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Price Trends...It's All About Value

By Nicole B. Brewer | 27 Comments

This most outstanding oceanfront property offers privacy on over an acre of manicured lawns and gardens, 140 feet of wide sandy ocean frontage, and dunes of abundant wild roses. A private walkway with a beach side gazebo provides intimate access to the pristine beach. This four-bedroom, three-bath French Contemporary has two oversized decks, gourmet kitchen, fireplace, and floor to ceilings windows throughout the interior affording unparalleled views of the ocean and ever changing seasonal ambiance from every room. Photos courtesy of Vincent Horcasitas

Bridgehampton - Licensed Broker Associate at Prudential Douglas Elliman Real Estate, and East Hampton resident, Vincent Horcasitas, has a stellar track record in the Hamptons real estate market. As Prudential's 'Number One Top Producer for Long Island' in 2007 and 2008 he specializes in waterfront properties and is an Eco-Broker Certified professional.

Vincent Horcasitas, Licensed Broker Associate with Prudential Douglas Elliman Real Estate.

How long have you been involved in the real estate business in the Hamptons?

Vincent Horcasitas: I have been in Real Estate for 10 years out here in the Hamptons.

Some people feel that the Golden Age of real estate in the Hamptons has come and gone. How do you feel?

VH: The Golden Age of Hamptons Real Estate is not over. We anticipate a stronger market in 2010 and think the future is bright.

Looking at the profile of the local industry as a whole, what changes would you predict for the future?

VH: Higher interest rates, inflation, house prices rising, smaller square footage will be the trend. Also, real estate firms will have less/smaller offices and more agents will be working virtual.

Which traits do you look for when you interview a potential sales associate?

VH: A good sales person must first have strong knowledge of the market, strong sales ability, drive, ambition, and accountability. They must also have strong presentation skills, interpersonal skills and a strong understanding of listening to a buyer's needs.

How do you feel about the fact there is no MLS in the Hamptons market?

VH: This is a very special market. We should be separate from MLS.

What price trends do you see for 2010?

VH: Price trends...it's all about value. Today's buyer's are not pulling the trigger unless it's a great deal. Every market is different and there is less flexibility when you are South of the Highway. We see the market flat for the first quarter. Up is the trend for the balance of the year.

What is your prediction for the 2010 rental season?

VH: We expect the rental market to be stronger than last year. Prices will be higher and terms should be longer.

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 Executive Editor Nicole B. Brewer at nicole@hamptons.com.

Comments

Guest (Guest) from Remsenburg says:
As to the core of this thread, it IS all about value, on both sides of the equation. I believe in providing transparent and value oriented information driven services to my customers and my clients. The current Hampton real estate market is a buyer's market where cash is king and discounting has become a game of propinquity. While the numbers are down for this Qtr, the East End remains a highly- sought-after footprint. Typically purchases command $1 million as an entry-level investment. Sales generate five and six figure commissions to the broker(s) and agents effecting a transfer. Hampton real estate is a highly competitive business. There are 33 brokers in the GWB footprint alone. Some will use MLS, HLS, OREX, etc. and "all the tools" of the agency to "broaden" the universe, and by definition, invite buyer-broker representation and commission dilution, while others will "creep" into co-listing situations preferring to reap the full commission for "the house". For example, a record 2010 sale "west" of the canal of The Point for $13 million was 35% "off price" from the original $20 million list. The sale was all cash and closed in 15 days. The developer made 30% on his $10 million investment. The buyer bought a bayfront trophy home at a huge discount. It cost the listing agents/brokerage $100 thousand to advertise during a 3 year period. The brokers cut up some $700 thousand. MLS, HLS, OREX, HREO had nothing to do with selling this place. Something to think about in all of this.

