A belated pre-Labor Day market overview from Prudential Douglas Elliman's Bridgehampton Office: "We here in the Bridgehampton Office had a strong rental season - did double the amount of rentals as last year, so we didn't see or feel the 'gruesome' Hamptons rental market that everyone was writing about."

Property listed with Prudential Douglas Elliman.

"We had numerous deals over the $5 million mark this summer - including one for $5,500,000 that closed in August, one in contract for $6,000,000 [with a] September closing, and one of our top producers has two in the hopper - both over $2 million that will be closing in October. People are looking, but just not as quick to make decisions right now, but they are out there," they continued to say, "The phones are quiet, but they always are this time of year. If the market is going to 'pick up' - we should notice the increase by the end of September - beginning of October as in the past, but the upcoming election is a strong factor, so we may not see the increase until November/December and certainly next year."

They finished by saying, "Hoping sellers will realize what is happening and come down on their prices, not to take a hit, but to be realistic in today's market if they are hoping the market is going to dramatically bounce back - that's not going to happen, so sellers must be on the side of reality and not fantasy regarding what they're going to get for their houses - that's just the way it is - if the buyer is there - they [the sellers] should take advantage!" Information and advice sent from Jean Marie Ali, Senior Regional Administrator at Prudential Douglas Elliman.

Several real estate offices are telling us that land inventory has built up and that speculators are being more cautious as to buying in that market area. Yes, well, we've seen it before. To us it is just a matter of timing and catalysts. Land is a non-fungible item. They are not making anymore of it out east, so some bottom fishermen with discretionary cash will pick up some good deals right now. As for land in general, bank it, and wait for the good return on investment with prime resort real estate offers.

Others may just wait for the so-called right time. You remember what Bernard Baruch said when asked about his investment successes and principles. "I always buy before the bottom and sell before the top." Sound advice. You don't keep having those near misses.

"Homes are moving, all price ranges, a particular bounce since Labor Day," says Tom MacNiven, Managing Broker Prudential Douglas Elliman Realty East Hampton Offices. He attributes the activity to the fruits of brokers working hard in July and August combined with the Fannie Mae and Freddy Mac bailout to bring mortgage rates down a quarter to 3/8's of a point. They are busy, we are told, making deals across the board and are running 20 percent over last year's numbers for the year to date. (Actually they went down a half a point, Tom, so that is better news for housing market support).

Panoramic View Oceanfront Condos in Montauk

Creative stuff going on at Prudential - PDE TV, a closed circuit television at all 90 Prudential Douglas Elliman Offices, where, at weekly office meetings, agents can view CEO Dottie Herman speaking from New York Office on things of industry interest, company interest, market interest and anything else and which could be helpful. This system is the product of company go-getter and Herman's right arm, the dynamic and innovative Laura Scott about whom we have talked on these pages. What's more, their extensive training program can be accessed through PDE TV, always there for agents and saving them gas and travel time to go to "classes."

By the way, MacNiven says the activity generated in the post Labor Day market once again demonstrates, "the durability of East End real estate."

From Ed Bruehl Panoramic View Oceanfront Condos in Montauk: "For the first time ever, Traditional Home is partnering with three established design pros, who have chosen three student protégées to work as their apprentices on the design of three Panoramic View villas. This is good news as it will create great press and buzz for Montauk and real estate in the Hamptons. The project is already featured in the October issue of Traditional Home magazine which is on newsstands now.

The three showcase villas in the project will be open to the public for viewing on Sunday, Oct. 19, Thursday through Sunday, Oct. 23 through Oct. 26, and Thursday through Sunday, Oct. 30 through Nov. 2, from 11 a.m. to 4 p.m. weekdays, and 11 a.m. to 5 p.m. weekends. Home tours will benefit the Montauk Playhouse Community Center Foundation, which we all know is a great cause.

We thought these offerings very special with spectacular ocean views even for the South Fork of Long Island. It does look like property owners and sellers are revving up the creativity and are showing willingness for innovation to continue to move their holdings on the East End.

Because as you know, East End real estate is a very strange and challenging business.