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Hamptons Real Estate Is A Secondary Market Says Corcoran’s Michael Schultz

Nicole B. Brewer

Michael's favorite home right now is a 7,000 SF home in East Hampton by Dan Scotti. (Courtesy Photo)

"New York City wants to be here," says Hamptons real estate agent Michael Schultz, in the field for six years and currently hanging his shingle with the Corcoran Group in Wainscott and NYC, comes to the industry with 30 years of retail experience under his belt. He says that the Hamptons real estate market is special to potential buyers, many of whom he says are "high finance professionals" because it has everything, "Ocean beaches are bar none the best. Produce, restaurants, tennis, golf, investment growth, and their friends."

A Hamptons homeowner in his own right since 1985, Schultz tells Hamptons.com that he still thinks of himself "as new because it's my passion." When he's not selling homes South of the Highway, he indulges his other passion for sailing in Sag Harbor and in Georgica Pond.

Michael Schultz of the Corcoran Group. (Courtesy Photo)

The Hamptons market has the high-end luxury section with homes well over $7 million and the flip side with homes under $500,000, plus all of the great homes in between. Where are the buyers right now?
MS: Currently, they are in every part of the market. In 2009, 2010, 2011 people that had money jumped in and took advantage of buying great location homes. In 2012 and 2013 everyone is jumping in. Real Estate now is like Blue Chip stocks.

What is your forecast for the summer/fall real estate season in the Hamptons?
MS: In the fall some of the buyers are out there, but people forget this is a secondary market. The majority of buyers are never cavalier with their money and the prices don't increase as well [in the Hamptons] as NYC and Brooklyn.

What are the emerging trends in architecture?
MS: Younger people really want modern interior décor in bathrooms and kitchens. Box type ultra modern houses outside and inside. Modern barn style houses are 'in' because it looks agriculture.

If "location" is the first rule in real estate, what is the second? Why?
MS: White, white, white interiors. Location means you can change the house but you cannot change the location.

Which towns/villages are the most sought-after right now?
MS: Currently, it depends on where the buyer is from. People want to be further west and they see east like Amagansett area closer to the beach than in Southampton, etc.

Tell us about one of your favorite listings on the market right now.
MS: Very special home by Dan Scotti. A 7,000 SF, 6 bed, 6 bathrooms, 2 half baths. Dan has the designer's eye for detail and finishes; he creates a house that looks old from the outside and new inside. Diamond cut windows, no sheetrock, tongue and groove, all the attention to detail. 130 Further Lane, East Hampton.

Nicole, an award-winning journalist, is Executive Editor & Publisher of Hamptons.com where she focuses on celebrity interviews, fine living and design, social events, fashion and beauty. She lives on the North Fork with her husband, their two daughters, and Bernese Mountain dog, Cooper. www.hamptons.com HamptonsOnline NicoleBBrewer NicoleBBrewer NicoleBBrewer

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Gary R. DePersia, Corcoran Real Estate
With over $2 billion in transactions, Gary DePersia is consistently ranked among the top producers in the Hamptons. A year-on-year member of The Corcoran Group President’s Council, he has qualified as a national list maker since 2007. In the 2016 REAL Trends & The Wall Street Journal list of America’s top real estate professionals, he was designated #22 nationally and #5 in the Hamptons by volume with nearly $200 million of transactions for the past year.

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