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Hamptons.com
August 30, 2013

What’s Happening to the Hamptons Real Estate Market?

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

The Hamptons real estate market is always changing and the state of the market is an ever present topic around the water cooler and at high profile events. What is happening in Hamptons real estate right now? For answers to this question, I spoke with three Hamptons real estate professionals: a realtor, a mortgage broker, and an attorney.

Martha Gunderson, Associate Broker with Brown Harris Stevens in East Hampton, and I discussed an article that recently appeared in Realty Trac. The article contended that there has been a surge in high-end and luxury flipping of properties nationwide. The reasons offered were Wall Street investors buying up foreclosures and then flipping them, an increase in consumer confidence, and pent-up wealth.

“I see so much activity regarding this,” Gunderson began, “A while ago I had a hedge fund contact me to evaluate a number of properties from Westhampton to Bridgehampton to purchase and then resell. They were clearly distressed properties. I am also involved with a firm that is buying properties but not closing on them until they build or sell pre-construction on the other end. They go into contract on a piece of land or tear down, agree to close either when they can sell their new construction which may not be complete. They do this to avoid two closing costs which works for the seller.”

Gunderson went on to say, “I have seen a lot of foreign buyers from Russia, Argentina, England and India, looking for residential and commercial investment properties.”

“Ninety-five percent of our contracts contain ‘no assignment’ clauses, so no, I do not see a great deal of that,” explained Christopher D. Kelley, Esq., Senior Partner, Twoomey, Latham, Shea, Dubin & Quartoro, LLP., Riverhead. “What I do see is ‘spec builders’ who will negotiate a sale whereby the purchaser must pay the Seller Transfer Tax of $2.00 for every $500 or any fraction thereof of the full purchase price.”

When it comes to short-sales and foreclosures Kelley remarked that, “Even with the downturn in the market, I didn’t see many foreclosures, if any. What I did see was short-sales. With the upturn in the market, I am not seeing those either.”

Getting specific regarding cash deals versus financing Kelley says, “I would say it splits about even. Banks have loosened up on their lending policies.” What about foreign investors I queried Kelley, “I am working with two purchasers now from the same country in Europe. One is buying for investment and the other for occupancy.”

For the mortgage broker’s perspective Hamptons.com spoke to Christopher Minardi, Vice President of Mortgage Lending, Guaranteed Rate, East Hampton. “In my opinion, the only changes in the mortgage market is the rates; they are up about ½ to ¾ percent over the past three months. I think underwriting and qualifying for loans is the same. After the mortgage meltdown the whole industry clamped down to ironclad underwriting and never loosened up.”

“The bottom line is,” says Minardi, “borrowers have to qualify. I have seen many major banks exit the wholesale business. This hurts many smaller mortgage brokers as they lose another avenue to place loans with. The large shops, like me, have warehouse lines and correspondent lines to place loans with banks like Wells Fargo, Citi, Bank of America, and Chase. The purchase market seems to be strong, so the rise in rates doesn’t seem to have stopped anyone.”

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“Evening In The Hamptons” Benefits New York City Mission Society

