Changing Market

The market has shifted again and what appeared a couple of months ago to be a buyers market has now changed to a fair market. This appears to me to be the fairest market this area has had in years. There was a correction in prices that were aggressively high and a downturn and slowing for a bit in the summer and fall of 06. Today, January 2007 the real estate market in the Hamptons has returned to a healthy state in all price ranges. On the high end of the market there are and will continue to be record breaking prices and small inventory. The good news and balance really comes in the low and medium end homes have now started to sell again. Because of the more realistic prices that sellers are asking there are now fair deals being reached for both buyers and sellers. How wonderful is that for us the brokers? We are mostly a second home market and the stock market and bonus money has definitely played a part. Rentals also appear to be very healthy.
Of course when I tell my out of town friends what I consider to be low and medium prices they laugh. In the Hamptons i would consider low price to be $600,000 up to $1.5M. Medium price would be $1.5 to $4M. However, medium price can also be up to $6M. High end is upward of that and very far up it does go. I guess it is all perspective, because a tomato at the right farm stand can cost $3. It is all part of this wonderful place we are fortunate enough to live in.
Today I took a yoga class with Rodney Yee at yoga shanti in sag harbor and he talked about balance – that is what we strive for – balance and living consciously. When you live full and part time in a wealthy community like ours i think we have to be grateful to be here and part of this beauty and to also aware that it is not like this in many other parts of the country. However, this is our reality and in our reality there is also balance.