We all know what "green" means in business. In real estate, it can't be under the table. In the 1980's when there was a surge of foreign investments particularly from the Philippines and Hong Kong, looking for safe places for their money, many deals were made from suitcases in the trunk of a car packed with "green."
But today we have another kind of green, budding in a real estate industry both fiercely competitive and specifically unstable. (Again we point out that the broker shouldn't lose because of market fluctuations that are generic to the business. The only constant besides the speed of light in the real estate business, particularly prime resort properties, is that it is non-fungible; they are not making it anymore, Bub.)
We wrote about Project Greenhouse last July; remember the broker who was doing a "three-bedroom, two-bathroom house that saves energy with a geothermal heating and cooling system and insulation. During the winter, concrete floors and walls absorb heat during the day and release it at night. Glass faces south for maximum winter sun exposure while limiting direct high sun in the summer. Underground north and east walls maintain a constant temperature of 52 degrees, reducing the need for heat and air conditioning. Photovoltaic roof panels provide electricity." Fascinating place indeed.
Then last week, we wrote about the "eco-broker" designation a Shelter Island broker with The Corcoran Group earned who was learning the technology to pass along to customers and clients. Explained EcoBroker International's CEO,
Dr. John Beldock "…[this] is an example of the quality real estate professional the EcoBroker designation continues to attract. Shelter Island needs more contributors like Penelope [Moore]. The planet and our grandchildren need them too."
This week we have "green" converts of another kind that require restaurant connections and a constant in eating styles. Long time broker, Bob Scribner - CEO, Real Hamptons Realty with offices in Westhampton Beach and Southampton Village - writes that when he pulls up in his massive suburban to pick up his clients for "the exclusive oceanfront properties he specializes in that the last thing you would think is eco-friendly. [But he is] no longer burning diesel and polluting the atmosphere."
For an investment of about $5,000, Mr. Scribner converted his huge Suburban to burn on used fryer oil. He credits, "John Gambino of the Baby Moon Restaurant" and other local restaurants for providing the used oil from the deep fryers when they change out.
Mr. Scribner then "converts this [used oil] in his garage and burns it in his Suburban. Since the oil is from vegetables, it is zero hydrocarbon emission." There is also the other kind of "green" benefit. He estimates saving over $7,000 the first year. He will explain it all if you call him.
Does this mean we really eat enough fried food to carry a broker through the South Fork Towns annually? Yes, well, the investment seems to work unless people change their eating habits. It is, as you all well know, little changes like that which can kill a trend.
From Judi Desiderio, CEO at Town & Country Real Estate, "I happened to stumble upon a…[Realty Takes]…article I missed on co-exclusives. The client instituted this when Exclusives became fashionable and they didn't want to pick one over the other."
We wrote several articles on co-exclusives and client compassion was one of the causes we cited for this co-exclusive phenomenon. Thanks for the confirmation.
As to art and real estate, Ms. Desiderio goes on to point out, that it "was not
Prudential Douglas Elliman at all to be the 'first' to hold art openings in their Bridgehampton Office." (In the interest of clarity, it was this column's impression and not "Pru's claim" that they were.)
Ms. Desiderio reclaims art innovation for herself and former partners before Prudential was on the East End, writing that she coordinated the first Real Estate office art openings in her then Sag Harbor office over 10 years ago. She said that it was, "born from the fact that Sag Harbor had the busiest Main Street after hours…art openings became a great way to truly open the doors to the public…thus my current partner, Janet Hummel and I continue the tradition as the 'locally owned and operated' Real Estate company."
Right!
Is there yet another, more biblical kind of "green" that operates as well in East End Real Estate a very strange business?