They were among the first noncustom homes to break the $1 million barrier.

Trying to lure buyers who could afford a custom home forced him to expand his design repertoire, he says; it also helped raise expectations among lower-end buyers. "What starts in higher-end housing eventually moves into the rest of the market," he says. Pulte Homes, for instance, recently started offering morning rooms and libraries in Phoenixville, Pa., and an option for a four-car garage in Las Vegas, both in projects where the houses cost around $400,000.

With $2.8 million to spend on a new house, retired businessman George Beebe and his wife, Kathleen, could easily have afforded a custom home. Instead, last November they bought the "Formal Italian Plan 3," a 4,800-square-foot semicustom home at the Cortile Collection development in Rancho Sante Fe, Calif. "They thought about all the little details so we wouldn't have to," says Mr. Beebe, referring to his five fireplaces, 400-square-foot detached casita and travertine floors -- all included in the price.

Of course, buying production also means making trade-offs. Mr. Beebe had to spend an additional $15,000 to put in extra wiring for his 11 televisions, including a 32-inch high-definition screen in his bathroom and another television in his closet. He faults the design for not taking this into account. "The sort of people who buy these houses love technology," he says.

Mr. Bassenian says it's a challenge to keep a step ahead of the tastes and interests of his upscale buyers. With such high energy prices, he says that buyers are becoming more interested in customizing their houses with green and energy-efficient features. At Portico, a community he designed in San Diego where houses start at $750,000, buyers have the option of adding bamboo or palm wood flooring, carpet from recycled materials, speed-cook ovens and solar cells on the roof. He plans to build more informal designs with circular rooms to take advantage of views, master bathrooms that are bigger than master bedrooms and two-person showers.

Carson Looney

Carson Looney's designs are as rooted in the South as his thick Memphis drawl. The architect came to prominence in 1989 for his revival of the classic Charleston shotgun house in a much-lauded development called Harbor Town, near downtown Memphis. One of the earliest "new urbanist" communities, Harbor Town featured sidewalks, front porches and shallow front yards -- commonplace in older neighborhoods but unusual for new developments at the time. All were designed to encourage conversation and connections among neighbors.

Carson Looney, Co-founder and principal, Looney Ricks Kiss Architects, Memphis, Tenn.; No. of employees: 250; Signature designs: Double porches, "friend's entry" off the kitchen; Mea culpa: Round window in every gable; What's next: A shower for Fido
A self-described "Air Force brat," Mr. Looney grew up in cramped, spare military housing, an experience that later led him to think about how to design efficient, modestly priced homes that families could live in without feeling confined. He revived some practical ideas of the past such as open rooms, where families could socialize, combined with small "retreats" such as nooks, built-in benches and window seats.

Although Mr. Looney's designs haven't been as widely reproduced during his 23-year career as those of some of his peers, they have appeared in such high-profile communities as Celebration, the "small town" built by Walt Disney Co. near Orlando, Fla. "I've always been impressed with his attention to design detail, even when he's doing affordable housing," says Deb Bassert, who oversees the design committee of the National Association of Home Builders.

Mr. Looney declined to disclose his annual income, as did the others interviewed for this article. But according to the 2005 compensation survey by the American Institute of Architects, the average salary of top production architects -- principals of firms with more than 100 employees -- is $275,600 a year. Those with smaller firms, including most custom architects, average $180,300 a year.

While best known for his 19th-century revivals, Mr. Looney had a short flirtation early in his career with '80s postmodernism, where the emphasis was on over-the-top, attention-getting details. He put round windows in every gable and specified vast baths that he now scornfully refers to as "Texas tubs." It was pretentious and gimmicky, he says.

These days, he's tossing out useless exterior ornamentation and rooms that few people use, like the living room. Instead, he is focusing on informal parts of the house that he feels have been neglected. Currently on the drawing board: an updated version of the mudroom that includes cabinets for pet-food storage, a pet shower and a nook where pets can sleep, with Dutch doors that can be partially opened so they won't feel lonely. "Everyone needs a place for stuff," Mr. Looney says.

Doug Sharp

Doug Sharp, Managing partner and president, Bloodgood Sharp Buster Architects and Planners, Des Moines, Iowa; No. of employess: 290; Signature designs: Great room; Mea culpa: Porches too small for a chair; What's next: Back to the ranch house
In 1979, Doug Sharp designed a three-bedroom, two-bath ranch house with a new idea at the time -- a "great room" that did away with the family room's walls. Nearly three decades later, that 1,600-square-foot plan is still selling and the great room has become a fixture in almost every new home in America.

Best known for helping to popularize open floor plans, Mr. Sharp's firm was one of the first to sell books of its architectural plans to the public. The service upped the ante on design for homeowners, who have become more discerning, says Katherine Lee Schwennsen, president of the AIA. Before, many builders without any design experience would simply take generic plans out of an old pattern book, available through entities like Sears that may not have been created by an architect. "Mr. Sharp brought real design to the process," she says.

Mr. Sharp has always tailored his work to regional tastes and climates. But for the homes at Harbor Island in Tampa, Fla., in 1989, he went a step further and arranged rooms in a C-shape around a central courtyard, as many Latin American homes do -- a look that's widely imitated throughout the Sunbelt today. Currently he is adapting the feature to colder climates. In Astor Place, a development in Rocky River, Ohio, that fits townhouses together like puzzle pieces at 10 to 12 units per acre, he included tiny courtyards screened by ironwork and landscaping. They aren't big enough for much more than a bistro table and a couple of chairs, but they do give owners a little breathing room.

Mr. Sharp says it's difficult to design for today's smaller lots, but he's trying to overcome mistakes he made in the past, such as making porches that were too shallow to hold a chair. Currently, he is reviving Art Deco and mid-'50s contemporary styles, though with higher ceilings and green materials. "The ranch house is back," he says of the Eisenhower-era icon, perfect for downsizing boomers. (Indeed, a survey of 500 residential architects by the AIA shows that demand for single-level homes has increased 10% in the first quarter of this year, to 39%, over the same period a year before.) To keep the homes from feeling confining, Mr. Sharp is making ceilings taller -- up to 13 feet, while eliminating little-used spaces like the living room.

There are trade-offs, of course. Marleen Korkik, 52, a sales and marketing administrator, paid $300,000 for a two-bedroom ranch that Mr. Sharp designed for Lowry West, a new development in Denver. She likes some of the homey details like shutters and flowerboxes. But Mr. Sharp put the master bedroom in the front of the long narrow lot and the garage in the rear so it doesn't dominate the streetscape. That's a problem for Ms. Kordik, who now has to listen to folks chatting on the sidewalk, which is just 20 feet away from her bedroom.

