around town	« bridgehampton
Added: March 28, 2007, 5:08 pm	Share    Print    Email

Spring has sprung - it's here, it's now, it's happening. Real estate agents across the Hamptons are reporting strong sales in all price ranges as we head into the Spring of 2007.

Property listed with The Corcoran Group.

Town and Country Real Estate, an independent owner operated Agency with offices in East Hampton, Bridgehampton, and Westhampton Beach is leading the charge with a new slogan, "Oh Thank Heaven for 2007."

This upbeat slogan and optimistic attitude was echoed in real estate offices across the Hamptons this week as winter melted into spring and hope sprang eternal.

"The season is great," said Gary DePersia, of the Corcoran Group. "Sales are doing well. Rentals are phenomenal. Inventory is moving very quickly in all price ranges. There is no lack of investor confidence either," noted Mr. DePersia. "Private equity companies are putting money out here, they see real value. They still see an upward trend."

Builders are paying more than ever before for land and tear down properties. Houses are getting bigger and bigger. The market in the Hamptons remains one of the most unique and desirable markets in the world. Activity on the high end shows no signs of slowing down.

Mr. DePersia sites a recent sale on a property originally listed at $37.5 million that did not move at the original listing price. "We raised the price to $44 million," said Mr. DePersia, "now the property is in contract." He also noted a record sale of $20 million for an inland property north of the Highway.

"It was no where near the water," said Mr. DePersia, "and a real estate guy bought it."

What is Mr. DePersia's take on the market? "I don't see too many hiccups," he said. "I had a great year in 2006 and 2007 looks like it will be even better."

Property listed with The Corcoran Group.

Granted, Mr. DePersia is a super broker, a "rock star" agent if you will, who handles a lot of very expensive real estate. He has been listing and selling in the Hamptons for the past eleven years in a steadily rising luxury market. "We are like Palm Beach, LaJolla, Aspen and other luxury markets," he said. "It is not slowing down. This is not a bad market."

Mr. DePersia also handles more "routine" transactions where he notes the market is also strong. He added, "We still have some great summer rentals. The season is looking good."

In fact, the season is looking so good that new small scale agencies opened their doors in the dead of winter despite the recent buyout of the venerable Allan M. Schneider Agency by the Corcoran Group. It is giant leap of faith for small independents to fearlessly open up in the face of such strong "Corporate" competition whose strength is based on high visibility, branding and multiple offices filled with armies of agents who list aggressively.

Yet everyone seems to be co-existing peacefully. "Our office is right next door to the Corcoran Group," said Isabel von Fluegge, a sales agent and marketing director at Eden Portfolio. This new agency literally sprang up overnight appearing in a vacant storefront on Main Street in Bridgehampton during the winter of 2006. The sign read Eden Portfolio, Unreal Estate.

Property listed with Eden Portfolio.

This agency has a staff of five full time agents. Eden Portfolio takes a highly personalized approach to listing and selling property in the Hamptons. They capitalize on the unique and pricey nature of the market and the customer base that this market attracts.

"The Hamptons are not over," said Ms.von Fluegge who reported strong sales during the winter with the trend continuing into the Spring. "This will always be a great market because there are so many amazing properties here. It is very easy to be enthusiastic about such a beautiful place."

At Eden Portfolio agents take a very personal approach to listing and marketing high end properties. "We are all about service," said Ms. von Fluegge. "Relationships are more important that ever in this business. People want to work with someone who understands their property if they are selling. When people are buying, they want to work with someone who understands what they are looking for." Everyone is looking for competent, professional service and first rate representation.

This small, upscale agency relies on a stunning web site that showcases listings to their best advantage. A full time architectural photographer is on staff to photograph properties "We will put as many as 40 photographs of a property on the site," said Ms. von Fluegge. "You can never have too many pictures." High quality presentation is a key factor in attracting buyers in any market. It is more important now than ever because so many buyers make their first contact with agencies via the internet.

Property listed with Eden Portfolio.

While many Hamptonites are second homeowners from New York City and the surrounding tri-state area, the higher reaches of the market are dominated by customers gleaned from a national and international customer base. The market for luxury properties is global.

"We are trying to reach a world market now," said Ms. von Fluegge. "We are targeting buyers in the United Kingdom, Russia, and the emerging markets in China and India."
The favorable exchange rates are also a factor, according to Ms. von Fluegee. In addition, investors are out in force in this market.

"There is still money to be made," said Ms.von Fluegge. "An investment in prime ocean front will appreciate 30%, 40%, or even 50% over time, which is a better return than in the stock market. The bubble is not bursting. Because this market is so unique, we are protected, but not immune from market fluctuation. Owning a piece of the Hamptons will always be priceless."

"There is always a market," said Ms. von Fluegge. "You have to work harder now. You have to be professional and you have to give people top notch service. You have to be honest and you have to care" she said. "Its not like shooting fish in a barrel anymore."

This is fine for most hardworking agents who have survived market fluctuations before and had their doubts in the dark days of winter when pundits said the year 2006 would be the test of the real estate market. "Oh Thank Heaven for 2007."

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Andrea Aurichio is an Associate Broker at Lewis and Nickles Real Estate in Cutchogue, New York. She was a reporter and feature writer for The New York Times and other publications for many years. In addition, she has been the owner/operator of a retail home furnishing and interior design business.