www.hamptons.com/Real-Estate/Realty-Takes/7405/Rentals-Are-On-The-Move.html
	Updated: May 27, 2009, 5:17 pm « realty takes « real estate

East Hampton - First, here's an enterprise interested in Hampton's commercial real estate with an art point of view. Bernard Goldberg Fine Arts in New York City will be opening a gallery at 4 Newtown Lane in East Hampton. Mr. Goldberg wants to do his part to keep downtown East Hampton Village as a center for the arts, according to his publicist. Opening is May 15, with a champagne reception May 24. There will be lectures during the summer and showing artists like Wyeth, Bellows, Chase, Steichen, Hartley, Sloan and high end decorative arts by Stickly, Deiderich, Frank Lloyd Wright.

Second, it wasn't a blink. We asked for a follow-up on the rental market we covered recently and folks in the industry obliged.

Property courtesy of Tim Davis, The Corcoran Group.

Here are the updates for landlords, sellers, market watchers, players. Rentals are where the market activity is now and what's more - where it usually is, weather not withstanding, in a traditional season. The difference here is that there are really fine opportunities out there on the sales market as well that might be swallowed up early by those bottom fishermen always looking and first-time buyers who see this as a window to jump in and get that vacation home on the East End. What is optimistic is that buyers see that the rental of vacation properties appears to be a stable option as an alternative to use.

Okay, so here are the updates:

Prudential Douglas Elliman's Broker Manager East Hampton, Tom MacNiven, tells us: "Rentals are continuing and even increasing. The good houses are going. I guess we'll have to readjust the old saying: If the house is important come early, if the deal is important, come late. This extremely stand-offish market has forced agents to work longer and harder than we have in the past. There is no such thing as an easy deal. Deals today are not only hard to put together, they are hard to keep together. And many agents are reconsidering their career choice or joining the ranks of the part-time. When the market comes back those who have not just survived but have set themselves up for the future will have a great run."

Jude Lyons, Westhampton Beach Realty: "The rental market remains strong. Just closed on a $1.2 million oceanfront whose property need work. The sale market - prices are low, a few bidding wars going on, seem to be closing close to the asking prices. Overall very good action on both fronts."

Veteran Broker/Owner Joe Schiffer, Main Street Realty Westhampton: "Rentals remain strong. Sales O.K., but there are more showings per customer now and a remaining reluctance to pull the trigger. I believe we have hit the bottom for our very select market. The remaining downside is the unsold inventory which will affect future prices."

Property courtesy of Town & Country Real Estate.

John A. Healey, Senior Vice President Town & Country Real Estate, Bridgehampton reports: "Ramping up. Three to six customers per weekend. Pricing vs. offering is tightening up on good properties. we will run out of great properties before Memorial Day. The steals will be on what is left over. Very busy!"

Jackie Dunphy, The Corcoran Group, East Hampton: "Rentals have remained strong although renters still seem to think there are bargains to be had. That's not the case as homeowners realize that the tide has turned and it will be just a matter of time before their home is rented. There's a lot of activity on the buyer side as well. Quite a few homes are in contract and NYSAR statistics say home sales in New York State are up by 14 percent."

I listened to an expert (yeah, right!) say the market should reach 10,000 by summer's end then slide again. If so - if it does - and if investors believe him and invest - then I predict those people will be looking for a place to put their money in August. And you know with the good deals in Hamptons' real estate, prime resort, great values, maybe there will be a rush in the sales market.

A lot of ifs as grandma used to say, but something is going on out there as the East End real estate market 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.