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Genuine Solutions

Originally Posted: June 04, 2008

Lona Rubenstein

  |   2 Comments · Print Article
Barbara Feldman of BFdesigns, home staging, writes, "After sitting on the market and watching potential buyers leave without a second glance for months, Jeanine Edington of Remax Beach Properties asked me to stage her listing on Highview Avenue in Southampton. It took me one day. I used the furniture and furnishings that were there! Jeanine now has an Offer and Acceptance and has dubbed me The Queen of Creativity."

Property listed with Town & Country Real Estate.

Yes, well there's more to be happy about BFdesigns - SmartMoney.com lists hiring a home stager as one of the top five things sellers should do to move their properties in this very competitive market. The other four suggestions are: Take the first offer if reasonably close to asking price; do not overprice; negotiate with low ballers, a good selling tool is to say the house is in negotiations; fix small items like leaky faucets or a torn screen - buyers think there are more serious problems when they see these.

BFdesigns goes on to say, "I'll get those languishing listings looking their very best so they sell too. And don't forget your vacant spec houses. Furnishing them gives the added value everyone's looking for; furniture is a great way to do that. The seller gets the outlay of cash back in spades. It's a new world, a new market. Buyers are different - young families who don't want a decorating project. Visit my website. I can help."

We mentioned the Real Estate Report several columns ago, and George Simpson, of Suffolk Research reminds us of his "free site, www.eastendcomps.com, which provides searchable transfers including land use codes, lot size, record date, 16 years of data, and placement of searched for properties on a Google Map" and that Suffolk Research "provides free market information updated monthly" on their website.

Still expanding, Judi Desiderio, Town & Country Real Estate CEO with partner Janet Hummel, announced (proudly) a new managing partner, Nancy McGann, for their coming Southampton office. McGann began a 27-year career in real estate with Alan Schneider in Southampton staying through the Corcoran acquisition.

Property listed with Prudential Douglas Elliman.

And, still replying to that beach of an article in the New York Post, an East End Senior Administrator who prefers anonymity writes, "Preaching gloom and doom fixes nothing. Things are the way they are all over the country, so why not the Hamptons? We're no different out here, just a different price tag. I would like to focus on the positive. Our firm continues to rent and sell homes. Rentals were up almost 60 percent from last year. Sales figures were sluggish in January, but as of now, we're full steam ahead and have done well right through April into May. Our agents continue to list, market and sell homes, despite today's economy and all the negative press being shoved down our throats. I have not seen the effect of the mortgage crisis infiltrating the Hamptons yet and don't see it happening in a large scale in the near future."

On the other hand, here's a broker who will be named. Lori Barbaria, author of "Abracadabra-Create As You Speak", who reigns in the top one percent of sales for Prudential Douglas Elliman Real Estate was uplifting on Fox and CBS News last week. Said Barbaria, "The Hampton's market is not in the tank. The media has always exaggerated the bubble bursting; yes, the bubble has released some air but here is the good news - this is a strong buyers market; prices are fair; there are some amazing listings available to train and educate buyers - now is the time to buy."

Another nameless, but offended East End Realtor says about the Post piece broker source, "I am amused to see John Brady, a relative novice in the business being touted as an expert. His comments might be a bit more palatable if he were a more seasoned broker who had experienced the reality of actually being in the business long enough to make such broad comments. He is a broker who specialized in short sales and foreclosures for lack of other business. I believe his photo and comments speak more to marketing on the part of Coldwell Banker than a realistic appraisal of current market conditions. This is my humble opinion."

The nameless broker continues, agreeing that, "things are a little slow out here as far as sales go - very few sales and more inventory coming on the market. The prices haven't come down as yet. The tipping point may be the next three months."

(John, you have space here if you would like to make your case. Realty Takes guesses you might have heard from many folks in the industry).

Okay, that's it from the very strange business called East End Real Estate. Next week we hear from Hampton Homes and Town and Country Real Estate but for now, we hear from Montauk that "Gosman's deal is still on. But they have problems to work out."

Yes, well, going through all these problems, remember, folks, that if it is a genuine problem, there is a solution.

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Guest (John Brady) from East Hampton says::
I think this is very amusing and i thought i would just say hello. It's funny but every business predicts future production and profitability by analyzing, studying and monitoring the statistics EXCEPT for real estate. According to the NAR(national association of realtors), the average agent only sells 4 homes a year. I have sold more than 100 homes since i have been in the business; so who's the novice? Selling 4 homes a year is like re-learning the process every 3 months. Hopefully this comment is not taken the wrong way. This is a business and should be viewed as such. Thank you!!
Oct 16, 2008 10:05 pm

Guest (Hampton Girl) from New York, New York says::
I think it all depends on how one goes about approaching the issue. Is it really that much harder to sell or is it that we just might have to make a little bit more effort? The housing market as it is right now gives people the mentality that they can get a good deal, so itís all about making it seem that they are getting more for their money even if it is just the same house, priced accordingly, but shined up a bit. I find Real Estate Market Reports to be very helpful and itís not just one aspect: Five Steps to Selling in This Market really says it all.
Jun 19, 2008 12:00 am


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