I-N-T-E-G-R-I-T-Y

2006-10-06T15:47:00.000-04:00

You've GOT to appreciate this. Congrats to the CAR. Now let's get ALL MLS's NATIONWIDE to follow suit. md
REALTOR® Magazine - Daily News

Hamptons Online Real Estate

2006-10-06T15:31:00.000-04:00

Yes, I do admit that I am a contributer to this section. That being said, there are many other useful and tasty articles and real estate bits to enjoy. md
Hamptons Online - Guide to the Hamptons and East End of Long Island

Inman News - Are these Regulations or Suggestions on Mortgage Banking?

2006-10-06T13:06:00.000-04:00

Nice going to Matt Carter of Inman News for calling 'em as he sees 'em on several issues. This one is about the federal regulators' nebulous wording on new underwriting and disclosure guidelines for "exotic" mortgages.

The word "should" appears in the guidelines 102 times, Guttentag notes. Because they only say banks SHOULD do this and SHOULD do that, the guidelines are "essentially a theological document" Guttentag says, "designed to shield the agencies from the wrath of God (Congress) if the flood should come by demonstrating that the agencies did all in their power to stop the sinful behavior that brought it on."

Here in the Hamptons, a great majority of mortgages are "exotic", although not usually taken-out by people who can't afford them. See:
Inman News - Real Estate News and Advice for Buyers, Sellers & Investors

SHAME ON YOU- RealEstateJournal

2006-10-06T12:45:00.000-04:00

This is another example of an editor passing-on a self-serving press release as fact in an attempt to get more "hits" on the website.

"METEOR EXPECTED TO HIT 100 US CITIES IN NEXT FEW YEARS"
Watch the Chicken Littles run!
Oh, it's no surprise that these "researchers" have a website that is prominently displayed in their "research" article.

I'm keeping a salt shaker on my desk these days since nearly everything I read requires a grain of it. In no time I'll be going to the garage for that sack of rock salt.

Read the article in the link below and "run for the hills". I'm going to increase my credit line at the bank...md
RealEstateJournal | Prices in 100 U.S. Cities Expected To Decline for Next Few Years

Last Of The Clams at sellsius° Real Estate Blog

2006-10-06T07:55:00.000-04:00

Last Of The Clams at sellsius° real estate blog

REALOGY ON THE BLOCK

2006-10-04T20:27:00.000-04:00

"Steve Murray, president and editor of the newsletter Real Trends, said several private equity firms vetting Realogy for a possible takeover had hired him as a consultant in recent months. Realogy’s $500 million in annual cash flow and a relatively small debt are attractive to these investors."

Stepping Out on Its Own, Real Estate Broker Finds Unfriendly Streets | StarNewsOnline.com | Star-News | Wilmington, NC:

Matrix » 3Q 2006 Manhattan Market Overview

2006-10-04T18:59:00.000-04:00

THIS POST IS CHOCK FULL O' INFO!! md

Matrix » [Media Chain-Links, Fenced In] 3Q 2006 Manhattan Market Overview

Matrix » Carnival Of Real Estate [Week of October 2, 2006]

2006-10-04T08:15:00.000-04:00

Matrix » Carnival Of Real Estate [Week of October 2, 2006]

Photos of the Day (For Lar & Hamptons Michael) at sellsius° real estate blog

2006-10-04T08:12:00.000-04:00

Photos of the Day (For Lar & Hamptons Michael) at sellsius° real estate blog

Matrix » [Getting Graphic] Cost Is The New Rent Vs Buy Decision

2006-10-04T08:02:00.000-04:00

Matrix » [Getting Graphic] Cost Is The New Rent Vs Buy Decision

Here's Lookin' at You, Odysseus

2006-10-02T22:53:00.000-04:00

This is our girl, Zoe. She's a 9-month-old Great Pyrenees who has stolen our hearts and totally moved in on the "cush" life that our older Samoyed, Luna, had.

I think Zoe's jealous that Greg Swan has a picture of his handsome Bloodhound, Odysseus on the Bloodhound Blog, so - here you go - fair's fair.

Just know, I'm not changing the name of this blog to The Zoe Blog (not yet, anyway).

Castles For Sale - Forbes.com

2006-10-02T09:34:00.000-04:00

Me home is me castle...
Castles For Sale - Forbes.com

'02807' is sounding more like '90210'

2006-10-02T09:24:00.000-04:00

'02807' is sounding more like '90210'
By Pippa Jack - THE BLOCK ISLAND TIMES

Block Island this year assumes an honor of sorts. It ranks among the nation's "Most Expensive Zip Codes 2006," according to Forbes Magazine.

Block Island's zip code, 02807, placed 367 in the top 500 priciest neighborhoods across the United States. The listing is based on real estate sales last year that created a median home price on the island of $730,500.

It is the first time Block Island has won a spot in the annual list.

Placed immediately above the island are some better-known locales, such as zips in Boston, and Monterey and Santa Cruz, Calif. Montauk, the old fishing port on the tip of Long Island from which vacationers can catch a ferry between the island and the Hamptons, is just a few places lower at 372.

Neighboring islands Nantucket and Martha's Vineyard scored mentions, too. The town of Nantucket placed 46th, with a median home price of $1.3 million and a median household income of $63,348; none of the island's other neighborhoods were in. Two towns on the Vineyard, Chilmark and Edgartown, placed 80 and 387 respectively.

The magazine also supplies a little information about each 'hood, mostly gathered from public data like the Census Bureau and Federal Bureau of Investigation's Uniform Crime Report. The median household income on Block Island is $48,000, according to Forbes, above the national median of $44,389. The population was given as 1,105, with a median age of almost 44. The population has grown by 34 percent since 1990, says the listing, and the average household contains 2.1 people.

The crime rate here is very low. Forbes assigns a value of 100 to the national crime risk average. Block Island was given a value of 15, by far safer than average.

The island also scored high for schooling, which was measured by OnBoard, the same New York firm that worked out median home sales. According to the company, in a system in which "1" is low and "5" is high, Block Island got a "4" on the education index, which the magazine says is "a measure of socioeconomic status" that helps identify zip codes "with the best conditions for quality schools."

Nowhere else in Rhode Island made it into the Forbes ranking.

Half of the entire list was taken up by California zip codes, including, of course, Beverly Hills 90210. (It placed 22. For reality TV aficionados, Laguna Beach's 92651 also placed high, at 39.)

That being the case, it is not surprising that while the national median home price is $200,000, Forbes says that California's average is $600,000, making it the most expensive state to buy a home. Coastal areas in the Golden State took most of the spots in the top 10. But the priciest place of all is not far from

Block Island. Hamptons town Sagaponack won top honors as the most expensive place in the country, with median home sales of $2.8 million. In all, New York State took a generous 20 percent of the top 500, with zips on Long Island and in New York City (think Tribeca, the costliest NYC neighborhood at number 12) helping make it the second most expensive state.

