Southampton, NY

Authored by: Laurie Mindnich
September 25th, 2008

Great news for the Hamptons, New York Home Buyer: INTEGRITY HAS ARRIVED!

It was with enthusiasm that I read the recent news offered by Michael Daly, owner of True North Realty Associates in the Hamptons- buyers are now going to be able to navigate the Hamptons and North Fork market with a TRUE ADVOCATE, coming in the form of an exclusive buyers agent.

While Options Realty has been a loud-mouthed proponent of a practice that covers both buyers and sellers on the North Fork, the advent of a long-time (and highly respected)Hamptons broker entering this arena is truly great news.

While this news may be less than exciting for large brokerages focused on scooping up listings (buyer agency is not possible when a buyer purchases a property “in house”- limiting that sought after “double end” for large brokers that choose the buyer agency opportunity), it is, for consumers, a HUGE change in the Hamptons that will likely change the way that business is conducted.

That buyers now have an alternative to sub agency and dual agency in the Hamptons is overdue.

Quite simply, it presents an opportunity for buyers and sellers to proceed in a purchase without that “muddy” who-represents-ME scenario. In the past, it has been as clear as, well, MUD.

To Michael Daly of True North Realty Associates, congratulations on a decision that might (FINALLY) add some consistent clarity and integrity to a transaction on the east end, usurping the often confusing transaction in which a buyer, in hindsight, understands that that “really nice agent” in fact represented the seller all along…leaving the buyer with a sense of unease (and a purchase price dictated by both the listing AND selling agent).

While we may well find ourselves with regret that competition in the form of an exceptional company with experience has nudged into (understatement) a territory in which we’ve found ourselves quite alone in promoting, the end result is a benefit to ALL real estate companies on the east end of Long Island- when consumers are treated with professionalism and honesty, real estate agents benefit. Inherent integrity.

CONGRATULATIONS, MICHAEL, ON YOUR DECISION TO INTRODUCE INTEGRITY TO HAMPTONS AND NORTH FORK REAL ESTATE TRANSACTIONS!

Thank you for recognizing that consumers on the east end have, for too long, encountered too often a “ME, FIRST” attitude from many brokers operating on both the North and South forks of Long Island, when with consumers buying or selling a home.

If you are looking for a home on the North Fork of Long Island, and seeking buyer agency in its least complicated form (no in-house listing issues), call either Options Realty or True North Realty Associates for information:

Options Realty: 631-727-2227 (hey- it’s my blog. I go first) serving the North Fork of Long Island
OR
True North Realty Associates- Michael Daly: 631-725-0554, serving both the Hamptons and North Fork of Long Island

www.beachamptons.com

LATE BREAKING NEWS:

WELCOME, ALSO, BUYERS CONNECTIONS REALTY CORP. of Mattituck, NY. Both Joan H. Bischoff van Heemskerck, and Nicholas J. Planamento are also on board with serving buyers on the North Fork with representation! With much experience in real estate, both gentleman agree that a transaction of integrity includes defined lines of representation. We look forward to working with you on the North Fork of Long Island! Joan and Nicholas can be reached at: www.BuyersConnections.com

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IT MAY NOT SEEM to be that jam-packed, but to the local people here in the Hamptons it is "bursting at the seams!"

Most people from new York City are here for their vacations; no more trips to Europe, at least for those who take vacations in August. Because of the cost of air travel and the exchange rate of the dollar, most savvy travelers are coming to the most beautiful beaches in the world...right here in their own back yard!

I can't wait to see the reports at the end of this record season; just how many people rented houses this year vs last? What were the restaurants doing with the excess crowds lined up at the door on Saturday evenings? How did the local merchants fare this year over last? I don't hear any complaints from the store owners this year!

I know one thing: there are several new dinner clubs here in Southampton Village and they are jammed on Friday and Saturday nights! Take Nello for instance; if you want a martini at this very popular night club, you have to pay $30! The crowd is young and not so young, famous and not so famous, European and worldly...the music is out of this world.

Looks like a record year for all the folks here on the East End---Even the real estate business is happening! I just got three new customers--investors, looking for a $1 Million or under for their investment portfolios. They are thinking of buying, fixing up, holding and renting while they hold. Not such a bad idea; especially since the prices have come down from the moon and the stars and you can now get a really good buy here in the Hamptons!!!

There's NO Feng Shui in The Hamptons?

I was thrilled to hear the Hamptons Home and Garden Show on Long Island, New York is coming up and went to check the details of the show. If you've never been out to The Hamptons, it's a very special place in New York. While I'm not there as often as I am in the City (in the summer be prepared for major traffic jams), the Spring is the perfect time to go and every year a huge event is held there.

It covers the entire weekend and vendors from all over come to show the latest and greatest. The lectures are free and this year cover everything from Specialty Food and Liquor tasting, a live auction and a free fitness evaluation with nutritional advice to a huge array of speakers on almost every subject imaginable. The second day of this event is for "Green" only and while reviewing who's giving lectures and what they are pertaining to, I wondered "Where's the Feng Shui." I happen to know first hand that Feng Shui is VERY popular in the Hamptons and in all parts of it so I'm surprised there is no speaker for it.

Granted, a Feng Shui Consultation in the Hamptons would cost a bit more then a "regular" consultation; going through a Mansion and making suggestions as well as the blessings would take considerably more time then a more "normal" sized home. The architecture of the Hamptons comes in all shapes and sizes of homes, new and old and they all fascinate me. I believe my favorite is situated on Dune Road (or, unfortunately, what is left of Dune Road) with a perfectly ROUND house that has always amazed me.

