Real Estate Offices Growing; Sales Up And Inventory Down

By Lona Rubenstein | 2 Comments

Southampton - Well, Prudential Douglas Elliman is moving to a larger Montauk office space beefing up its team of top agents and brokers by almost 30 percent. So how bad can things be?

According to Sonia Gaviola, managing director and director of sales for the Montauk and Amagansett offices, Prudential's Montauk team of agents and brokers now includes Juan Chitarroni, Harold Elsis, Kim Fagerland, Frank Fiordaliso, Mary Lappin Marmorowski, Kristin Mallinson, Linda Mallinson, Veronica Montemarano, and Julia Stavola.

Property listed with Prudential Douglas Elliman Real Estate.

"From a real estate standpoint, Montauk has proven to be a solid long-term investment with sales and rentals remaining steady, despite current market conditions," says Gaviola.

Paul Brennan, senior vice president and Hamptons regional manager, agreed that Montauk has untapped real estate potential. "While other towns in the Hamptons have experienced a decrease in the median sales price, Montauk's current median sales price of $915,000 shows a slight increase of 0.5 percent. In Montauk, it's about location, location, location, and not reduction, reduction, reduction of prices," he noted, adding that in the luxury market segment, Montauk topped the rest of the Hamptons with one sale of $18 million.

Added Gaviola, "In this laidback seaside community of 4,000, it's all about the ocean and bay beaches and the natural beauty of the landscape. Everything else is incidental."

Well good for Montauk and lets hope they are a bellwehther for other special hamlets on the eastern end of Suffolk.

As to the market, brokers report they are seeing sales up, and inventory down, inviting prices by sellers, good values in the past three months have been fueled by the Dow when news came out that sales were up for three consecutive months in 2009.

Property listed with Prudential Douglas Elliman Real Estate.

What seems harder than joining together buyers and sellers, having their minds meet so to speak, is getting brokers to talk about how this market makes them feel. We know that many have left the business. Not a bad thing just as inventory reduction promotes sales, I think sales agents reductions promote profits. The producers stay on benefiting both real estate firms and sellers. For the others, a wise move if not a part-time job is to look elsewhere or at least try the same.

Lori MacGarva at Prudential East Hampton reports that she and her partner Larissa Troy are busy, very busy, phones ringing as to rentals, short-term and not inexpensive. That new trend establishing itself more and more out East, rather than the traditional seasonal or monthly stays. "That seems to be the trend for other brokers in our office, as well," says MacGarva. "People are spending money for nice rentals, and just staying a shorter duration this summer." She went on to say that arranging these deals can be as tough as making a sale, with the need to find the house and time availability. "But it is worthwhile. Renters become buyers. Landlords become listers, so you go though a broker and always want both to have as good an experience as possible, there is a long range incentive as well."

Jinny Henenberg at Prudential Elliman Real Estate raves about her current Bridgehampton listing. "Greyerwood, family compound at 168 Jobs Lane is a stroll down memory lane. Originally designed by Harry Bates. There are approved plans for a grander home by Preston Phillips." Henenberg goes on to say the location with direct access to Swan's Creek and a dock can never be duplicated. Yes, well, location, location, location right?

Tom Macniven, Prudential Douglas Elliman East Hampton:"Recent data suggests we may be turning a corner. At PDE: Both closed sales and signed contract listings in the month of June exceeded those of June 2008. This is the first positive year over year sales data we've seen this year. There are plenty of great buys and our agents are busy."

Jude Lyons Westhampton Beach Realty still busy as can be - turned out to be a very strong rental season but prices are down but quantity is great. Sales buyers out all week - a lot of cash around. I'm talking to the restaurants - moderately priced doing business People seem to feel good. They are spending but want value for their money. Those who didn't lower rental prices early enough are sitting empty; housing starts were up last month."

Barbara Feldman emailed us to say she is now with Saunders Real Estate in Bridgehampton and that a formal announcement will follow. Good luck, Barbara. Felman is also BFDesigns honcho that 'stages' homes, makes an empty house inviting, for quicker sales.

Lori Barbaria from Prudential in Bridgehampton says "All my listings are either going to contract or having non-stop repeat viewings and getting ready to go to contract. Why? Because they are all great deals. Especially my two ocean front listings. Buyers that are unreasonable putting in 50 percent off offers are still on the sidelines. They say they will be back to buy in the Fall-Winter. Time will tell. Lots of weekly rental requests, a new phenomena. And lots of attitude still, but not from me, I am happy as a Hampton's Clam and enjoying the game of find and seek. The best real estate is no longer hidden but flashing neon."

So East End agents keep plugging away, waiting patiently for the recent market up-turn to be a trend not a blink, and knowing full well, that East End Real Estate is a very strange business.

• Lona Rubenstein is an accomplished author residing in East Hampton. Her new book, "Getting Back in the Game: Finding the Fountain of Youth in Cyberspace" can be found at local booksellers and online at www.gettingbackinthegame.com. For more real estate news and views contact Lona at lonafirst@aol.com.

Comments

north fork from north fork says:
Is it true that Prudential went from 2 offices on the North Fork to one? Did Town & Country close two offices -- because the rent wasn't paid. Things may be improving, but they are still terrible.

michael from southampton says:
Once again--real estate spin on a much harsher reality of the economy. The return to a "new" normal is inevitable in an area that is so overinflated. Objective analysts who have nothing to gain predict the East End market receeding until 2012.This is the only industry besides Hollywood that gives out medals and public accolades to individuals driving around and putting a square peg in a square hole (buyer and seller). Please, stop the spin!

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