Although California and New York zip codes took most of the top 10, Florida's Miami Beach made it as 10th most expensive. The crime index there isn't looking too good, though; it is listed at 431, putting residents at risk of crime at more than four times the national rate.

The place where people make the most money was Rancho Santa Fe in San Diego, Calif., where the median household income in 2005 was $333,014. It is also the second most expensive place to buy a house.

The safest place was Carlisle, Mass., with a crime index of two, followed by New Canaan, Conn., and a slew of other quiet Connecticut and Massachusetts towns.

'02807' is sounding more like '90210'

Realty Times - Real Estate News and Advice

2006-10-02T08:56:00.000-04:00

I don't like government intervention; however it has been proven that there are enough gullible people and opportunistic mortgage brokers out there for this to be a good idea...at least for the time being. md

Realty Times - Real Estate News and Advice

UNREAL ESTATE - Nine-Figure Homes

2006-10-02T07:10:00.000-04:00

"Honey!?! Are you going to the post office? I need to send in the mortgage payment today. Oh, ok - good, I'm writing it now!"

So, the mortgage scenario for Trump's house, at $125,000,000 looks like this:

10% down - $12,500,000
Closing costs - roughly $3,600,000
Loan balance of $112,500,000 at 6.25% for 30 years - $692,681.85 per month (not including real estate taxes and insurance escrow).
And get the payments in on time, because late fees on that monthly payment would cost as much as a new Honda Civic.
UNREAL ESTATE By JESSICA GRESK, AP - New York Post Online Edition:

Families Continue to Flee Florida

2006-10-01T18:52:00.000-04:00

I know of several investors who didn't pursue Florida investment properties after discovering the property taxes involved. Perhaps this will help take some of the pressure off. md
RealEstateJournal | Even as Housing Prices Cool, Families Continue to Flee Florida

Can U.S. Curb the Mortgage Frenzy That Puts Homeowners at Risk? - MarketWatch

2006-10-01T11:29:00.000-04:00

It really is unsettling to see how many people sign things that they don't understand. That's not vulnerability, that's ignorance and irresponsibility.
It's also scary when you realize how many people will tell you whatever you need to hear in order to get you to sign the contract. That's not sales, that's exploitation and dishonesty.

"Don't worry about it. Things will work out fine" doesn't cut it, when it comes to making the largest purchase of your lifetime and signing a piece of paper that will commit you to writing checks for hundreds of thousands or perhaps millions of dollars over the next several years.

I hear people asking why their payments will change when their ARM expires. "Interest rates haven't gone up, why would mine?"
Oh, boy...is a tsunami coming?

Check out the link below: md
Can U.S. curb the mortgage frenzy that puts homeowners at risk? - MarketWatch

Trendsetting boomers ready for some 'me' time in their homes - MarketWatch

2006-10-01T11:17:00.000-04:00

"The (baby boom) generation has always been considered selfish," said Frank Anton, Chief Executive Officer of Hanley Wood, a media and information company for the housing and construction industry. "This survey would indicate maybe they're more selfish than anyone knows."

Trendsetting boomers ready for some 'me' time in their homes - MarketWatch

History of Gardiners Island

2006-09-29T07:44:00.000-04:00

Hamptons Online - Guide to the Hamptons and East End of Long Island

International Property Buying Guide - Forbes.com

2006-09-26T12:51:00.000-04:00

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. "

Matrix » Location, Location, Location Becomes Housing, Housing, Housing

2006-09-23T15:14:00.000-04:00

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

2006-09-23T14:29:00.000-04:00

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

Hamptons International Film Festival

2006-09-23T14:17:00.000-04:00

A true sign of fall is here - get your tickets while you can.

Hamptons International Film Festival

My New Hero is a Bloodhound

2006-09-18T09:59:00.000-04:00

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. md
Real estate weblogging is a journey, not a destination . . . | BloodhoundBlog | The weblog of BloodhoundRealty.com in Phoenix, Arizona

The Three C's of Real Estate Are Critical Today...

2006-09-17T12:07:00.000-04:00

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.

Nice Going, Judy!

2006-09-16T19:39:00.000-04:00

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

I'll Put My Money on John Kanas

2006-09-15T13:33:00.000-04:00

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

Wrong way driving for traffic's sake - Newsday.com

2006-09-15T11:03:00.000-04:00

Wrong way driving for traffic's sake - Newsday.com

OK, EVERYBODY- FISH!!! Capt. Amanda Switzer

2006-09-12T20:00:00.000-04:00

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

2006-09-12T10:54:00.000-04:00

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

What To Do About Real Estate Newbies?

2006-09-12T08:07:00.000-04:00

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

Chicken and Real Estate...

2006-09-11T08:42:00.000-04:00

...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

Hamptons Harvest

2006-09-11T08:07:00.000-04:00

A piece on post-Labor Day Hamptons
courant.com | Hamptons Harvest

The Unsold Warhol - New York Times

2006-09-09T08:47:00.000-04:00

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

2006 Annual Global Retirement Index

2006-09-08T14:36:00.000-04:00

Agora Publishing & Services Ltd :: International Living Announces The 2006 Annual Global Retirement Index - Winner is a First-Ever Six Time Selection!

Zillow Pumps Up Values With No Explanation - Are The Trying To Buy Our Confidence?

2006-09-07T08:51:00.000-04:00

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

Real Estate - Great Homes - New York Times

2006-09-06T20:49:00.000-04:00

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

2006-09-06T09:03:00.000-04:00

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-

I'm Boarish, too!

2006-09-06T08:52:00.000-04:00

Interesting twist on the economy, click below

Minyanville

Are You A BUBBA?

2006-09-05T19:59:00.000-04:00

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."

Rest this day...

2006-09-04T14:38:00.000-04:00

The Sellsius Zillow Poll Results: Agents Still Needed

2006-09-02T10:13:00.000-04:00

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

House Prices, Government Spin - Money Week

2006-09-01T23:14:00.000-04:00

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

Tips on Picking a Real-Estate Agent

2006-09-01T19:24:00.000-04:00

WSJ.com - Tips on Picking a Real-Estate Agent

Seller Gets "Zillowed"

2006-09-01T08:40:00.000-04:00

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

Too Many Agents?

2006-08-31T10:02:00.000-04:00

What follows are excerpts from an article regarding the influx of new agents in recent years and the impact that the revolving door has had on the views of the profession.
These last few years, here in the Hamptons all it took was to pass "the mirror test" to get a desk. Today, it will take brokerage skills and what I call "the Three C's" - Confidence, Commitment and Closing skills! md

Too Many Agents, Not Enough Work?
by Al Heavens - REALTY TIMES

Is the market oversupplied with real estate agents?

