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Price Consolidation...No MLS In The Hamptons

By Nicole B. Brewer | 15 Comments

Capture the opportunity to own one of the most pristine waterfront properties located in the incorporated Village of Sagaponack. Four Bed/Three Baths features this one level contemporary with second-story viewing lounge of Sagg Pond and the Atlantic Ocean. Just shy of an acre, this contemporary flair has a substantial amount of expansion capabilities. Room for Pool, pool house or garage with the capability of doubling the size of the existing principal structure. (Images courtesy of broker)

Bridgehampton - The son of a Bridgehampton potato farmer, real estate veteran Paul Brennan, of Prudential Douglas Elliman in Bridgehampton, can trace his ancestry back to the founding of Southampton in 1640. Although he attended Assumption College in Massachusetts and ventured to Australia to play professional basketball with the Bankstown Bruins for two seasons, Paul has spent most of his life living and working in his beloved hometown. Mentored by the late great real estate broker Allan Schneider, Paul worked with Allan Schneider Associates until co-founding the firm of Braverman Newbold Brennan, which was later sold to Sotheby's International Real Estate.

Eleven years ago, Paul fortuitously met Dottie Herman, president and CEO of Prudential Douglas Elliman. Inspired by Herman's business savvy and vision, he joined PDE and has been instrumental in growing the company's reach on the East End from one small office over an antiques shop to 11 thriving offices on the North and South Forks.

Paul Brennan, of Prudential Douglas Elliman in Bridgehampton

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

Paul Brennan: 31 years.

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

PB: Absolutely not. Fortunately the five East End Towns began to ensure their continued popularity by instituting the CPF that has fortunately preserved over 6,000 acres of open space since its inception 11 years ago. This will help keep the character of the East End and maintain real estate values.

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

PB: Purchasing houses/land near or on open space.

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

PB: Passion, Perseverance, Character.

How do you feel about the fact there is no MLS (multiple listing service) in the Hamptons market?

PB: Great. MLS negatively impacts the real estate business.

What price trends do you see for 2010?

PB: Consolidating prices.

What is your prediction for the 2010 rental season?

PB: Very good rental season.

Additional Comments - Please feel free to say what is on your mind concerning the current market and related issues.

PB: The Hampton's real estate market will continue to improve provided the financial markets steadily improve. If Wall Street sneezes the Hampton's real estate market will catch the cold.

Editor's Note: "Broker's Outlook" is a special section of Hamptons.com where we invite 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 Long Island says:
MLS is in fact bad for business, namely the business of monopolizing real estate commissions within the town of Southampton. What he did not admit was that MLS would be good for their clients, the ones who are trying to sell their houses. This is an example of Agency Conflict, a type of conflict of interest between the objectives of an agent and the objectives of a client. Don't know if he's dumb, brave, or naive to admit publicly that he doesn't want to participate in the MLS.

Guest (HamptonsREAgent) from Bridgehampton, NY says:
MLS negatively impacts? In what way? By making a national marketing system available to all Hamptons brokers, not just the big guys that can afford to pay for the localized listing venue? By putting the sellers' homes out to anyone that might be interested in buying them? Or by taking the exclusivity out of the area so that you might actually have to deal with agents from another part of the island? What a self serving, counterproductive attitude. Please explain how this is in the seller's best interests. The sellers you are supposed to be representing

Guest (Dean Corso) from New York City says:
Mr. Brennan has done an excellent job transforming the naturaly beautiful topography of the East End landscape in one littered with glaring monmuments to vulgarity, creating a fantasy world of unreal values and corresponsind property taxes as well as the notoriety of being a grotto d'ghetto for the rich. Thanks, Paul. Nice going and don't worry, there is still plenty of space left to cram even more offensive, expensive, and hideous structures on.

Guest (confused ) from E.Q. says:
What exactly does consoliating prices mean? Also, I think he meant to say -- a good trait for sales associates is passing the test and having a pulse.

