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Last October, November, December

2009-06-05T06:55:00.002-04:00

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

2008-07-16T22:54:00.000-04:00

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

2008-06-11T04:57:00.003-04:00

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

2008-01-19T19:25:00.001-05:00

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

2008-01-19T07:34:00.000-05:00

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

2007-07-23T12:19:00.000-04:00

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.

Typical Hamptons "cottage"

2007-03-14T10:55:00.000-04:00

Since I have been selling real estate I have noticed that more and more, all the homes look alike. Everyone wants the typical beach cottage. More and more the look is the same.

Cedar shingles, 6500 sq. ft. minimum but usually 9000 sq. ft. or more and with the following “simple home amenities”. Must have huge kitchen with center island with two dishwashers, Sub Zero refrigerator (maybe two) and an 8 burner viking stove with griddle and water faucet over the stove to fill the pot.

Extending from the kitchen a family room with fireplace. French doors leading to a stone patio and the mandatory huge outdoor grill/outdoor kitchen and seating area. Must have a full formal dining room and living room also with fireplace and french doors.

As part of the common space there is needed a den or library and downstairs staff room with bath and master bedroom with bath. There will of course also be an upstairs master bedroom with even larger bath and both master bedrooms will have fireplaces. High ceilings, sweeping central staircase and back staircase that leads to kitchen.

On the upper level in addition to the master bedroom with huge bath which will include a steam shower, separate soaking tub and enough space for additional lounging furniture, the master will also have the additional sitting room. There are usually another 4 upper bedroom,bath suites.
Is this an estate? No, it is just a simple country cottage. It is just a country home that will most likely be decorated with depression glass and old green Pyrex bowls. It is typical of the new construction of today and updated larger house of yesterday.

What else do they have in common with each other – well, there is always molding floor and crown the thickness depending on price. There is always some wainscoting and the hint of old world charm with maybe distressed floors.
Every now and again some builder or architect will attempt to break the mold and the house will sell – but not as quickly or easily as the typical hamptons cottage as described here. The same style holds true in every price range and at every size from 2000 sq. ft. with less bedrooms and common space and amenities. That is what most buyers are looking for “a little beach cottage”.

New Construction - Watching Progression

2007-03-14T10:20:00.001-04:00

As a broker it is very interesting to watch a home progress. Many times the builder will list the property when they have not even broken ground. If the location is good then it is something to keep in mind and show at every stage.

However, most times the buyers can’t visualize what the finished product will look like and so the listing at the very early stage is almost a non listing – it becomes a future listing. There are some people that will be able to understand what will be there in the finished stages, especially if it is a house built by someone with a track record.

Still, most prefer to actaully see it compelted before buying. Right now I am keeping my eye on a couple of homes under construction. One is Janette’s and my listing on the ocean in Montauk and so it’s progress is very important to me. Janette and I were there today and it is coming along nicely now. The kitchen cabinets are in, the walls are being painted, the lighting is in, the finished basement is being completed.

Still it is a construction site and until the floors are done and the countertops and appliances are installed and then it pulls together as a home. There is also another house that I keep watching and waiting for it to near completion and take enough shape to show a
customer that I am working with. Patience and Progress.

RICH CRIBS

2007-03-09T14:57:00.000-05:00

March 9, 2007
by LAURA MANN

Musician Paul Simon is a neighbor, and for just under $25 million you can enjoy your own sounds of silence on this very private 6-acre spread next to a preserve and overlooking the ocean in Montauk. “The person that’s going to want this property is looking for seclusion,” says listing agent Bonny Aarons.

The newly constructed 4,700-square-foot traditional home has five bedrooms, 7– baths and “Old World charm,” Aarons says. Amenities include stone fireplaces, a library, a home theater, a wine cellar, staff rooms and a heated Gunite pool.

Developer Tom Gessler says, “I put a lot of love into this house.“The main house will be completed in early May and is wired with “smart technology” throughout; a guest house will take another year to complete. The property sits atop a 90-foot bluff, which Gessler says protects the home from tidal surges during hurricanes.

Gessler, who has been building on the East End for 15 years, says, “Montauk is low-key … You don’t have the stuffiness that East Hampton sometimes has.”