Survey after survey has a shown that a very small number of agents and brokers handle a very large percentage of the residential business, which means that a lot of Realtors -- probably the ones newest to the business -- are being left in the cold.
...
When the membership of the National Association of Realtors began to grow in 2001, many of the newcomers were attracted by the mistaken belief that the average agent was earning hundreds of thousands of dollars a year by doing virtually nothing.

They'd see all the sold signs, multiply the number by a 6 percent commission, and think it would be easy to make a living. What they didn't realize was that they should divide that number by 4, because...Net commission is more like 1.5 percent.
...
For all but 6 percent of today's agents, real estate is a second career. I've spent the last several years attending gatherings of real estate agents during which I'd hear someone say he or she is a real estate agent, "But I used to be a teacher." That person seems to be apologizing for being in real estate because it is incongruous with his or her self-image. Mentioning present and former careers in the same breath seems to say that these newcomers are just killing time until a real job comes along. ... this revolving-door attitude robs real estate of professionalism. A lot of people in other fields believe they can moonlight as real estate agents to supplement their incomes. Having people going in and out of that revolving door doesn't result in professionalism by any stretch of the imagination.

...there is only so much business to be had. A decline in business in beach towns has forced many agents to wait on tables at restaurants this summer to supplement their incomes, for example.

How quickly the market will heat back up is an unknown. But the experts are saying it may not happen soon enough to prevent a shakeout of the industry many of them have been predicting for several years.

Published: August 31, 2006

For the full story, goto:

Realty Times - Real Estate News and Advice

Saving Energy in High-End Houses

2006-08-29T18:02:00.000-04:00

Solar heating has never been a very sexy topic. I smile every time I think of the story that my friend David (The Pool Man) tells at parties - the one about the Hamptons homeowner who insisted that his pool heater maintain a water temperature of 80 degrees - in the middle of winter. We're not talking a hot-tub here. We're talking a full 20'x40' pool with no cover. Sort of like lighting your cigars with Ben Franklins.

Well, one by one, big homeowners are being brought to their knees by energy prices. You don't have to wear sandals with black socks and shop at the food co-op any more to have a geothermal heating system. md
Saving Energy in High-End Houses - New York Times

Little Noyac Path House - Verrrry Sexy

2006-08-29T17:32:00.000-04:00

I've been in this house several times. I've shown it for sale and for rent. I was even invited to dinner there one evening and had a wonderful time with a fun group of people. The pool at night is beautiful as it lights up the canopy of trees that create total privacy. Very cool house, very sexy house. One of my favorites!

READY...
Light, bright and white, dramatic and elegant modern home on two acres with an adjacent shy acre property. Both are for sale.
The location is Little Noyac Path, a tony address in the hamlet of Water Mill, in Southampton Township. The property is centrally located and is 10 minutes to Flying Point Beach or Sag Harbor's Long Beach.

AIM...
-3 bedrooms / 3 baths
-House + 2 acres offered at $1,595,000
-Shy acre lot offered at $750,000
-Adjacent to a 6-acre Peconic Land Trust nature preserve
-Listed as a co-exclusive by Corcoran and Sotheby's

FIRE!
I think it's a great buy for $1.595
Check out more pictures by clicking on the link below. md
SOUTHAMPTON TOWNSHIP : Water Mill House

Foreign Buyers Help Keep Some Markets Bouyant

2006-08-26T17:53:00.004-04:00

Unofficially it's been said that as many as 20-25% of buyers in the Hamptons are foreign buyers. With the strength of foreign currencies versus the US Dollar, the appreciation of the last few years has been a bonanza for Europeans. md

London’s top housing draws the world’s billionaires
By Jim Pickard in London

Published: August 25 2006 22:31 | Last updated: August 25 2006 22:31

The typical buyer of a £2m-plus home in central London is now more than likely to be a foreigner, in a sign of how international the UK capital has become.

More than 51 per cent of homes worth more than £2m ($3.8m, €3m) sold in the last year have gone to overseas buyers from Russia, the Middle East and elsewhere, according to figures from Knight Frank, the agents.

This makes London the most cosmopolitan world city in terms of property ownership.

In New York, foreign owners make up 34 per cent of sales in the prime residential market, ahead of Paris, where they account for 27 per cent.

In Hong Kong and Sydney, foreigners account for even fewer prime residential deals, at 13 per cent and 9 per cent respectively.

The data help explain how London prices have soared in the last year while the rest of the UK market has stagnated as a result of affordability issues and interest rate fears.

Prices of the most expensive homes in Kensington and Chelsea have risen more than 20 per cent since the New Year.

London was so popular because of its financial strength and its good transport connections to the US, Europe and the Middle East, said Liam Bailey, head of residential research at Knight Frank.

The change in ownership of central London streets has happened gradually. In the 1960s, British buyers still made 90 per cent of purchases, falling to 70 per cent in the 1970s, 60 per cent in the 1980s and 1990s and less than half today.

“People just want to be in London,” said Amanda Craig, director of London houses at Hamptons, the estate agents.

“In Germany there are several major cities, you might want to buy in Düsseldorf, Frankfurt, Munich, Hamburg, it’s the same in Italy, but in the UK it’s either central London or a country estate.

“Our clients aren’t interested in Manchester or wherever.”

The most expensive London homes sold in the first half of the year, a £33m house in Belgrave Square and a former office block at 100 Park Lane, were both sold by agents Savills to Middle Eastern buyers.

Even those purchases were dwarfed by that of Lakshmi Mittal, the steel tycoon, who spent £70m on an extravagant house at Kensington Palace Gardens two years ago.

The appetite of foreign billionaires for Knightsbridge real estate is being increasingly tested by ever more expensive apartments.

Candy & Candy, the brothers who designed 21 Manresa Road, which at £26m was Britain’s priciest apartment, are hoping to smash that record.

They are set to build a block of 80 flats on the edge of Hyde Park where it is understood the biggest penthouse will have an £80m price tag.

Copyright The Financial Times Limited 2006

Hamptons renter files suit over wasp nests

2006-08-24T23:09:00.000-04:00

Looks like this tenant is not fooling around. md

Hamptons renter files suit over wasp nests - Newsday.com

Corporate Gibberish Generator on AndrewDavidson.com

2006-08-24T11:08:00.000-04:00

This is thanks to Verl Workman at RealBlogging
It brings to mind how much psycho-babble I have been reading lately. Blogs and the internet are great. Self-publishing and empowerment of everyone to speak his/her mind can be as cathartic as it is educational and enlightening.

The other side of the blade is when someone puts out intelligible gibberish that is misleading. We all know that we "can't believe everything we read". More and more often, as I continue to search for relevant, noteworthy information and news to share on this blog, I am running across press releases and pieces of "news" that are made out to be something they are not.

