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Updated: March 26, 2009, 4:11 pm	Share    Print    Email

Southampton - "Good news today - Housing starts up 22 percent," Laura Scott from Prudential Douglas Elliman reports. Then came the so-so news, "Note that these were not single family homes, but rather apartment rental buildings." Nevertheless, it has to be good for industries that service construction and for City sales and rental agents.

Property courtesy of Prudential Douglas Elliman.

Lori Barbaria, a top broker from the Bridgehampton office, writes optimistically about the current buyers market. "There have not been real estate deals available of this caliber since 2003. Folks who had been pushed out of the market can now participate," she commented. "Many hedge fund investors have confided that they are prepared to get off the fence to buy out here; as savvy businessmen they understand that in the investment process timing is everything. They say it will begin in April. The natural resources [that are the bedrock] of this resort area, from the ocean to the farm fields, are the base of why to purchase here. To be in business on the east coast and own a retreat in the Hamptons is to be in balance. There is purchasing power in fair value that has been non-existent for the past five years. The Hamptons real estate community has become more aligned to each other, loving this beautiful place, agreeing that as long as it exists we have something of value, on many levels, to sell. Imagine if the corn said to the sun we are not coming out this season unless you double your light source."

Thanks, Lori. I was with you till we got to the corn...

New Ventures
Jude Lyons, a broker working out of Westhampton Beach, tells us: "Joysie Monaco has closed By The Sea Properties in East Quogue and joined our office! Very good for Westhampton Beach Real Estate!"

Veteran East End broker/manager, Beau Hulse, has opened his own agency, Beau Hulse Realty, on Jobs Lane in Southampton. Beau has really brought excellence to the industry, serving clients and customers well, and is always market informed. Good luck! Keep us posted.

The Corcoran Group held a "Rental Expo" in New York City last week. East End rentals were featured. Taking the mountain to wherever, we would love to know how it went.

And Ed Bruehl, of Distinctive Management, is managing yet one more waterfront condo and rental property, the Sea Crest Resort in Amagansett. The "eight oceanfront acres, nestled in the dunes between Amagansett and Montauk, with studios, one, two and three bedroom units available. Perks include an outdoor heated pool, beach lounging, and tennis on one of the resorts private courts, writes Bruehl: "A $2 million exterior renovation is being completed, making the Sea Crest Resort a perfect choice to either vacation or to purchase a vacation home." Distinctive management handles The Panoramic View Resort and Residences and The Baypointe Yacht Club, as well.

Property courtesy of Corcoran Group

It's All In The Wording
Now for troublesome conversation - "Do you think we will feel comfortable here?" the middle-aged couple asks, not meaning do their shoes fit. How I hated that question when I was actively involved, that is, as agent, broker, then owner-broker. "If you love the sea shore and the lovely home you have selected, our area, to my mind, is a great place to be." I would say.

"No, do you think, we will be comfortable here?"

"I really can't answer that question for you," then a quick tap dance to blah blah blah. Federal discrimination housing statutes - such as the Federal Fair Housing act - can get you in deep yogurt, if you entertain answering such a question. The statues are broad. The realtors options are slim.

So no wonder an executive from The Corcoran Group, according to a story in the New York Post, (byline Jeremy Olshan, March 12, 2009) is paying attention, taking consequences seriously - some may feel taking it to absurdity. We did ask East End Corcoran if they are abiding to the rules described in the article about Corcoran Group New York and their spokesperson reports "yes." In the newspaper article the views of the Corcoran executive who blogged this information (urbandigs.com), reportedly added, "the views did not represent the views of the company."

In any case, here's the no-no list according to Christine Toes, a Corcoran vice-president, listing the "dirty" words that cannot be used when advertising a property: exclusive, quiet, private, bachelor, kids, family friendly, walking and playroom. The argument is they each discriminate against something - families, singles, those unable to walk, couples, non-smokers - upwards of 200 words were reportedly banned from the ads.

In the same piece it surmised other brokers were skeptical that real estate ads ever get policed. I thought language was invented to distinguish one thing from another? But what do I know? For those of you who don't think real estate is a very strange business - Hmmm! Let's hope not to wind up in court, Bub.

And talking about court, many want this column to provide room for industry reactions to a real estate action now in litigation. Can't do, guys. If you can't say families, or walk to beach, just imagine! The matter is, after all in litigation.