Introducing TrueGotham–Hamptons Edition

When my clients are interested in the Hamptons, I refer them to Bridgehampton broker Cynthia Barrett. I’m very protective of my clients, and very particular about who I refer clients to. I do my homework first, and always follow up afterwards.

After hearing great things about Cynthia from my mother-in-law (who has bought and sold many times through the years) I hired her to sell my own home in Bridgehampton. The sale went smoothly and efficiently in a tough market. Cynthia was always available and forthright with information. And, for the record, no one I have talked to has ever had a bad thing to say to me about Cynthia. She’s a serious professional. She has won referrals from me for life.

Yes, she has all the real estate credentials (Chairman’s Circle award member for four years running, Fine Homes Specialist rating, rated among the top brokers in the East End and Prudential Douglas Elliman nationwide) to go with deep knowledge of the marketplace. She and her family have lived in Sagaponack as full time residents since 1999 after living in New York City for nearly two decades. She is an active member of the Sag Harbor School District and the community. She also has more degrees than your average broker–and they’re relevant. She has a BS in advertising and marketing, and an MBA in international marketing and finance.

I’m thrilled that Cynthia has agreed to become the eyes and ears of TrueGotham in the Hamptons. This is the first of what we anticipate will be many Hamptons reports from Cynthia in the future:

Motivated Sellers Getting Results, Others Wait
In the Hamptons, inventory and time on the market both increased in the first three quarters of 2006. Of the high-end ($13-15 million) ocean front properties, those with motivated sellers and recent $1 million or more price reductions have found buyers at the ready. I have seen several such properties in Bridgehampton and Easthampton in the last few weeks.

Other sellers appear to be prepared to wait it out. The fact is, most sellers here in the Hamptons do not HAVE to sell their home; they can use it again next year or rent it again next year and they may not carry a large mortgage. Not selling becomes at best a minor inconvenience for them and–absent a divorce, sickness, or some other calamity, most have the resources and mindset to wait out the storm.

A Good Time to Buy in the Hamptons?
I’m finding that my clients are split down the middle 50/50 as to whether it’s better to buy now or rent one more year in the hopes prices will be more attractive. Let’s be honest, no one really knows what will happen in a year, and all that real estate bubble talk isn’t coming from nowhere–there is more inventory coming on the market, and average time on market has been increasing. However, the "buy now" argument is not without rationale. For one thing, the market is flat for the moment, while interest rates are still historically low. The uncertainty that always comes with elections will be going away in another few weeks. One of the biggest drivers of home sales in the Hamptons, those Wall Street bonuses, are expected to set new records again at the end of the year. If that happens, it’s hard to believe there won’t be plenty of people house shopping in the Hamptons in the new year.

Hamptons Kids Corner
If you happen to be visiting the Hamptons over this Columbus Day Weekend with your kids, pop into Hank Krzyzewski’s Farm on Montauk Highway just after the "T" in Southampton, across the street from Duck Walk Vineyards. Pick your pumpkins and go through the corn maze. My kids love it.

Farther east in Water Mill, you can visit The Halsey U-Pick Apple and Pumpkin Farm on Mecox Road and just across the street, partake in The Ludlow Farm Corn Maze complete with clue cards and multiple courses with-in the elaborate corn trails. Hours are 10:00am – 5:00pm Friday through Monday, October 6-9.

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One Response to Introducing TrueGotham–Hamptons Edition

  1. Nice reporting on the stae of the Hamptons real estate market. I publish SpecHampton.com and follow the market religiously. Prices have indeed been moving down recently (something that rarely has happened in the Hamptons), and while some deals are getting done, the stae of the market is unanimously quiet. Selling runs here do start like brushfires though, and the sellers are giving lots of reasons to light the match. Now is a great time to be looking for deals.

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