Land Specialist Chris Chapin sent us his opinion on the state of the market and how the world, seeming to fall apart or at least crack, has and will impact our real estate industry, buyers and sellers. "For a long time there had not been much to say, but that has changed – [can't make predictions]. We only can tell you what is happening now."

Property listed with The Corcoran Group.

From Chapin, "[I have been] busy the past two months, and especially the past two weeks. We have gotten more new and unique buyers in one week in September than in all of autumn 2007 and winter 2008. Within the Railroad Avenue office of Prudential Douglas Elliman, the Atlantic Group and the Midlam Group have put together a substantial number of deals since early August 2008."

"Where are these new buyers coming from?" Chapin questions and then answered, "Europeans - they still constitute an important component of our customer base. We are working with the Swiss, French, Italians, Dutch, and English currently."

As for end users, Chapin notes, "They have held back because they were told the market would soften more. But there is pent-up demand. The kids and grandkids are growing up and they do not want to wait any longer. Benjamin Franklin said 'Dost thou love life? Then do not squander time, for that is the stuff life is made of.' They want their summer place 'now'."

"Bottom Feeders With Deep Pockets: They have been circling for a long time and are starting to move in. Look for them to be making multiple purchases. Closings are scheduled for January 2009; transfers will appear in February. You will not see what they are doing until after they have done it." Chapin continued.

Prescient investors are, Chapin suggests, "Taking money out of the stock market and putting it into what is tangible, real property. It is kind of ironic, considering that housing is what got us to where we are now. But of course, real estate in the Hamptons is triple blue chip."

Thank you, Chris Chapin, for sharing information, guides possibly, for those trying to figure things out.

The Long Island Housing Partnership is a private group of investors, banks, builders, and people who know how to do things right are working with each community to lay the groundwork for their plans. We are pleased to pass along good news from them along with New York Governor Paterson.

Property listed with Prudential Douglas Eilliman.

"New York State, through its Division of Housing and Community Renewal, has awarded the Long Island Housing Partnership (LIHP) $575,000 to expand its existing foreclosure prevention program and outreach efforts, including creating a web site to target at-risk homeowners," according to Peter Elkowitz, President and CEO of LIHP.

Last summer, the state created a $25 million sub-prime Foreclosure Prevention Program funding the counseling at LIHP so that homeowners at risk can seek help from LIHP'S certified mortgage counselors at no cost. They will analyze financial and credit situations, explain and research options, work with the lenders, and develop plans to resolve each problem. For those qualified, some funds are available to help bring mortgages current.

Said Governor Paterson, "We need to bring stability to the market and ensure the availability of credit. In the meantime, we must assist homeowners who are facing foreclosure. These grants will help our residents keep their homes and help protect the solvency of our financial institutions."

Yes, well, it is less scary than handing over $777 billion (our money of course) to whomever to do whatever.

Realty Takes has heard from the late Frank Bilotti's family. Bilotti owned a mobile home in the East Hampton Mobile Home Village on Oakview Highway. They are trying to sell this "handyman's special" asking $45,000 for it. The carrying charges are $631 per month, plus utilities. It is a two-bedroom and one-bath unit. "We could use some advice on the best way to market this unit for a quick sale." Anyone interested contact, Realty Takes and we'll put you in touch as a courtesy to Bilotti's family.

A good take on Joe Kazickas and Rosehip Partners new rental operation from one of the most knowledgeable industry insiders around who would prefer not to be named. "Joe has a great start and good insight into what is going to take place here for the rentals. We suggested years ago that someone start a management company for rentals with concierge services, as well as the service folks who will fix what needs fixing. Hard business, but will be needed as more and more houses are rented for shorter periods of time due to money not being as plentiful for the tenants. A rental management company probably is not a moneymaker as a stand alone - just services provided to the listings of a real estate operation - that is why no one out here has started one. It also takes a lot of work and coordination so it could be difficult to find staff."

Yes, well, it's a place to start, to improve one's business. Why not take the gamble? Better than moaning and groaning for sure! Because East End real estate is a very strange business. But in the long run, a really good bet.