Guest (north fork realtor) from southold says:
Kathleen, that's wonderful. Do yourself a favor and go to MLSLI.COM. Locate "sold homes" and click. Narrow your search to Southold, and take a look. You will find reported solds from LAST WEEK- it's that current. That's primarily what is being sought of the Hamptons companies that are MEMBERS of MLSLI, but persist in keeping data from MLSLI- a data base that requires input within 48 hours, so that both sellers and buyers can see exactly what is going on in the market, as it occurs. While not perfect, an MLS (whether it be HANFRA's, or MLSLI) offers a much, much superior perspective than a listing agent, committed to getting their seller the best possible price. For sellers, it affords a real time look at closed pricing, which is essential to truly getting the "right price" out there in a market that's highly competitive. Why the agenda of keeping this essential info under wraps from sellers and buyers?

Guest (dogsbrekky) from Hamptons says:
We used a buying agent, Lauren Spiegel from Pru Elliman to buy our place in the Hamptons ... wonderful young lady, honest, direct and savvy

Guest (Kathleen) from Manhattan says:
I contacted the listing broker directly.. I always do, but that does not exclude one from working with other brokers also.. I think people give too much credit to the agent/broker; one should do their own research, look for properties on the market, (now with the net it is soooo easy....), and decide what properties they want to see.. I follow my instincts...if the broker is open and amenable I enjoy working with them.. Vincent was wonderful, warm, informative, accommodating, courteous...very knowledgeable I highly recommend him, and BTW, I LOVED this Oceanfront property!!

Guest (Miriam) from New York City says:
Kathleen from new York City - yes this house looks amazng. Who are you going to schedule an appointment with? The listing agent who represents the seller? Or are you going to hire a Buyer's Agent to represent you?

Guest (kathleen) from manhattan says:
the hamptons are great and the ocean front houses that are interesting are rare... this looks to be one of the more interesting houses to me as a beach lover....i love this house! whats the price? its so amazing! i want to schedule a viewing after the holiday...

Guest (Griffon) from New York says:
Thanks guys. Don't want to give you the impression that I think all Hamptons agents are terrible - I met many lovely people during my search. But there is a glut of uninspired agents still from the boom. GOOD agents don't need to fear MLS. MLS is already in the North Fork and hungry Hamptons agents have not driven up there and stolen the jobs of local agents. MLS and better information is beneficial for buyers and sellers.

Guest (Miriam) from New York says:
Griffin, thank you for posting, the problem out there is not about attitude about agencies getting the double dip- both sides of the commission. Thank you for posting you are right on with your comments and since you are a buyer out there your perception is so important.

Guest (north fork agent) from southold says:
The only thing that I'd suggest to thinkaboutit (while in full agreement with "ding ding") is that when you seek an "interpretation" of data, as you've suggested a buyer or seller should have provided to them, that interpretation can VARY, depending on whether it is being interpreted for the buyer (and negotiated on their behalf) or the seller (negotiated on their behalf). The MLS as a whole forces participants to input ALL of the data to BE interpreted (under contract, solds, as they occur- no waiting for public records)- so regardless which side of the transaction you find yourself, the bottom line for buyers and sellers is "the best possible price" in real time, and absent the availability of such data, NEITHER side of the equation benefits. To pull up Montauk data shouldn't require that the Realtor be from Montauk- but the majority of buyers will seek out an area specific agent, so this mls paranoia is largely unfounded on the part of the Hamptons real estate community. For those buyers seeking a Realtor of choice that might be from out of area, they should have that right, and all data that assists in the sale of a property, without having to experience the inconvenience that Griffon so eloquently conveyed. For those buyers desiring to negotiate for themselves, the mls access makes it far more convenient, as the properties are in one location, ready for viewing and comparison. An overpriced private system benefits local brokers only- not buyers, not sellers, not appraisers, and not Realtors.

Guest (Thinkaboutit) from East of the Canal says:
regarding Griffon's comments: Ding Ding!! We have a winner.