For example, the press release that stated that "XYZ Company specializes in giving consumers the knowledge they need to purchase real estate in a professional manner." So, I read this on a reputable website and dug a little deeper. Turns out this is a press release put out by this 20-year-old kid who just got his real estate license and is promoting his website to draw potential real estate customers so he can refer them to other agents and make referral fees. A junior interloper! So, why was this reputable website just copying and pasting this press release and posting it as "real news"? Don't know. I asked but did not get a response. Keep your eyes peeled, guys and gals! md

Corporate Gibberish Generator on AndrewDavidson.com

Will boomers tap home equity to survive retirement? Maybe not - MarketWatch

2006-08-23T22:48:00.000-04:00

Will boomers tap home equity to survive retirement? Maybe not - MarketWatch

RealEstateJournal | Real Estate - Real Estate News

2006-08-23T20:55:00.000-04:00

Home Sales Drop
Web Sites Offer Tools to Bid on Unlisted Homes
Second-Home and Condo Sales Fall
Lenders Workout Programs
For these and other real estate articles from the WSJ, click on the following link: md

RealEstateJournal - Real Estate News

An Interesting "Perspective" of The Hamptons

2006-08-23T12:45:00.000-04:00

As you may know, I enjoy reading and sharing multiple perspectives of our area. Billie Cohen from The NYT shares her thoughts below. md

Lavish and Luminous; Destination Guide | The Hamptons and the North Fork

By BILLIE COHEN
Published: July 26, 2006
The Hamptons. Just the words conjure images of beautiful people living in beautiful houses on beautiful beaches. The other thing thats pretty? The penny it costs to live there.

Still, despite the generally high cost of housing, the towns and villages on the eastern end of Long Island offer a variety of second-home options for many different kinds of fortunes and many different personalities.

Long Island is the largest island on the East Coast, stretching about 120 miles from New York City. At its eastern end, the island diverges into two arms called the North and South Forks. The North is known for its vineyards and quiet villages while the South is home to the Hamptons, which are divided into two main townships (Southampton and East Hampton) and several independently governed incorporated villages within those towns (including, confusingly, Southampton Village and East Hampton Village).

While some Hamptons towns or villages have more desirability than others (Sagaponack is hot right now and East Hampton Village is a perennial star), home costs are also determined by whether they are north or south of Route 27, the main artery of the South Fork. South of the highway is more coveted because it is closest to the ocean.

In addition to the cost of buying a new home, two taxes bump up the price of most East End properties. First is the New York State mansion tax, which is one percent of the purchase price on all houses over $1 million. Second is the Peconic Land Tax, an approximately two percent fee levied by the Peconic Land Trust in order to buy open spaces for environmental and preservation purposes.

Westhampton

For most New Yorkers, the Hamptons begin at Westhampton and Westhampton Beach. They offer a relatively short commute from New York, about two hours, mainly on big highways or the Long Island Rail Road, plus great beaches and a thriving commercial center. This area also attracts group rentals and day-trippers who dont want to spend their entire weekend battling the traffic on Route 27. For those looking to buy, according to Connie Walsh of Corcoran Realty in Westhampton Beach, you could easily pay $1 million for a two-bedroom shack.

Quogue, the next stop east, has an old-fashioned, small-town feel with a mix of traditional shingled estate homes and humble 1950s ranch houses. Its quiet and family-oriented, and group shares are frowned upon by locals. The town has the tiniest of villages just a liquor store, a coffee shop and an inn. Its become the little East Hampton or Sagaponack of west of the canal, said Ms. Walsh, adding that a new home on the waterfront could garner as much as $15 million. But its nothing compared to out east. What would be $10 million here would be $22 million in Southampton.

Those looking for a bargain a bargain in Hamptons-speak correlates to under $1 million will probably do better in East Quogue. The houses are smaller but many have their own boat slips. Hampton Bays is a bigger town, but has small homes and smaller prices. Three-bedroom homes start just under $1 million.

Southampton

Southampton has long been one of the social centers of Long Island. Founded in the 17th century by English colonists, Southampton was established as a fishing village. Today, some of the architecture reflects its origins. Main Street is wide and tree-lined at the center of a quaint but fashionable village filled with restaurants, art galleries, clothing boutiques and home-furnishing shops, including a branch of Saks Fifth Avenue. Wooden benches dot the sidewalk, providing spots to sip coffee while people watching for famous folk.

A mix of old money, industry and media power brokers, and newer Hollywood personalities, Southamptons high-profile restaurants and nightclubs serve as a playground to this second- home population. Both the billionaire George Soros and Henry Kravis, the financier, have homes in the area. Just as exclusive are the towns private golf courses, which include the Shinnecock Hills Golf Club, three-time host to the U.S. Open, the National Golf Links of America and the soon-to-open Sebonack Golf Club, where membership, by invitation only, is in the $600,000 range.

Housing prices, as always, depend on location. Pat Petrillo of Sothebys International Real Estate cited a recent transaction in the Southampton Estate section, where a house on 1.8 acres with a pool and tennis court was sold for $14 million. About five years ago, you would have expected to buy oceanfront for that, she said.

In the nearby village of Water Mill, Richard Gere paid $2.7 million for his home in 2001, and now just the ground its on could be worth as much. You cant touch land in Water Mill for under a million dollars, said Huck Esposito of Blue Bay Realty. And thats raw land. Houses, he added, are in the multimillion-dollar range.

Bridgehampton

Painted with bucolic views, this former whaling and farming village is ripe with farm stands and fresh produce markets. Its also home to one of the South Forks few wineries, Channing Daughters. Just to the west of the main village lies Bridgehampton Commons, which provides retail staples like the Gap, Banana Republic, Kmart and also the King Kullen supermarket.

A lot of people love the openness of Bridgehampton, said Rylan Jacka, a broker with Prudential Douglas Elliman who recently moved there from East Hampton. The sky seems to open up there. Its not as woodsy, you just get these amazing summer sunsets with magenta skies and tractors driving on the streets.

Thanks to a surge of modernism in the 1980s, theres a mix of architectural styles. Land south of the highway starts at $4 million an acre, according to Mr. Jacka. A house on that land could cost up to $20 million.

Sagaponack

Formerly known for its agricultural bent and potato fields, the recently incorporated village of Sagaponack has in the last few years started to sprout some of the highest prices in the Hamptons. The price of property has gone to about $2.5 million an acre in Sagaponack, said Rich Gherardi, owner of Sand Dollar Development. The houses are selling for between $7 and $8 million. Recently, Forbes magazine named Sagaponack the most expensive zip code in the country. In 2005, the median home sale price was $2,787,500.

The style of the high-priced houses, Mr. Gherardi added, is traditional with cedar-wood shingled mansions weatherworn to silver gray, offset by white trim and topped with high gables.

