Winter 2007 - Investment Time

This has really become a buyer's market in all levels of the market. On the high end there is more available than I have seen in a long time. There are many opportunities for fix and flip on very beautiful quality properties. There is almost no vacant land available but there are many tear down houses on very quality land. In the mid range (which is $1M - $5M) there are some, but fewer opportunities south of the highway, although there are some. North of the highway however, there is a lot to choose from and good deals. In the low end, (although this is not my speciality) I am seeing prices of houses come through that I have not seen in many years. It is possible to buy a home that is not a tear down in the $600,000's. I know in many parts of the country this does not seem like an amazing fact. But here in the Hamptons it is news. Having said that, I must add that our East End market is strong. There are opportunities yes, but there is also growth. There will be real estate sales records broken here. As long as the financial and fashion markets in New York City remain strong there is a need for the Hamptons. Everyone wants to be here. All one needs to do is look at the stores coming into the main streets of our town to know that this is the place everyone wants to be.