A shorter column this week because I am off to a World Poker Tour tournament I was invited to, which I will tell you about in the future. It is not briefer because I am sulking over the fact that I am not the real estate insider I thought I was, after all!
So how did I learn about the Tiger Woods
acquisition on Gin Lane, best Oceanfront there is in Southampton Village
It was first mentioned to me in passing - it's embarrassing - by a journalist for a slick German language lifestyle magazine who was interviewing yours truly for a piece about the Hamptons he was writing for ninetofive
. Why me? Yes, well, he reads 'Realty Takes' and thinks I am in the know.
Next, almost a week later, came an email from George Simpson, Suffolk Research, citing the price, $60 million dollars on an asking price of $65 million for subject property 104 Gin Lane. He also sent Gin Lane transfers for the last year:
• 154 Gine Lane, $4,750,000, Seller Croham Consultants SA to 154 Gin Lane LLC, Lot .93 Ac, 7/3/2007
• 281 Gin Lane, $11,500,000, Seller Wang, C by Exr to Cline, P., Lot Size 2.2 Ac, 6/19/07
• 285 Gin Lane, $11,000,000, 285 Gin Lane LLC to Burns, R & J, Lot Size 2.14 Ac, 1/10/2007
• 240 Gin Lane, $26,800,000, Meyer, A Trust to MJR IV LLC: 240 Gin Lane, Lot Size 2 Ac, 11/1/2007
I called my son to let him know the big deal - he's a sports enthusiast like the rest of the family. Says son "Oh yeah, we knew about that a week or so ago."
So I had planned to tell all you guys the big secret. Yeah, right!
Is there trouble in River City? An article was sent to me by the competition about Realogy reducing commissions! As we all know Realogy is the mega-monster behind Corcoran
, Sothebys and etc., etc. - that is to say, most of the big outfits now doing business on the Eastern End of the Island.
"Realogy officials said they also expect to continue to reduce costs through a change in the share of the real estate commission split paid out to agents by company brokers. The company reported a decrease of $361 million in commission expenses paid to real estate agents in 2007 "as a result of the reduction in revenue and an improvement in the commission split rate as a result of certain management initiatives."
Will we have any quaking musical chair shifts from one agency to another because of the above?
From Prudential Douglas Elliman's Lili Elsis, who really knows how to work a writer, says Elsis, "Love reading your weekly piece." Okay, you've got me! Lily tells about a new listing she has - "a $25,000,000 oceanfront, pre-construction 9,000+ sq. ft. cutting edge technology - will leave no carbon footprint" and adds some humor, "LIPA
will send you a check every month." I knew Lili a long ago time and was delighted to hear from the excellent veteran broker, now working out of Prudential's Amagansett office.
The Corcoran Group
is reopening their Southampton Office on Tuesday, April 8, and doing it in a grand way with refreshments and invitations from 4:30 p.m. to 6:30 p.m.
A realty tale from Town & Country Real Estate CEO, Judi Desiderio - "On the North Fork (and other MLS areas) the brokers are trying to take exclusvie rentals? How they are telling the owners this is in their best interest - I don't know? Because it almost never is! We had to co-broke a $5,000 August rental from [nameless] and after we agreed to the co-broke, brought the tenant. They then said we had to get the commission from the tenant - the commission on the rental they claimed to have the exclusive on? Scary - possibly this is the result of mixing Hampton's brokerage business with Nassau County (and I'm from Nassau County)."
East End real estate? Well, at least what I knew as an insider. It is a very strange business.