Guest (Greg) from EH says:
SH Agent: from my experience Sothebys is the worst Agency...all of their East end offices... talk about crooked! "Thinkaboutit"You've got it right ...thank goodness there are some people with brains

Guest (Griffon) from New York says:
There absolutely should be MLS. I've shopped Hamptons real estate for several years and flat out, I will tell you that I know more about local zoning and the local governing authorities than any of the selling agents I met. I've tutored agents at their own showings how to calculate GFA. Why? Because as an interested buyer, I did my due diligence, read village codes freely available on-line and asked questions of locals. And for God's sake, SHOW UP TO SHOWINGS, don't just leave a key under the plant pot. It's helpful for buyers to be able to ask questions during the showing that you as the selling agent will know, but we as the visitors will not. I chose my agent because of her willingness to show me houses. I did not come across any local agents who had any more "magic" relating to the Hamptons as a "special place" than any non-local agents. A good agent for a buyer is someone who has the time to show you places on your schedule, who can follow up and find out answers to your questions, and beyond that, just a good attitude. It matters not if you're from New Jersey, Nassau County, or East Hampton. Oftentimes, I new of listings before my agent did (Trulia/Streeteasy). For example, Corcoran listings would show up 1st in the "New Listings" section on the company website, THEN websites like Trulia, and THEN the inter-agency website (HREO?). It's a lot of work for a buyer, and even more work for a buyer with less dedication. MLS and open access to actual street address should be in the immediate future. If Hamptons agents fear MLS, I suggest they add more value than just a good attitude to the equation. Read village codes, be up to date on zoning changes, know who the neighbors are (when they bought and how much for), understand the school systems, FEMA flood elevations and insurance, rough costs of homeowners insurance, ACTUAL potential rental income, etc. Sit down with an architect and figure out what's different about various building structures -- e.g., cynderblock versus poured foundation. Learn about all the mechanicals in a house. Be able to answer questions about potential alternative energy for a house like geothermal. Don't just make up stuff during showings or now know these very basic things about homeownership!

Guest (north fork realtor) from southold says:
Spec builder, there are listing agents and (in the rest of the country) Realtors that represent the buyer ONLY. This evolved because when a seller and "their" listing agent "hire" a Realtor to come in and represent you, IF the selling agent intentionally misrepresents anything, the buyer can come after YOU as a seller, as well as the listing company. You "hired" them. Buyer agency, which is supposed to be disclosed to you, as a seller, at the start of the process, puts liability on the selling agent, NOT the seller. While there are other agency representations, in most areas, if a Realtor brings a buyer, and is NOT your listing agent or the listing company, they represent the buyers interest- largely so that as a seller you are protected, and the buyer has an advocate for their interests. If you've never signed an agency disclosure...you might be working with Realtors that are in violation of NYS laws. BIG fines for that transgression.

Guest (Southampton Agent) from Southampton says:
Melinda Potosky: The question of MLS or not is not one of Agancy preference -- it is one of law breakers being sued, prosecuted by authorities and jailed. The real law breakers are Prudential, Corcoran, Brown Harris and Town & Country. Hamptons Real Estate has a long history of crooked dealings.

Guest (Miriam) from New York says:
Prudential Lover I have a question for you. You say that all Prudential offices are members of the LIBOR MLS why does the Pru office in the Hamptons not post their listings there? Believe they are supposed according to the rules - Prudential Douglas Elliman has several offices and believe the rule is if one belongs they all belong and then they are obligated to post their listings on the MLS or send in an opt out from the seller - is that happening?

Guest (Ed Vossen) from Stuart,Fl says:
When I was the manager of Merrill Lynch Realty's office in Southampton (1986-1991)as a director of ESBOR (Eastern Suffolk Board of Realtors) we had an informational meeting regarding MLS at the restaurant on the corner of Jobs Lane and Windmill lane. A certain real estate office had all its members sit in cars outside the restaurant and blow their cars horns as a way to disrupt the meeting. They were afraid of MLS then and we closed the office but Prudential-Long Island Realty was the successor and opened multiple offices at the same time to overcome the negative attitude of some Realtors. Why wouldn't you want your property exposed to as many prospects as possible. The more that know about the listing the better chance you have of selling at market values. Not just to a select few.