Guest (Miriam) from New York says:
Hamptons guy - you are right! Next these agents will tell the sellers that internet marketing is a bad way to sell houses to avoid Google, they might tell sellers too many buyers is not a good thing. They need dusters to dust off their business practices and join the rest of the world.

Guest (hamptonsguy) from East Hampton says:
if the brokerages on the east end resist mls no need to worry. Google will jam it down their throats, and that will be the end of the real estate brokerage model that they are desperately trying to protect.

Guest (Enough already.) from Long Island says:
These agents are treating the Hamptons in their entirety as the long ago storied south of the highway old money- it isn't, and never will be again- and in the meantime, some that provided paychecks to the agents out there are losing their houses. Banks don't care about legend -they want pricing on their potential assets, so that they can agree to either permit a short sale or refi, or foreclose. An MLS is needed for regular people, and that you, Paul, are jeopardizing the MLS participation of many other Prudential agents (along with compromising the venue for ALL MLSLI members- YOU ARE ONE, AFTER ALL) is simply not OK. Not standing behind agreements might be OK for you, and others, in your life- when it affects thousands in the MLSLI that are committed to their word (and their clients), it's time for big change, with or without your cooperation. Enough living in the past. Get your upper end sellers to take five minutes to sign an opt out, submit it to mlsli, and quit compromising an entire real estate venue because of your own thoughts of self importance. Hard not to arrive at that opinion.

Guest (Miriam) from New York City says:
Since Mr. Brennan is not answering the question about how a MLS negatively impacts the real estate business I will answer. The MLS is a cooperative amongst REALTORs. if you put a property onto an MLS you are obligated to share the commission with a selling agent. If do not put a listing onto an MLS you do not have to share the commission. With some very expensive real estate in the Hamptons it can be very expensive to participate in an MLS and share a great deal of money. Down with the MLS! Who cares if it is the number 1 best way to market a property and have every broker and every buyer on the market see the house online. Per Mr. Brennan that is bad for the business. Good Grief.

Guest (Tom) from Westhampton says:
I think what he meant to say is that it negatively impacts his wallet. At least that seems to be the Hamptons realtor mentality that I have seen. Keep the competition out, no matter how long it takes to sell. They only look out for themselves. The shame is that they seem to be too dumb to know that the more buyers that see their properties, especially in a down market, the greater the chances to sell more quickly. But then the greed factor kicks in because if an out of area broker brings a buyer, then they have to split the commission. And yes, Kevin, you are right - not only rude but arrogant.

Guest (Miriam) from New York City says:
Kevin they don't want you to show properties to your buyer out there, that is the point. They want your buyer, get it! This is not about the buyers, this is about the agents.

Guest (Kevin) from Huntington, NY says:
Can you explain how reaching buyers in outer areas to go to the Hamptons negatively impacts yours or any other market? I have tried in the past, to bring buyers out there and they are amazed at the rudeness to outside agents, I have kept with only showing MLS listed properties out there.

Guest (J. Philip Faranda) from New York says:
"MLS negatively impacts the real estate business." Quite a provocative statement. Please explain.

Guest (southampton agent) from southampton says:
Explaining complicated things like that is not Paul's strong suit.

Guest (Miriam) from New York City says:
I would be curious to know why you believe that the MLS negatively impacts the real estate business? Could you explain?

Guest (laurie at Options) from riverhead says:
WOW. Paul, really? The MLS negatively impacts business? Why, then, has your company embraced it on the North fork (never mind the rest of the country understanding that sellers need buyers, and buyers need a great site for properties- ALL of them)? Stunning, your position. Just stunning. And, insulting to your fellow PDE members who are finding an MLS in the best interest of both their buyers, and their sellers, on the east end...PDE has some great agents that might beg to differ- perhaps an ear toward current (for you- but 1980's) practices might enlighted you. The deal is: give buyers and sellers access to properties- agents notwithstanding. Take the lesson.