"Evening In The Hamptons" Benefits New York City Mission Society

  • Whether you are walking the fast-paced streets of New York City or taking a leisurely beach stroll in the Hamptons, there’s a slight chance you might run into Elias Friedman, known online as “The Dogist.” His adoration of dogs, combined with his passion for photography, has led him to gain over 7 million followers on Instagram. The audience at his recent Guild Hall show reflects how much people truly love their dogs and how Elias does so much more than simply take picture-perfect dog portraits. He can capture the beautiful bond between man and his best friend. His book, This Dog Will Change Your Life, is already a New York Times bestseller. Guild Hall’s lobby was filled with fans excited to get their copy signed.⁠
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His guests included local dog lovers and friends of ARF (Animal Rescue Fund of the Hamptons). Attendees had front-row seats to a “Dogist”-style encounter: a casual conversation about how the dog entered the owner’s life, followed by a quick photo shoot revealing Elias’ methods for capturing the dog’s attention (hint: It’s dog noises and treats).⁠
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I had the pleasure of talking to Elias about how “The Dogist” came to be, rescue organizations, and the Hamptons.⁠
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Let’s go back to the beginning. What inspired you to dive into photography?⁠
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We had a dark room because my dad was an amateur photographer, and I’d always liked cameras and gadgets. We had a couple of Labrador retrievers who were sort of my first muses and would happily sit for pictures. I was taking dog pictures from a young age and then fast forward to 2012 in New York City I was let go from my job and saw what other street photographers were doing like Humans of New York and The Sartorialist and thought why isn’t someone doing that for dogs and I thought I wanted to be the person, I dusted off my camera and the rest is kind of history. It took off pretty quickly because it turns out people like dogs just as much as I do.⁠
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Read the full interview at Hamptons.com (Link in Bio)⁠
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#dogist #arf #dogs #animalrescue #guildhall #hamptons
  • 167 Dune Road, Bridgehampton, NY 11932⁠
Saunders Exclusive: $42,500,000⁠
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Experience extraordinary coastal living with this exquisite oceanfront estate on Dune Road in Bridgehampton. ⁠
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Designed by the renowned architect Francis Fleetwood, this remarkable property boasts 300 feet of private ocean frontage, complete with its own private boardwalk leading directly to the beach, all set on over 3 acres of prime land.⁠
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The charming shingle-style residence encompasses 4,200 +/- sq. ft. of luxurious living space, featuring 5 bedrooms and 5 full bathrooms, plus an additional half bath.⁠
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#duneroad #oceanfront #bridgehampton #realestate #hamptons #francisfleetwood ⁠
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  • The Hamptons have seen their fair share of collaborations and takeovers this summer. Still, nothing compares to The h.wood Group and Chase Sapphire Reserve’s transformation of Montauk hotspot Mary Lou’s into Delilah Montauk.⁠
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The four-day takeover combined unforgettable dining experiences with show-stopping live entertainment featuring performances by Zack Bia, Alesso, Gwen Stefani, and DJ Pee.Wee (Anderson Paak). ⁠
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Exclusively for Chase Sapphire Reserve cardholders, diners were treated to white glove hospitality and Delilah’s staples, including the famous chicken tenders and tuna tartare, and bold twists on Hamptons classics like lobster rolls, striped bass crudo, and crab and avocado toast. 

Check out more at Hamptons.com (Link in Bio)

#gwenstefani #alesso #djpeewee #chasesapphirereserve #delilahmontauk #montauk #hamptons
  • LVIS thrift shops are open Tuesdays through Saturdays 10 AM through 5 PM

donations are accepted Wednesday through Saturday 10 AM through 1 PM by appointment 

located at 95 Main St East Hampton
  • Check out the Top Hamptons Events This Weekend!⁠
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🚗 The Bridge IX⁠
📅 Sat, Sept 13 | 2–7PM⁠
📍 The Bridge, Bridgehampton⁠
Over 300 rare automobiles showcased across stunning landscapes.⁠
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🎬 23rd Annual Surf Movie Night⁠
📅 Fri, Sept 12 | 5:30–9PM⁠
📍 Southampton Arts Center⁠
Surfboard swap, live music & outdoor film screening. 🌊⁠
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🍝 San Gennaro Feast of the Hamptons⁠
📅 Sat, Sept 13 – Sun, Sept 14 | 10AM⁠
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Italian pastries, live entertainment & fireworks Sat @ 8:15PM 🎆⁠
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🎭 In Process: Roderick George⁠
📅 Sat, Sept 13 | 7PM⁠
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A special in-process presentation of The Missing Fruit (Part I).⁠
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🎤 Sheena Easton at WHBPAC⁠
📅 Sat, Sept 13 | 8PM⁠
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Grammy-winning artist live on stage!⁠
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☕ Cars & Coffee⁠
📅 Sun, Sept 14 | 9–11AM⁠
📍 Bridgehampton Museum⁠
Classic & exotic cars, food, drinks & live music.⁠
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🛍 Hampton Vintage⁠
📅 Sun, Sept 14 | 10AM–5PM⁠
📍 Westhampton Beach Village Green⁠
Shop unique vintage finds!⁠
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🎶 Hamptons Festival of Music Finale⁠
📅 Sun, Sept 14 | 4PM⁠
📍 St. Luke’s Church, East Hampton⁠
Featuring Cimarosa, Berlioz & Beethoven.⁠
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🍷 Wine Dinner with Pradorey at R.AIRE⁠
📅 Tues, Sept 16 | 6:30PM⁠
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Five-course tasting menu with exquisite wine pairings.⁠
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🎥 Toy Story 30th Anniversary Screening⁠
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Check out more events at Hamptons.com (Link in Bio)⁠
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#carshow #hamptons #sangennaro #sangennarofeast #winedinner #bridgeIX
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