Well, we made everyone interested crazy on the exclusive vs. open listing question in a down market.

Here's a question submitted by Prudential Douglas Elliman star agent Lori Barbaria writing that she has, "noticed some of our leading brokers are taking way reduced commissions on listings."

Property listed with Prudential Douglas Elliman

How is this affecting the East End market? An interesting market question. It is clear in New York State Real Estate Law, as we remember it, that each brokerage fee is negotiated separately between seller and broker.

Now, something I really love, a broker taking the initiative in this kind of market, thinking out of the box, for both clients and customers – and indeed the industry itself. We are talking about Cynthia Barrett, broker at Prudential Douglas Elliman's Bridgehampton office, who put together a mid-October forum for clients and customers (and others) and is planning another one. Furthermore, the enterprising business professional held the forum in one of her exclusive listings, exposing that home to the public.

Here is text from ad and flyer she produced: "Where is the Hamptons real estate market heading? Where are the opportunities? Join us for a panel discussion and reception on the Hamptons Real Estate Market. Panelists: Kelly M. Canavan, Esq., Farrell Fritz, P.C. Charles Fuchs, Charles Fuchs Appraisals; Eve Robin Jarrett, The Manhattan Mortgage Co.; Cynthia Barrett, Associate Broker, Prudential Douglas Elliman."

She writes: "The discussion provided an opportunity for customers, clients, buyers, sellers, renters, and people curious about our market to ask questions of professionals who play an integral part in real estate. It was a success. People are asking when the next discussion will be held." The next of these Panel Discussions is slated for either Saturday, Jan. 17 or Sunday, Jan. 18.

Barrett began her career in New York City as a photographer/graphics with CBS, then went to Wall Street Institutional Sales and Trading for 16 years. When Barrett moved out to the Hamptons full time, a new career in Real Estate began. Says she, "I [have enjoyed] my profession as an Associate Broker and vice president with Prudential Douglas Elliman for last six years and in the business for seven years." Finally, besides personal contacts, Barrett invested advertising money in local media, promoting the seminar. Great going!

Property listed with Brown Harris Stevens

Last words on the exclusive question:

From Jude Lyons of Westhampton Beach Real Estate on Multiple Listing Services, responding as did others did to views published in these columns of Tom D. from California now of Westhampton Beach, a potential buyer: "Perhaps Tom D. doesn't know about Multiple Listing Services (MLS) which they also have in quite a few markets in California. MLS is the website to go to and visit all exclusive listings by all brokers and the key is to work with one efficient, knowledgeable, energetic broker (hopefully me) who will set up appointments with the other brokers. [It seems]…what he was describing was what used to happen years ago when exclusive listings were just that, exclusive to one office, where it might well have sat."

Now, a market outlook from Marcia Altman, Associate Broker, Brown Harris Stevens: "By and large, our buyers are saying 'I'll wait,' thinking [the] market will go down further and, they will be sure to get the best price. Having been through this before, I can say that no one will know when 'the bottom' comes, except when things start to go up again. Buyers will only know what a seller's 'bottom price' is, therefore, when they make an offer. There have been some incredible deals made in the last few weeks. Smart buyers have been cruising the market until they find the home that works for them; they make an offer. Several have been able to negotiate a price that works for both seller and buyer. Those taking advantage of the uncertainty out there, acting now, will see the best chance of appreciation in the future and have a home to enjoy for summer 2009. The winter is the best time to score a good buy. So, Buyers, bundle up and come on out. You may find the home you've been searching for at the price you want to pay."

Congrats to Judi Desiderio of Town & Country Real Estate for opening her seventh office on Hampton Road in Southampton. Best wishes!

Innovations, Opinions, Suggestions: East End Real Estate is a very strange business, but you can't say that it isn't interesting.