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Reality Checks...MLS To Come To The Hamptons

By Nicole B. Brewer | 7 Comments

Only minutes away from ocean beaches, this commanding contemporary is perfectly sited on a finely landscaped acre with a heated pool and blustone terrace. The spacious and pristine interior features a large double-height living room with fireplace, open kitchen and dining room, six bedrooms and 4.5 baths, including a private master suite. A finished basement, first floor laundry and central air conditioning complete this desirable Wainscott home. Ideally located between East Hampton and Bridgehampton villages. Offered co-exclusively, $1,995,000. (Images courtesy of broker)

Amagansett - A 20-year career in sales at some of the country's top consumer product advertisers resulted in a natural and successful transition into real estate sales for Jim Makrianes when he moved back to East Hampton on a full-time basis in 1998. He joined the former Dunemere Associates, now Brown Harris Stevens of the Hamptons, in 2000. A lifelong summer resident, Jim has a vast and inherent knowledge of the residential history of East Hampton, Amagansett, and Wainscott. His sense of design and experience in home construction has allowed Jim to advise buyers and sellers alike on the best possible solutions for their home improvement needs in order to get the most out of their sale or purchase.

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

Jim Makrianes: After a 20 year career in Sales and Marketing I moved from Manhattan to East Hampton, where I had summered since early childhood and started selling real estate in 2000.

Jim Makrianes of Brown Harris Stevens of the Hamptons

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

JM: I wouldn't say that it's over per se. We did have an incredible run for the last decade, which came to a screeching halt a little over a year ago or so, but I believe there is still room for growth again albeit not to the degree we had just experienced. Reality check.

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

JM: I have no doubt that there will be fewer companies and street front locations as the industry is moving more and more to an Internet based business. We all know the statistics on customer searches via the Internet. While you can't ignore the fact that one-on-one relationships are important, I think we will be moving to nimbler, technologically savvy companies that are poised to make the move into VOWs (Virtual Office Websites).

How do you feel about the fact there is no MLS (Multiple Listing Service) in the Hamptons market?

JM: While we have obviously all done quite well without one I think that will change very shortly as a newer and more sophisticated look and approach to MLS, compared to what we had or perhaps looked down on in the past, will be entering our markets very shortly.

What price trends do you see for 2010?

JM: 2009 saw very significant value reductions, as evidenced in nearly all categories in our recorded deeds, perhaps off as much as 25 percent from our peak of 2007. I believe that 2010 will provide for some stability before we slowly see some appreciation in the years ahead.

What is your prediction for the 2010 rental season?

JM: It should be another good year, as always, as long as homeowners who wish to rent aren't overly enthusiastic about their rental prices. There was near unprecedented negotiation on rental asking prices last year.

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 (north fork realtor) from southold says:
Viewed a brief version of your interpretation of an "MLS" in the Hamptons on HANFRA. Sorry, Jim, but it's the same nonsense that can be found on Streeteasy, or other sites without relevance- your data input does nothing but provide pretty pictures with no addresses or data for buyers- offered by you on other sites. Nice try- Not an mls- what's your issue with transparency for sellers seeking buyers when they are most needed? Just curious.

Guest (Hamptons Home Owner) from Southampton says:
You say "we have all done well". I'll put you in touch with some of the many smaller agencies who have gone broke under the present system which favors the larger agency over the smaller, (larger like Brown Harris Stevens, Corcoran, Prudential, Sotheby's).

Guest (jim) from east hampton says:
by we i mean both brokers and their clients, who we work for. see the selling prices skyrocket over the last ten years?

Guest (Maine REALTOR®) from Sebago Lake Area says:
Maine has served its consumers well by offering a statewide MLS for decades without difficulty. They have high prices homes as well along the ocean and lakes comparable to the North and South Fork of Long Island. The local REALTOR® organization(HANFRA) who, by charter declaration, services the five East End towns, developed and has ready to launch a state of the art RETS compliant East End specific listing system (MLS), which no one seems to want to populate. Why ? Are the companies afraid to provide all the listing information about a property in ONE convenient location to assist the buyer in his quest to find the perfect property? Or are they afraid of oversight? When are the sellers going to realize they are NOT being well-served, by a 1870's model of selling real estate. Isn't is a wonder that Maine can lead the nation in providing the best to everyone! They have a state-wide system, and we can't even get one going on the 5 east end towns of Long Island. How provincial.

Guest (Ed Vossen) from Stuart says:
When MLS finally comes to the East End (South Fork) the sellor will finally have the maximum exposure that they deserve. Simple law of economics- the more exposure a product has they greater the likely-hood that the product will be sold.

Guest (Miriam) from New York says:
Jim, goodness. Your statement "we have obviously all done quite wellout one (MLS)" I thought that Real Estate was supposed to be about the consumer and not about the brokers doing well! What do you mean a more sophistricated look and approach will change very shortly? Are the brokers going to post all their listings onto the LIBOR MLS and make it about the consumers? Could it be?

Guest (north fork realtor) from southold says:
For the record: MLS is a trademarked system, with oversight offered by entities ABOVE local agencies. Rules are in place, and it's a portal that, due to such rules, create a cooperative venue with accurate data (forced entry- not reliant on a Realtors choice to enter, or not, available houses, under contracts and solds). Any listing system offered that allows brokers to pick and choose what goes in (or doesn't) is an incomplete listing system- no more, no less, and there are plenty of those to choose from (Streeteasy, Zillow, Trulia, etc.). If the Hamptons is still bucking a system with oversight, they are bringing nothing more to the table than is already in place. Is a REAL MLS (trademarked) coming, or yet another compromised site? Best wishes to all for 2010- let's see some change!