Despite the lack of an actual central village, or perhaps because of it, wealthy home buyers are attracted to this exclusive enclave. With just a few streets and large parcels of land, it offers seclusion, privacy and oceanfront views. Inland homes are in the $2 million range. The waterfront is so out of reach for a lot of people, so theyve drifted north into the farmlands like Sagaponack and Wainscott, said Huck Esposito of the Hamptons Realty Group. Theyre all multimillion dollar homes in there. For the most part, theyre houses in the potato fields. They look terrific and people get big dollars for them.

Sag Harbor

To the north, on Gardiners Bay, lies Sag Harbor, a port town with proportionally more year-round residents because of its full roster of restaurants, shopping and services. A whaling village historically, Sag Harbor still has that feel, and the smaller properties and century-old houses in the village, which start at about $1.5 million, reflect that New England maritime heritage.

East Hampton Village

Second home to many families and with few house shares, this is to many people the heart of the Hamptons, the town that has some of the islands oldest and most beautiful houses.

The village is roughly divided into three parts: the estate area, south of the highway and north of the highway. In the East Hampton lanes, youre looking at $5 million just to get a teardown, said Rylan Jacka of Prudential Douglas Elliman. The range goes from a million and a half to three million north of the highway, and starting at three million south of the highway. At Hamptons Realty Group, Georgia Ellis told of an older estate home on the ocean that recently went for $11 million, but even at that price, it needed to be gutted and redone.

Locals and tourists alike angle to get into Nick & Tonis, an 18 year-old restaurant that regularly feeds celebrities. Leif Hope just opened his eponymous restaurant at the site of the old Laundry. Locals will recognize him as the organizer of the annual Artists & Writers Softball Game, a charity event that in the past has brought out the likes of Alec Baldwin, the actor, and former New York City mayor Rudy Giuliani.

Even those who would never live in the Hamptons can easily spend a day shopping in the town, which has several high-end shops, such as Tiffany & Co., Cynthia Rowley and Gucci. One of the only remaining mom-and-pop operations is Blue Train Tobacco, owned by Dennis and Donna Doherty. I have clientele from the billionaire to the blue-collar guy, said Mr. Dennis. The cigar brings them all together.

Springs

Farmland stretches across the landscape, and houses that are two and three hundred years old lend a historic feel. Jackson Pollock and Lee Krasner used to live here. Their house and studio are now a museum.

Artists are still drawn to this area for its beauty, and because of its slightly out-of-the-way location and bay-only waterfront, Springs is more affordable than the rest of East Hampton. Inland, Htun Han of Garnham & Han Real Estate in Amagansett estimated $650,000 for a three-bedroom house on a half-acre lot. On the bay, though, the price tag shoots up to $3 to $5 million.

Amagansett

A destination for young families, Amagansett has a relaxed village feel, exemplified by the farmers market, where so many residents go in the morning for coffee and a muffin, and later in the day for ingredients for grilling a perfect dinner. Its one of the few places in the Hamptons where you can walk to the village center and the ocean, said Mr. Jacka. In most places, you have to compromise one or the other.

The convenience costs. South of the Highway, Mr. Jacka approximates that homes start at $2 million and go up to $15 million; on the north side, the cheapest is $900,000. Homes in the Lanes area are among the most sought after. Ms. Ellis of Hampton Realty Group, said some smaller two-bedroom homes from the 1960s still exist, but that people are paying more than a million to knock them down and rebuild.

In 2000, Jerry Seinfeld bought Billy Joels house for $32 million. Its worth twice that today, said Ms. Esposito, so I guess its all relative.

Montauk

Montauk is for those who seek a family-friendly atmosphere without the pretentiousness of the rest of the Hamptons.. Its laid-back, said Nick & Tonis owner Mark Smith, who has lived in Montauk year-round for the past 15 years. It doesnt even have a traffic light.

It offers unparalleled water views, with the ocean and Gardiners Bay meeting right at the tip. The Montauk Lighthouse, the oldest in New York State and fourth oldest in the country, stands guard here.

Whale watching and sports fishing are popular. Anglers have set 30 world records in Montauk in nearly as many years for catching large tuna, bass, marlin and sharks. Fishermen arent the only ones on the waves. Surfers congregate at Montauks Ditch Plains every morning. It runs the gamut from kids to guys who are in their 60s and 70s and have been surfing for 40 years, said Tom Naro, head of the Surfrider Foundation Long Island chapter. Its a hearty year-round group with a lot of neoprene.

The architecture is more varied than East Hampton, mixing traditional styles with some contemporary and postmodern houses. Its the last untouched part of the Hamptons, where things are still available at fairly reasonable prices, said Tony Ciero of Brown Harris Stevens real estate. I mean, theyre not cheap by any stretch of the imagination, but a lot better than buying in East Hampton or Amagansett.

Depending on the view, he estimated that a condo at Montauk Manor could go for $289,000 to $350,000, while a five-bedroom inland home on an acre of property could fetch over a million. On the market, at the high end, is a 5,000-square-foot postmodern oceanfront home for $35 million. The Andy Warhol estate, 5.7 acres with five homes on the water is listed at $40 million.

Shelter Island

Shelter Island is a secluded retreat situated between the North and South Fork. Reachable by ferry from either fork, the islands rolling hills and miles of beaches are home to around 2,000 permanent residents.

Architecture styles vary from Greek revival and colonial to modern and farmhouse. The majority of homes have one-acre lots with pools, central air conditioning and three to five bedrooms. Most of your waterfronts are $2 million and up, with several in the $5 to $8 million range, said Janalyn Travis-Messer, who has lived on the island for 20 years. She is manager of Griffing and Collins Real Estate, which currently lists interior homes in the $1.5 to $2 million range. Ms. Travis-Messer noted that the cheapest house currently on the market is $495,000. The most expensive is $35 million.

North Fork

In the 1970s and 1980s, the North Fork was more of a retirement area, but ever since the arrival of its first vineyard in 1973, the region has drawn more attention and more buyers. Today there are 26 wineries open to the public on the North Fork. The lifestyle and open stretches of farms, orchards and marshland add to the allure. What differentiates the North Fork is the open space here, said Sally Heitel, manager of Century 21 Agawam Albertsons Greenport office. Its a more laidback lifestyle and mindset. Its not the kind of party atmosphere as on the South Fork. It also doesnt have the same prices.

Greenport is the bustling bright spot of the North Fork. Art galleries, shops, restaurants and a new marina provide activities for the throngs of day-trippers that arrive in the summer. Main Street has many old captains houses (relics of Greenports whaling past), and all of the abodes are generally close together. Homes sell in the $500,000 to $550,000 range, with prices going up to $2 million.

