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Last October, November, December

Bonny Aarons -Prudential Elliman - Last October, November, December
I thought we would never sell another house. I thought no one would
ever want to rent a house here. It was doom and gloom because after
all we are a second home community and who needs a second home?
Deals fell apart, people said they were afraid (and these were very
wealthy people) and the outlook was not bright. When 2009 began and we
had a new President and things began to look up very slightly but no
one knew what to expect and it was shaky. The potential buyers and
renters were saying "well if there is a real great deal, call me".
"If someone is hungry, call me". And there were real deals and I
called them and mostly they said, things will get worse, prices will
go down. There were one or two that said, yes this is a good deal and
in fact did buy and yes they got a very good deal.
But still, most people were happy to wait, they waited through February without a word, you could hear a pin drop on main street in East Hampton in
February, we were cold and buried in snow and no one cared about the
Hamptons. March was not much better with the exception of a few brave
souls that felt the time was now to buy and yes they got a very good
deal. Suddenly it was mid April and the renters woke up, they called
and wanted "cheap" deals on expensive houses and for the most part it
did not happen that way. The buyers woke up and looked for cheap
deals on expensive houses and for the most part did not get them.
There were customers who read the NY Times and said, I want a home for
50% off - do you have one for me. I replied, yes but not the ones
that you want, and that was the truth. I ask you, the population that
comes to the Hamptons for all the wonderful reasons that make it what
it is, did you not believe we would have summer this year? Did you
think the government would bail out your rentals and purchases? By
the beginning of May, reality set in. It was indeed going to be
summer in the Hamptons in 2009 and people wanted to be here in nice
homes. They wanted them for rent and they wanted them to buy and when
they found that they could not "steal" them, deals began to happen and
happen fast. So although this is not 2007 and prices have dropped
from the high between 20 and 30% - it is a price adjustment and not
desperation. There are good deals but not giveaways.
There are clearly differences that have come to the Hamptons market
due to the economic downturn, and there are differences in what the
buyers and renters want.
However, it is clear that the real estate market has returned to the Hamptons and that this is a good time to buy and to rent.

Corcoran to Prudential Douglas Elliman

Memorial Day weekend 2008 is when Janette, Barbara Blumberg and Linda Barnds and myself made the move from Corcoran to Prudential Douglas Elliman. The move was just about 8 doors down main street but for us was much more significant.
We are adjusted and now can breathe easier and have the feeling of space that we had at the old Allan Schneider and at the old Cook Pony Farm but with a twist. The attitude of a small town, personal agency with the reach of world wide. The company is privately owned by Dottie Herman and Howard Lorber and there are no stockholders to dictate the rules. (how nice is that?)
Today Janette and I went to prepare for the Designer Show house opening on Farm Court. We went to the advertising department to see Matt and Astrid and Crissy and review ads and pick up merchandise for our gift bags. Every time i make a turn the back of my car rattles with boxes shifting. In the office Linda is stuffing the bags and has it set up on broom sticks – She is using the conference room and it is quite a sight
It is the middle of the night and I decided to begin blogging again. Tomorrow Thursday is more prep for weekend customers and Showcase opening and of course Rodney Yee’s wonderful yoga workshop, class 2 at Yoga Shanti.

2008 Hamptons Designer Showcase

Sagaponack hosts two design showhouses this summer

By: Laura Mann
Newsday Article
Hamptons Designer Showcase home, for sale for $12.5 million.
Sagaponack will be a hotbed of design ideas this summer when two worldclass designer showhouses open, just minutes from one another.

Prudential Douglas Elliman is the real estate sponsor of this year’s Hamptons Designer Showcase, which kicks off with a gala preview on July 19 at 59 Farm Ct. in Sagaponack. The gala’s honorary chair is the “Prince of Chintz” Mario Buatta. The showcase runs through Aug. 31, with proceeds to benefit Southampton Hospital. The house itself is for sale for $12.5 million, co-listed by Bonny Aarons and Janette Goodstein of Prudential Douglas Elliman and Andrew Saunders of Saunders & Associates. The six-bedroom, 7½-bath home has many green features, including geo-thermal heat and solar panels.

At nearby 151 Sagg Main, the 2008 Hamptons Cottages & Gardens Idea House opens with a gala July 25. The 150-year old house, the former home of “From Here to Eternity” author James Jones, has been given a “green” makeover by developer ModernGreenHome and a retinue of architects and designers. Proceeds of the Idea House will benefit five East End charities, including the Peconic Land Trust, the Child Development Center of the Hamptons,
Fighting Chance, The Nature Conservancy and The Retreat. The Idea House runs through Aug. 24.

What Goes Around

The media says that this is a “down” real estate market. That is true and not true. Certainly there has been a price correction in what was an upward trend for the past 10 or so years. So in the upward market people kept buying and buying and there were bidding wars because good product needed to be scooped. So now, due to world and financial markets we have price adjustments and wonderful opportunities for truly “good deals” for the first time in 10 years. Prices are down and this seems to me like the opportune time to buy.
We are a vacation market and second home market. The Hamptons may have sandy soil but our foundation is solid rock. To my mind, as long as New York City is thriving so will the Hamptons. I am not a financial wiz but I see this as a great time for buyers to invest in real estate. If our dollar is shrinking and the stock market unsteady – where better to place money than in something “real”. Am I wrong here?
I saw a property today it a great location, bay front – house needs work big open views $1.5M -it looks as good as gold to me.
I guess the question I am asking is when the market is high people buy at the top of the market with a great deal of confidence and yet when the market adjusts downward they hesitate. Does this make sense? Is this not like which came first the chicken or the egg? Comments please.

Great Rental - Natural and Peaceful

Janette and I went to preview a rental property today that is fabulous. For anyone who wants total privacy that is water front and surrounded by acres of nature preserve this is heaven. This house is contemporary and owned by two artists. It is in the wood but not. The views are wonderful and filled with birds and wild life. Open fabulous space with decks that invite nude sunbathing – a charming Futterman style house and so private. Okay keep your clothes on if you like. $35,000 August through Labor Day. Nature – quiet and peace. Close to all but so removed. A real joy to know that these special places still exist.

Hot Real Estate Summer

I never remember any summer being so crowded as this 2007 Season. All these people want to be here and they are looking for longer rentals and homes to buy. At the beginning of the season or rather late spring we were busy with high end buyers only – the $10 million and up crowd. Now however, it is all price ranges. Homes that sat in the $5million range are now in contract. Properties in the $1million to $3million range that were mostly north of the highway were stuck but no longer. Everything is selling and selling at close to asking price. There have even been several bidding wars and three and four back up offers on a property. So what does this mean? I know this is not happening throughout the US but in New York City and here in the Hamptons the market is strong.
Someone wanting a home may read this and say “it is too late for me, how can I buy now?” I have been in this business about 12 years now and I have never seen a bad time to buy. I have never seen the market really go down. It is supply and demand and the demand is here but the supply is limited. It is always a good time to buy.
I do think the fall of the year is the best time to buy since there will be many new properties coming on the market. This happens each fall, summer rentals empty, home owners that used their homes say now is the time. So i do think that fall gives the best choice for the buyers. However, pricing is always an issue and sometimes a better buy is a home that has been on the market than to wait until new homes come on with new expectations in pricing. When I was in the antiques business there used to be a saying “the time to buy an antique is when you see it” I think the same applies to real estate. When you see what you want that is the time to bid.