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Hamptons.com
January 21, 2015

Hamptons Real Estate Market 2015: Realistic Prices & Strong Rental Season Ahead

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

In December 2014, Fannie Mae published a national survey which included the following findings: Of those surveyed, 46% believe home prices will rise in 2015 while 8% say they will fall. Overall 64% think it’s a good time to buy, and 40% believe it’s a good time to sell. Finally, 45% believed their financial situation to improve, while 52% believe it will be easier to qualify for a mortgage.

But what does all that mean for the Hamptons market? For the East End point of view I asked several Hamptons brokers for their views on the 2015 market.

“We are experiencing sales listings coming on the market at more realistic prices,” says Aspasia “Cia” Comnas, Executive Managing Director, Brown Harris Stevens. “Sellers understand that long periods of time on the market due to overpricing hinder the effort to achieve the highest possible price and accept the fact that today’s buyers are more market savvy. Days on the market data is readily available to buyers. While helpful to keep overpricing in check, buyers should remember that the Hamptons market is a secondary home market and time on the market will in general be longer than in a primary home market. The rental market has been increasingly competitive as it is common place now for selling owners – even in the case of new construction – are willing to rent pending a sale, which has raised the bar for rental properties. Landlords are competing with stylishly furnished, well-appointed newer homes with every amenity. Consequently, some of the older homes are not renting as well. Buyer agency has now more or less become the norm in the Hamptons which was one of the last areas to embrace buyer agency. It has certainly made agency disclosure easier for many agents and has brought the Hamptons in line with the rest of the country where buyer agency with every buyer is standard.”

Dennis DiCalogero, Associate Broker, Douglas Elliman Real Estate spoke to the question of older homes, “Listings will be strong and continue to come on to the market, but the majority will be older homes. Not exactly what the market is looking for. Buyers continue to look for new homes or as close to new as you can get. This is a problem for first-time buyers. The days of buying a new home in the Hamptons for $700k or $800k are almost completely gone. I suggest they focus on location. You can always upgrade the home. Prices in the high end should continue to go higher due to demand and lack of inventory. Mid-range homes, $1M to $2M, are likely to remain at the same price point. This is all contingent on interest rates remaining calm with slight growth.”

“I feel we are certainly trending toward a solid improvement in the Hamptons real estate market,” says Htun Han, Principal Broker, Hamptons Realty Group. “The proven maxim through past economic cycles is that the most desirable locations and properties get affected last in a downturn but pick up first in an upturn, which, for our market, started in 2011-2012 and has gained momentum. Steadily reduced inventory can only help the market gain strength. In East Hampton, even the Springs are getting offers and acceptances quite rapidly. In an improved market, the tendency is for owners to increase their asking prices. My advice is to resist that temptation. Stick with your asking price and seriously consider offers that come their way. The only noticeable impediment to our market improving even faster is the availability of mortgage money. Lenders were burned by the mortgage 2008 meltdown, are more closely scrutinized and regulated by the Feds, and in my opinion, have over-reacted. Obtaining a mortgage is nearly impossible for the average buyer. One has to have impeccable credit scores, a 15% to 20% down payment, and stable employment. If there is a serious desire by our political leaders to increase home ownership, they will need to pressure lenders to loosen up on the qualification requirements.”

I asked how buyer agency was progressing in the Hamptons, Sarah MInardi, Associate Broker, Saunders & Associates explained, “The market has been busy since the holidays ended. Days on the market all comes down to the price point. If buyers and brokers see value in the listing, they are showing the homes and reaching agreements quickly. In the North Woods of East Hampton, inventory of homes under $1M has dwindled greatly, and in the $700k and under range, basically non-existent. Homes for sale between $1.2M and $1.9M in the Northwest are up against a lot of competition. If they are going to break the $2M mark they need to have close proximity the village with all the modern amenities. To break the $3M mark the house better be brand new, or very close to it, with all the bells and whistles.”

Minardi went on to say, “Buyer Agency is happening more and more, and has become much more universally accepted among agents and agencies. The commissions come out of the proceeds of the sale so no need to have any arguments there. If I am working with a buyer, we start out of the gate that I am working as their agent and it is very clear from the start.”

Regarding rentals Minardi says, “Rentals look to have a stronger season this year. Potential tenants are better off working through a broker who knows landlords and homes versus going on websites such as AirBnB. I had a potential tenant who went that route and found out after the fact that the landlord has had issues with returning security deposits. Chances are he’ll call me the next go-round.”

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  • 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
@jenniferwilsonhamptons 
@edbruehl @leemohlerehamptons 
@hamptonsrealestate 
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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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Read the full article at Hamptons.com (Link in Bio)⁠
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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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🎭 In Process: Roderick George⁠
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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
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Shop unique vintage finds!⁠
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🎶 Hamptons Festival of Music Finale⁠
📅 Sun, Sept 14 | 4PM⁠
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Featuring Cimarosa, Berlioz & Beethoven.⁠
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🍷 Wine Dinner with Pradorey at R.AIRE⁠
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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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📍 Southampton Playhouse⁠
Celebrate Woody & Buzz’s timeless adventure!⁠
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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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