The charming town of Orient, at the eastern tip of the fork, doesnt have a village to speak of, but its feeling of being set apart is what makes it attractive. Its only ten minutes from Greenport, but the trip is so scenic and peaceful, it seems a lot farther, said Kristen Rishe, who was born and raised there and also works with Century 21. On average, houses sell for $600,000. Going back west the key towns are: East Marion, Southold, Peconic, Cutehogue, Mattituck, Jamesport and Aquebogue. There are some newer homes in these areas. They command between $500,000 and $600,000, and the buyers tend to be from other parts of Long Island. On the waterfront, prices increase and reach the $2 million mark.

Lavish and Luminous; Destination Guide | The Hamptons and the North Fork - New York Times

Rylan Jacka Joins Sotheby's

2006-08-23T12:31:00.000-04:00

Rylan is one of the most gentlemanly brokers in the business as well as top producing agent for Prudential Douglas Elliman for the last three years. Sotheby's is very lucky to have him. md

Long Term Rates Slip For Fourth Straight Week

2006-08-18T12:30:00.000-04:00

Realty Times - Real Estate News and Advice

RealEstateJournal | Top Cities Where Mortgage Rates Will Hit Consumers the Hardest

2006-08-18T09:17:00.000-04:00

I read a story last week about how there are some towns in the mid-west where forclosures are going up EXPONENTIALLY, to the tune of 100% a month, because of interest rate increases.

My question is: Who are the mortgage brokers/bankers who pushed these ARM loans on people that couldn't afford even small increases? Sure, rates have gone up, but not astronomically! There must be a pattern that can be identified to see what companies and/or individuals pushed these products on people who couldn't afford them. That being said, I'm all for personal responsibility and believe that once you sign it, you've bought it...but selling a suicide mortgage has got to carry some responsibility too. md
RealEstateJournal | Top Cities Where Mortgage Rates Will Hit Consumers the Hardest

RealEstateUndressed � 15 Articles: I buy this one

2006-08-17T14:47:00.000-04:00

Larry Cragun is smart and funny. He certainly seems to call a spade a spade. Humor and irreverence are a relief in a market within a field where we all take ourselves a bit too seriously from time to time. Thanks Larry. md

RealEstateUndressed � Blog Archive � 15 Articles: I buy this one

New RE/MAX Franchise To Open in Southampton - SOUTHAMPTON PRESS

2006-08-17T14:23:00.000-04:00

:Southampton East; :Aug 17, 2006; :Residence; :R9

New RE/MAX Franchise To Open in Southampton

By Jennifer L. Henn

One day after the East End real estate industry bid adieu to a major competitor, it prepared to welcome a new player hoping to carve out a chunk of the Hamptons market.

Michael and Barbara Daly, owners of True North Realty in Sag Harbor, are set to open a new RE/ MAX franchise in Southampton Village called RE/MAX Beach Properties. The new agency, which will incorporate True North, is expected to open during the first week of September with 10 agents, Mr. Daly said. In the next year, Mr. Daly said he hopes to increase his staff of agents to 20 or more and open two more office on the South Fork.

True North was a two-person operation run out of the Dalys’ home.

Beach Properties will be the second RE/MAX franchise doing business on the East End. RE/ MAX Coast and Country, owned and operated by Jeanette Pallister, has offices in Hampton Bays and Bridgehampton. But Beach Properties will be the only East End RE/MAX franchise operating under the Renowned Properties division for high-end homes.

“Our brokerage will be specializing in residential real estate,” Mr. Daly said, “and will focus on the second home and resort sales markets.”

Mr. Daly’s announcement came the day after NRT Inc., a subsidiary of the national real estate conglomerate Realogy, bought out Hamptons real estate stalwart Allan Schneider Associates in a deal that will fold Schneider’s operations into The Corcoran Group, an NRT holding with a much broader reach in the national market.

According to Mr. Daly, the Corcoran-Schneider deal is a good one for the local industry. “I think it’s great news. Allan Schneider has been the Mercedes Benz of Hamptons real estate for years, so it was a good move on The Corcoran Group’s part to pick it up.

“The merger certainly reduces the number of real estate companies competing for the market share,” Mr. Daly said. “That will benefit RE/MAX and some of the other brands out there in terms of competition for agents, listing and customers, because there will be one less brand to choose from.”

Mr. Daly got his start in the business by joining Prudential Douglas Elliman Real Estate as an agent in 1998. He was later promoted to managing director, then left to become a senior executive at NRT and The Corcoran Group. He started True North with his wife, a licensed real estate agent, about a year ago.

The Dalys have been in talks with RE/MAX, which approached them about the possibility of creating the high-end Hamptons franchise, for about two years. Rather than struggle through building True North on his own, Mr. Daly said it just made sense to tap into the vast resources, referral network and brand equity RE/MAX had to offer.

“It’s about being in business for yourself, but not by yourself,” he said.

“RE/MAX is not well known in the Hamptons, but it is in virtually every other market in the country,” Mr. Daly added. “And I think the way RE/MAX does business will be a real strength in attracting good agents.”

At most brokerage firms, agents are provided with the basic tools they need to operate—a desk, a telephone, support staff, supplies and advertising—in exchange for a 40 to 50 percent share of their sales commissions. That means the agents get to keep only 50 to 60 percent. At RE/MAX, the agents share in the fixed operating expenses—rent, utilities, supplies and advertising—and keep 95 percent of their commissions.

“Consequently, it’s attractive to agents doing successful business,” Mr. Daly said. “It tends to draw the most motivated, professional and productive agents.”

The RE/MAX franchise network is a global real estate system with more than 6,522 independently owned offices and 120,000 sales associates. RE/MAX of New York Inc. has a sales force of more than 1,900 agents and 135 offices throughout the state, including 23 offices in Suffolk County.

Un-Zillowable, To Coin A Phrase

2006-08-17T10:15:00.000-04:00

Sellsius Real Estate Blog. This post articulates much of what many people have been feeling about Zillow. md

sellsius� real estate blog � Unzillowable, To Coin A Phrase

The Ultimate Zillow Poll

2006-08-17T09:52:00.000-04:00

Granted, Zillow has made inroads into more traditional markets and is much less known (or used) here on the East End, but I recently heard about one of "our finest", a real estate agent from an unnamed brokerage showing up for a listing appointment with a Zestimate as his/her research (where's Dr. Kevorkian when you need him?).

The folks at Sellsius Real Estate Blog are doing an incredible job at bringing the issues around Zillow to light. I am not a fundamentalist or protectionist of old-style real estate. I am pushing the leaders of our industry to evolve and become more progressive and provide what our clients and customers want and what we as real estate professionals need in order to make good real estate decisions for everyone. After all, a market based upon win-win results is a thriving market, so it is our charge to find that level in the market and bring parties together.

That being said, I am not supportive of the companies that are inserting themselves into the real estate equation under the guise of "providing better service" and sitting at our conferences like cheshire cats, trying to convince us realtors that we need them.