Guest (Thinkaboutit) from East of the Canal says:
Good agents in any market know their limitations and spend some time building referral relationships with proven producers in areas their customers and clients reside and vacation. It makes a whole lot more (dollars) and sense than winging it in unfamiliar territory. Ask any top producer Miriam. And George lover from the North Fork: Your internet skills are astounding but what you fail to mention is that your customer can do everything you have liste as well and in many cases thay already have. What buyers and sellers need is accurate INTERPRETATION of that data. If I'm a buyer in montauk I'd rather have a GOOD agent from Montauk than someone who just raced out the LIE for the day to poke around. Happy New year to all.

Guest (Spec Builder) from Out East says:
Why do realtors always make it seem that they are working for the buyer when they are legally representing the seller? Because the buyer is the one with their commission? Also, I hate weak kneed realtors who fold like a cheap camera or wet cardboard box during a bid up war between 2 or more buyers. Realtors are not rock stars, they are salesmen same as when you go up west to buy furniture, a vehicle, a boat or shoes.

Guest (north fork realtor) from southold says:
PL, if that's the case, you'd better be prepared for a mailbox stuffed with resignations- it can be easily documented that offices in several parts of the Hamptons routinely ignore their MLS membership requirements. How else to keep Miriam (and her buyers) out? Job Fair, anyone? p.s Mitchell, don't forget Aspen...

Guest (prudential lover) from southampton says:
What's the story here? All the Long Island Prudential offices are members of the LIBOR's MLS. If VH believes what he says, he has an obligation to honor and support his belief and separate himself from PRU and its MLS offices. "This is a very special market. We should be separate from MLS". I'll look for his resignation in the mail.

Guest (mitchell) from BH says:
Palm Beach has an MLS Malibu uses MLS Beverly Hills uses MLS San Francisco uses MLS Vail uses MLS and on and on and...

Guest (Miriaim) from New York says:
It is not your place to define what a buyers agent is for boyers. Being out of the area has nothing to with it. Being out of the area I can investigate and do research that an agent living won't do because they know it all. Also being out of the are does not mean anything. I had a home in the Hamptons for years but no longer live there. Don't want to refer the buyer and it is up to the buyer. I have had disclosure to buyers about lack of knowledge of an area and had them decide not to be referred. Time to think about the cients/customers and NOT the double dip.

Guest (north fork realtor) from southold says:
Hmm. As a buyers agent, I can pinpoint an area, do my own diligence for my buyer, establish solds and availables with all of the internet technology available, provide access to sites that offer full info on school ratings, crime issues, tax issues, research previous county records on a property...there is no "mls" issue- unless it is ABSENT. The issue is, for sellers in the Hamptons, do you want your buyers limited by companies that seek to LIMIT data (which results in limited buyers making offers), or do you want your house SOLD? To "thinkaboutit"...think about it! Limiting Realtors with buyers is limiting your seller- it's as simple as that.

Guest (Melinda Potosky) from Keller, TX says:
Hamptonsguy, I asked that question sometime ago and didn't really get a response. I suppose you could reckon that the realtors in the Hamptons are too elitist to be bothered with MLS. After all, that wouldn't allow an exclusive.

Guest (Thinkabout it) from East of the Canal says:
Bring it Miriam. But don't expect a commission for being a chauffeur. Being a buyer's agent implies that you can advise them as an expert. While there may be cases in which an out of the area broker can do that I'm sure they are rare. You are better off using your time finding and referring your folks to a local buyer's agent familiar with the market, local planning/zoning etc. Agents on both sides of this endless MLS debate need to forget about themselves for just one minute and think about their customers and clients. Thinkaboutit!

Guest (hamptonsguy) from East Hampton says:
What makes the hamptons real estate market so special that consumers and sellers can't benefit from MLS?

Guest (Miriam) from New York says:
what is so special about your market? There are many expensive 2nd home markets across the country that use an MLS to make sure that all buyers anywhere are aware of and get an opportunity to see every property. Without an MLS what is it that you do to insure that every buyer gets into see it? Also, if I am a buyers agent and have a buyer for your area will i be able to have access to the listings so that my buyer gets to see everything?