This wonderful event is in Southampton, a short ride (unless you get caught up in traffic) from The Hampton Bays, my own particular favorite part of the Hamptons since I was young. Ah, the good old days....When weekends rolled around my sister and I would throw a few things in the car and head out to "Hot Dog Beach" in the Hampton Bays. The band (and the dancing) started at 12:00 pm every day...one long day and evening and lots of fun.

Ok, enough reminiscing. If you're out in the New York area and would like to see the show of the season, it's right at the Southampton Elks Lodge and Fairgroundsin Southhampton, Long Island, New York with 17 acres of displays and a drawing for a free $2,500 shopping spree at Waldbaum's supermarket. One of the suggested places to stay (which I can personally recommend) is The Baywatch Motel and Marina at 72 Foster Avenue, Hampton Bays, New York.

For more information regarding the show times and exhibits please visit:

Hamptons Home & Garden Show - Spring 2008

And if you need a little Feng Shui while you're in New York: http://www.FengShuiLI.com

**Carole Provenzale has been a Certified Feng Shui Practitioner since 1997 and provides on site Feng Shui Consultations for The Hamptons, New York City (Manhattan) and all of Long Island for Homes, Businesses, Offices, Corporations, New Construction and Renovations. Carole also works with Realtors to get homes sold fast using the art of Feng Shui.

Is anyone else out there having difficulty with other agents/brokers right now?

A very good friend of mine, who works for the same company as I did for many years, called me the other day and asked me if I was finding that things had changed in our community. She was asking specifically if I had been having difficulties with fellow agents, such as "pocketing" a listing or losing a listing to another broker, while you had the listing!

At first I was surprised by her question; not because things are going so smoothly right now in our area, but because she is the last person that I ever expected to hear this kind of problem from. I will call her Grace.

Grace has been in real estate almost as long as I have (about 15 years) and we have never been competitors because she has her own, well established base of clients and customers and I have an entirely different one. This is possible because we deal with second home buyers and sellers and they come from Manhattan, New Jersey, Connecticut, Upper New York State, Massachusetts and a large number of Europeans and Eastern Europeans. There is a huge base to choose from and overlapping client/customer rosters were infrequent here in the past.

Suddenly, there has been a severe decline in buyers, just as in most other markets across the nation. It happened later here than in other areas simply because we are not dealing with primary homeowners or buyers. Because of the huge growth in sales here, we have had a comparable increase in agents.

From 800 agents in 12-13 small brokerages in the 90's and early 2000's, we now have over 2000 agents in 4 giant brokerages. In addition to the new agents flooding our small community, we have watched as 2 large conglomerates absorbed the smaller "Boutique" brokerages.....a "thing of the future" we were told as it was unfolding. One agency has 2 offices in each of the 5 Hamptons,simply because of the merging of companies here.

ALL THE WHILE, THE HIGH-END OF THE MARKET REMAINS STRONG!

So what we have here in the Hamptons now is a microcosm of the macrocosm. Agents literally trip over one another when showing properties. Every one of them are now trying to do rentals. Summer rentals have gained in strength because of the slow down in sales---buyers who want to wait to buy are renting for summer, winter and year round; it is like someone flipped the switch from buying to renting. When the Bear Sterns buy-out was reported, the steady stream of buyers slowed to a trickle.

And all those new agents? Well, there is pandemonium when dealing with a "new" personality that has emerged. Instead of a low key approach where everyone has the patience to wait while a house that is listed with one broker either sells or becomes an open listing, there is an onslaught of agents vying for those high-end listings that might give them an edge in their marketing efforts. Landing a "big one" has become the focus of almost every agent.

Grace almost lost her $18Mil listing to another broker before the ink was dry on her agreement with the seller...well maybe not that soon but the owner was bombarded by at least 12 other agents while the exclusive agreement was in effect and Grace was livid. She was fortunate enough to have a loyal client who did inform her of the "pitch hits" from other agents.

There is a trend now for some agents that do get a high end listing, to "pocket" them. They don't even market them; they then sell the listings themselves, leaving the owner in the dark about the fact that the property never hit the market! It is impossible for me to know if they actually did this with out the knowledge of the owner, but what would you think if you suddenly heard of a $60Mil ocean front sale that you never even knew was on the market?

It feels like the "Wild-Wild West" here in the Hamptons at the moment. It feels like lawlessness is a way of life now, at least here in the Hamptons. As sellers decide NOT to put their homes on the market because it is such a bad time to do that, the problems multiply. I have had similar bad experiences with another agent or two recently and I feel better now that I know that I am not alone, now that I heard from Grace!

Is anyone else out there feeling this change in attitude? Or is this just another Hamptons anomaly?

VESPA!!!

When you stop to think about it....just what did one do with one's free time before ActiveRain?

I can't even remember--All I know is that now, when I come home from the office, I sit down and read, read, read posts....they are a fountain of information.

NOW, I LOOK BACK:

I have participated in a contest or two

I have written more than I ever thought I could

I have made my own advertising videos (Thanks to Jeff Turner)

I have learned more about technology than I ever wanted to before

I have people from all over the country communicate with me, and I with them

I have forged deep friendships

I think I may have even created an adversary or two

I have participated in one heck of a LONG blog party

I have had memorable discourse with other bloggers

I have had disagreements, maybe even an argument or two

I have seen a huge number of people come into the fold as someone lost a loved one

I even took a sabatical from ActiveRain as I "re-tooled" my blog material....and my "self"

....and all this has happened since November of last year--just 6 months of playing in this unique sandbox.....JUST 6 MONTHS!!! What in the heck will the next 6 months be?

A Very Big thank You to everybody here on AR--What would my life be without you??