Fact is, the current leadership of the industry has fallen asleep at the wheel and allowed this to happen. The last five years have created some happy fat cats and the cheshires are moving in.

Take the poll - interesting results and discussion at this link. md

sellsius� real estate blog � The Ultimate Zillow Poll

Well, at Least it's a Temporary Fix....

2006-08-16T09:15:00.000-04:00

...we hope it works...
Long Island Business News - Suffolk County Executive Levy to Save $57M Using Short-Term Fix

MONEY & POWER, SOCKS & RESTAURANTS

2006-08-14T21:39:00.000-04:00

This is a story about someone who made it through hard work and perserverence with integrity. Kudos! md

MONEY & POWER - Newsday.com

East Hampton Town and Suffolk County Try Bid on Camp

2006-08-12T21:38:00.000-04:00

A place that has been known for years as a camp for local kids, and more recently, needy children, is now in play for development. The annual fireworks show was a huge social function and fundraiser for the Boys & Girls Harbor Foundation and the East Hampton community. Now it looks like there is a game of hardball going on in the preservation efforts between the listing agent and the County/Town.

The "union" that is referred-to is most likely the Local Union 3 of the IBEW which used Bayberry Land,(see: History Of The Fabled Bayberry Land )a 314-acre estate with a 28-room mansion and milelong beachfront on Peconic Bay in Southampton. Bayberry Land was purchased in 1949 by the Joint Industry Board of the Electrical Industry in New York City as a resting and learning center for members of Local Union 3 of the International Brotherhood of Electrical Workers. No expense was spared in refurbishing the buildings, while every effort was made to retain the estate's natural beauty. In August 2001, the property was sold for $45,000,000 and The Sebonic Golf Club has been created, which is an organic golf course with memberships offered at $650,000. They have been looking for a replacement ever since; two years ago, they half-heartedly looked at the Maycroft Estate in North Haven, a 45 acre waterfront estate owned by the Episcopal Dicoses of New York and stuck in litigation with the Order of The Children of God for over a dozen years. During that time the 14,000 sqft, 115 year old structure went into decay and was the home of racoons and other wildlife. We had Maycroft listed for $25,000,000.

The other "religious institution" might be a Synagogue out of Great Neck, NY. They also were trying to buy Maycroft, but fell short on their offer because they were being represented by an agent who was more worried about his commission than making the deal happen.

The estate eventually was purchased by a hedge fund manager out of New York City for $19,000,000. He and his wife have reportedly sunk over $10,000,000 into the badly-decomposed mansion and the property, actually moving the house to have a more desirable relationship with the waterfront, sculpting the landscape and moving and newly planting hundreds of trees and bushes on the property.

What will become of Boys & Girls Harbor? See the Southampton Press account below of the camp negotiations:
Town and County Try Bid on Camp

Another Lobster Story

2006-08-11T10:08:00.000-04:00

...compliments of Joseph Ferrara Co-Founder of Sellsius Real Estate http://sellsiusrealestate.com/

Catch of the day! Lobster pinches Briton's missing wallet - Yahoo! News

Inman Real Estate News - Fed pauses, mortgage rates dive

2006-08-10T16:42:00.000-04:00

The question now is: Did the Fed wait too long to pause? Has the economy started to slow based upon the constant rate-hiking of the last year+? Will the pause help bring spending and consumer confidence back to life? A little knowledge is dangerous, I know, but aren't the inflation, GNP and unemployment figures lagging indicators of Fed policy? mdInman Real Estate News - Fed pauses, mortgage rates dive

Corcoran parent buys major Hamptons brokerage

2006-08-10T10:50:00.000-04:00

The Real Deal - Corcoran parent buys major Hamptons brokerage; purchase adds 12 East End offices to Corcoran portfolio

Newsday - Real Estate Giany Buys Schneider

RE/MAX BEACH PROPERTIES TO OPEN IN SOUTHAMPTON

2006-08-09T22:35:00.000-04:00

Southampton, New York - RE/MAX of New York, Inc. is pleased to announce that RE/MAX Beach Properties will soon open at 241 County Road 39A in Southampton, NY, at the intersection of North Main Street, and will provide comprehensive real estate services for properties in the Hamptons on the South Fork of Long Island.

Broker Michael Daly and his wife, Barbara, will operate the office under the RE/MAX Renowned Properties flag, which is used to market high-end homes. With an average sales price of over $1.2 million in the Hamptons, Mr. Daly believes that the Renowned Properties marketing program will serve the agents that join the new brokerage well.

“This is a very competitive market”, says Mr. Daly. “Once agents and brokers realize that they can keep 95 percent of their commissions, be in control of their own business and be part of the worldwide referral network, I believe they’ll be very interested in the opportunities we offer. We are very excited about this market; the consumers in this region are highly sophisticated, well-educated, world-traveled and are familiar with the RE/MAX Renowned Properties brand. RE/MAX conducts business in 64 countries; this gives us the power to provide high-end customers worldwide exposure when marketing their properties.”

Daly joined Prudential Douglas Elliman Real Estate in 1998. He became a top-selling agent, then managing director with the company and went on to serve as a senior executive at NRT before starting True North Realty Associates, which will be doing business as RE/MAX Beach Properties. Barbara Daly is a licensed real estate agent.

“In my travels around the world I have seen RE/MAX real estate signs on magnificent, high-end properties. RE/MAX has an outstanding reputation, and I am proud to be the one to bring this excellent company to the Hamptons. I have also been impressed by the caliber and experience of the RE/MAX brokers and agents that I have met overseas and here in New York. Our brokerage will be specializing in residential real estate, and will focus on the second home and resort sales markets. No matter what market you’re in, RE/MAX renders outstanding service, and that’s what our business is built on,” said Mr. Daly.

“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.
RE/MAX Beach Properties is the latest office to become part of the rapidly-growing RE/MAX of New York, Inc. real estate franchise network. Today the network has more than 1,900 real estate professionals working from more than 135 franchise locations.

For more information,Contact:
BILL CORBETT, JR
Tel: (516) 775-0435
wjcorbett@corbettpr.com
remax-newyork.com

Cendant Corp. to Purchase Allan Schneider Associates

2006-08-09T18:09:00.000-04:00

AlCorBy's?
Well, it's been talked about for over a year and it finally appears to be happening. The Hamptons' largest real estate brokerage, with a reportedly dominant 40% market share, has been bought. All three of the brokerages involved, Allan Schneider, Corcoran, and Sotheby's, have called company meetings for tomorrow to give agents the spin. More later...md
Long Island Business News - Breaking News

Dan's Film

2006-08-09T08:42:00.000-04:00

Dan Does a Hamptons Shortie

Sotheby's to Close Desert Locations

2006-08-08T18:49:00.000-04:00

Sotheby's to Close Desert Locations