The Hamptons Market Is Unique...Only The Strongest Agents Will Survive

By Andrea Aurichio

“Soho Meets the Hamptons - Green House” in Southampton village priced at $3,295,000, listed with Engel & Volkers Real Estate in Southampton. This energy efficient house is a great value because not only is it a drop-dead gorgeous home but also in the long run, the home owner will save a tremendous amount of money spent on energy costs. Images courtesy of broker

Southampton - Heike Moras, Associate Broker at Engel & Volkers Real Estate in Southampton, was born in Germany. She headed for New York City after she graduated from college and has been stateside ever since. She has been coming to the Hamptons for more than 20 years. As befits the international brokerage firm where she works, Heike is fluent in English, German and Spanish.

What is unique about the Hamptons market?

Heike Moras: The Hamptons market is unique in several ways. First, as a weekend destination for urban New York professionals it draws a sophisticated customer base with a clear understanding of current market conditions. Second, because of the natural beauty and unique location, Hampton property values are proportionally much higher compared to other resort areas in the United States. And last, the Hamptons brokerage community sets itself apart through its high level of professionalism, thorough knowledge of the market, and passion for their work.

What are buyers looking for in a house?

HM: In this market, buyers are looking for value. They prefer quality construction and will gravitate towards homes in neighborhoods that will hold their value over time.

Heike Moras, Associate Broker Engel & Volkers Real Estate in Southampton

What do you see as the future of the market short term in the next six months to one year and long term over the next five years?

HM: In my opinion, little will change in the short term but I am certain that in the long run property values in the Hamptons will be rising again.

What do you see as the future of real estate on the South Fork in five
years?

HM: In the next five years, we will see the number of brokers in the Hamptons drastically decline. Only the best and brightest of agents with a solid grasp of the unique real estate conditions in the Hamptons and a sound know-how of customer service will thrive. Moreover, home buyers and sellers will realize we cannot simply rely on the Tri-State area. We must take advantage of the global marketplace to find buyers for our properties. Brokerage firms with strong overseas connections will see a growth in business.

What is the most common mistake made by sellers?

HM: The most frequent mistake of sellers is to overprice their properties. Sellers who trust their brokers with the pricing of their homes will sell.

What is the most common mistake made by buyers?

HM: The most common mistake of buyers is to use multiple agents or to jump from one agent to the next. Finding one qualified agent and sticking with her to find your dream home is the best way to go.

Has the market hit the bottom?

HM: Yes.

What advice would you give to a seller in this market who wants to list their property now?

HM: Find a broker who not only has a clear understanding of the local market but also has national and international reach. In this market, it's simply not enough to rely on reaching out to buyers in the local area.

What areas, neighborhoods or locations are most desirable right now?

HM: As usual, anywhere South of the Highway and the Village of Southampton are the most desirable neighborhoods still. That will never change.

What are the best deals on the market and where are they?

HM: The best deals can be found where owners already had a price reduction. Two of the best deals in the Hamptons are first our Hampton Bays Beach Cottage for $485,000. This beautiful house is located on a quiet cul-de-sac lane, minutes to ocean beaches. It comes with a heated pool, central A/C, and a wood-burning fireplace. And second, the "SoHo Meets the Hamptons - Green House" in Southampton village priced at $3,295,000. This energy efficient house is a great value because not only is it a drop-dead gorgeous home but also in the long run, the home owner will save a tremendous amount of money spent on energy costs.

Editor's Note: "Broker's Outlook" is a new column here at Hamptons.com where we invite all real estate agents from across the Hamptons and East End to be part of the story discussing their take on the Hamptons real estate market. For details contact info@hamptons.com.