Log In   ·   Become A Member

Buying & Selling The Hamptons: Tips From 6 Real Real Estate Pros

John A. Viteritti

  |   1 Comment · Print Article

This six-bedroom Craftsman interpretation of a classic Hamptons Shingle-Style home is built with attention to detail and a commitment to craftsmanship rarely found in any home at any price and is listed with Cornelia Dodge, Associate Broker, Halstead East Hampton. (Courtesy Photo)

We reached out to six real estate pros across the Hamptons to get the inside scoop on the Hamptons real estate market this season.

Aspasia G. Comnas, Executive Managing Director, Brown Harris Stevens of the Hamptons: "One of the biggest issues for sellers to consider is whether everything possible has been done. The house and grounds should be decluttered, staged, freshly painted, power washed. It will attract higher offers and remove opportunities for a buyer to renegotiate the offer. If expensive chandeliers are not to be included in the sale they should be removed and replaced with an acceptable substitute. If a deck was added without a building permit, that should be addressed prior to putting the property on the market. Ideally, a seller should hire an engineer to inspect their residence and find flaws that a potential buyer would find and address them. The market response needs to be heeded: no showings, no offers is a market response."

Cornelia Dodge, Associate Broker, Halstead East Hampton: "Get an updated certificate of occupancy. Sellers will be able to bring the building up to code before putting it on the market. Educate your selves on the clearing restriction in your town. You can't just cut down any trees you don't like. Know what a scenic easement is. Just because your landscaper will install it doesn't make it legal. Please know that town codes change periodically. Your local building department is a great resource. Ask questions and avoid surprises. Use a local attorney familiar with town codes. To everyone involved in the real estate transaction: follow the golden rule. It's easier that way, plus you'll be able to sleep at night."

Joseph Kazickas, Managing Broker and Founder, Rosehip Partners, East Hampton: "For the seller, it's all about the buyer's ability to close, especially if there is a financing contingency. For the buyer, it depends on one's needs, aspirations and motives. In the Hamptons marketplace those will range from, 'will this purchase meet my family's housing requirements for the foreseeable future' to, 'I've reached top! I can afford it, going to show it, and wide open enjoy it! So does this property fir the bill?' Our market is a real kaleidoscope."

Renee Despins, Associate Broker, Corcoran Group, Bridgehampton: "Location, location, location!"

Inside meets outside in this stunning five bedroom, four bath, 4000+/- sq. ft. custom designed home located on an acre close to Mecox Bay in Water Mill listed with Sarah Minardi, Associate Broker, Saunders. (Courtesy Photo)

Sarah Minardi, Associate Broker, Saunders: "For buyers, location, hands down! You can always change the house, you can never change the location. Buy where you know you'll want to be but also where the value will hold and grow. For sellers, make sure you have all your ducks in a row. Get a new survey, fix things that need to be fixed, and update the certificate of occupancy. The last thing you want to say to a buyer is certain things still need to be fixed or updated in regards to the town or village buildings department. That makes them start to wonder what other aspects of the house were neglected or out of date. Price it appropriately to what has sold in the area. Get an appraisal done if you're not convinced. Many people are getting financing and the house needs to appraise if you want to be successful in selling it."

Michael Daly, Associate Broker, Sotheby's International, Sag Harbor: "Unrealistically priced homes are still not being sold. More sellers have priced their homes at today's value and they are selling well. Many buyers are asking about flood zones. More buyers than in the past are including mortgage contingencies in their offers as a hedge on the property appraising below the accepted price. More sellers are requiring a mortgage pre-approval."

The opinions expressed by these Hamptons real estate professionals, if heeded, can benefit the sellers and buyers of real estate, saving them time, money, and emotional stress.

This private two acre property overlooking agricultural reserve, Atlantic Golf Club and Southampton Polo Club fields is listed with Michael Daly, Associate Broker, Sotheby's International, Sag Harbor. (Courtesy Photo)

John is a St. John's University graduate, licensed Real Estate broker, DOS Certified Instructor, lecturer, teaches real estate license classes at Cook Maran Real Estate School, and is a well-respected consultant to the real estate industry. He previously taught at LIU and NYU. www.johnaviteritti.com

Related Articles:

Guest (Barbara Feldman Hamptons Design and Staging) from East Hampton says::
THANK YOU Aspasia for pointing out that staging is an important marketing tool. So many buyers are looking to "hit the ground running" and this added value, a relatively small investment when compared to other costs associated with selling, (particularly with regard to vacant and spec homes), brings a huge return on investment. From more appealing photos to making rooms look larger and defining difficult to visualize spaces, there is really no downside to staging a home for sale.
May 17, 2013 9:46 am


Submit Your Comment

Please note, you are not currently logged in. Your comment will be submitted as a guest.
To submit your comment as a member, please click here.
Your Name:
* Comments will be reviewed and posted in a timely fashion
* All fields are required
What color is a banana?
(For spam prevention, thanks)
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff. Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.

CP Complete- Landscape Design & Construction
Paul Guillo And Chris Hall Two Of The Most Respected Names In The Community Together, they are partners in CP Complete. They bring their years of experience and integrity to creating and renovating luxury backyards.

Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field.
Hamptons luxury real estate specialist for 34 years, Andrea Ackerman offers outstanding expertise in the field. Trusted, experienced and successful, Andrea has solidified herself as the go-to broker of the Hamptons and a wholehearted advocate for her clients. A pioneer in the real estate industry on the East End of Long Island, she is driven by her passion for the business. Andrea is based in the Bridgehampton office of Brown Harris Stevens as a licensed real estate associate broker and consultant. Formerly, a principal partner and Senior Director at Brown Harris Stevens, Andrea now assists in developing their corporate strategy for the Hamptons region, advising other brokers and sales associates, as well as being one of the top producers and listors.

Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.

Burner Law Group, P.C.
Burner Law Group, P.C. are full service elder law attorneys concentrating in the areas of Estate Planning, Trust and Estate Administration and Litigation, Special Needs Planning, Guardianship and Elder Law. Offices in East Setauket‚ NY, Westhampton Beach, NY, and New York, NY.

Calissa is Mykonos in the Hamptons.
Our menu focuses on seafood and Greek dishes such as salt baked fish, seafood pasta and Mediterranean mezze. Our wine list has been awarded The Award of Excellence from Wine Spectator and boasts the largest selection of rosé in the Hamptons. The name Calissa is derived from the brightest constellation in the summer sky.Our sister restaurants in New York are Amali and Bar Marseille, opening 2020 in the Rockaways. Calissa offers private dining spaces for groups from 10 to 300 people. To plan your next wedding, corporate event or gathering, please email events@calissahamptons.com. 1020 MONTAUK HIGHWAY, WATER MILL

Suburban Propane in Bridgehampton, New York has been serving proudly supporting our community for 90 years.
Suburban Propane has been serving the energy needs for home owners and business in the Hampton’s for decades. We offer friendly service by local professionals you know and trust, plus the peace of mind that comes from knowing we are among the leaders in the industry for safety.