Bidding Wars...Pent Up Demand

By Andrea Aurichio

Christie Brinkley's Tower Hill Home. Images courtesy of broker

Southampton - Susan Breitenbach, Associate Broker with The Corcoran Group, has handled over $1 billion in real estate sales since she began her career more than two decades ago. Breitenbach's impressive sales record has placed her at the top of the list of the Hamptons top producing brokers for years. In 2008, she made The Wall Street Journal's list of top 100 brokers in the country.

Susan Breitenbach, Associate Broker with The Corcoran Group.

What surprises you about the real estate market in the Hamptons?

Susan Breitenbach: What surprises me most right now is how quickly it has rebounded. I am as busy as I ever have been and have seen multiple properties going to bidding wars in the last few weeks. I have put into contract almost $40 million in Hamptons real estate in just last three weeks!

What do you see as the future of real estate in the Hamptons for the short term and for the long term?

SB: Short term - I see a lot of pent up demand over the last six months that is now buying. The prices have come down from the high of a year or two ago and people are seeing it as an opportunity and are acting on it. Everything is value driven and it is still a buyer's market but things that are priced well are selling quickly. Long term - the Hamptons have always been and will continue to be a great investment.

What are the most common mistakes made by buyers and by sellers?

SB: The most common mistakes by buyers is to get too focused on "the deal" instead of picking a property that they love and trying to get it for the best possible price. With sellers, I think the most common mistake definitely is pricing too high instead of pricing to sell. Value is the one and only most important thing right now and if property is priced too high it is not even going to be considered or shown.

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.