Besides Paul Simon, other neighbors include Bruce Ratner, owner of the New Jersey Nets, photographer Peter Beard, and J.Crew chief executive Mickey Drexler, who recently bought the estate Andy Warhol once co-owned.

below you see an image of this fabulous property

Broker Teams

2007-03-03T22:57:00.000-05:00

For many years now I have worked with partners. Working with partners has many advantages for both the broker and the customer and the seller. It is obvious why it is an advantage for the seller because there are two brokers to market their property, open their house for showings, split the cost of ads and therefore have more money to spend on ads, etc. The advantage to the buyer having a “team” is that there are two points of view to discuss the properties, do the research and give instant attention. It is also easier to switch at a moments notice from one property to the next as needed.
To me, the broker, the main advantage of working with a partner as opposed to working alone is that it makes the job fun. It is a difficult job keeping on top of all the listings and doing a complete jog and going that extra mile. There are also many hours in the car driving from town to town, previewing and searching. It does mean less money because commissions get cut up – but it is a lifestyle and enjoyment issue that works for all involved. I have had past partners that worked for a time and then went sour. My thought is that I just had the wrong partner. However, I am very lucky to have the partners i have now and have had much success. Janette is a partner that is so much fun and so light that she makes the job a joy. There is always so much to do but Janette keeps it simple and I am grateful for her balance to my obsessive nature. She is honest and loyal and a living reminder of not taking anything or myself too seriously.
I also work at times with an independent broker named Gary and he I could write a book about (and may do that some day). Gary leaves no stone unturned and is more obsessive than I. He is quite a character and can be intense. He is a good broker although not in the general broker mold. We have negotiated some large properties successfully. We have uncovered some great properties.
I am grateful to have the combination of cutting edge information and calming stability in my relationships with these fellow brokers.

Selling a Listing is like falling in love

2007-02-10T13:43:00.000-05:00

Sometimes you can have a listing that has all the elements, it is beautiful, available and you think “why does it not sell”. As a listing broker you do all the right things, hold open houses, advertise, take photos and place ads on the internet and hold more open houses for brokers and for the public. You have plenty of elegible lookers and sometimes even a proposal but it’s just not right.
And then, just like love, when you least expect it to happen there it is. Someone comes along and they can’t resist. They want this house and it is destiny. They have looked and looked and the house has waited and waited and then there is marriage.
Almost every house that is for sale has a happy ending and sells eventually. There are one or two “old maids” but not too many. Patience and Faith.

Great Winter Weekend

2007-02-05T10:46:00.000-05:00

This was a good weekend for me. My daughter came to visit from California so she needed to get a lot of things done while here. Even thought there are lots of things to do in California she still has some favorite things that she has to cover when she is here.

First we have to get her hair cut and colored, our favorite person for that is Jan Klein at Bastile in Sag Harbor. She is only there on Fri and Sat, and they were great about getting her in. Bastile is located on main street in Sag Harbor, phone # is 631 725 9494.

Next day we were on way to Southampton for a facial but, not just any facial – it was with Veronica Taylor who works with dermatoligist Dr. Kenneth Mark. She got a diamond peel, a wonderful relaxing facial. Veronica did her eyebrows and they looked great.
You can reach Veronica on her cell at 631 332 7058 or the office at 631 324 4161. She is also located in the medical building in East Hampton on Tuesdays.

After all that pampering it was time for a bagel at Goldbergs located at Pantigo Road in East Hampton, best bagels around.
Where to go for dinner? We decided to go back to Sag Harbor and have healthy delious dinner at Sen, which is Japanese food, located at 23 main street 631 725 1774. Open year round and a great way to end the weekend.

Big Company Advantage

2007-02-02T12:57:00.000-05:00

Many times I have thought it would be a better choice to join or begin a small company instead of staying at a large one. However, I have changed my mind. After much thought I have come to the conclusion that a large, active company has a great advantage over a small boutique company in many ways.

This advantage is for the buyer, seller and broker. For the buyer there is the greatest access to the listings at a large company because the small independents just don’t get all the listings. If there is, as they say, safety in numbers, well, there is also advantage in numbers.
For the Seller, there is a great advantage because they have the support of a huge organization behind them that has advertising dollars to spend, public relations firms to get out the name, web sites that are amazing and constantly updated and advertised. The small independents cannot afford to do this.

For the broker the advantages are all of the above. For the broker there may be some extra rules and paperwork that is not so appealing but there is information and support. When you are trying to find a customer a home, or trying to sell a client’s home – what could be more important than information, access and support?

Hamptons Buyer Profile

2007-01-31T05:31:00.000-05:00

When I think about who is buying and looking to buy in the Hamptons this is what comes to mind. Right now I am working with two young famiilies. When I say young, i mean in their early 30’s. They are in finance and live in New York City as their primary residence. These are second – vacation homes for them.

The first couple is looking in a price range of up to $10,000,000. They are looking for a completed home with no or very little work to be done.

The second couple is looking to build their own home and searching for a tear down or piece of property and wants to be complete with building for about $6,000,000.
There are also investors that want a “good deal” this means a fix and flip or a teardown where the upside provides them with a nice profit. This kind of fix and flip buyers are available but the product is becoming more difficult to find. The investor is always around in every price range. Many of these buyers will not give a price range but say “it has to make sense”.

Okay, so the main two buyers in my opinion are Young people who work in Finance and Real Estate speculators and builders.
There are other buyers as well.
We have been working with a Single Doctor and also a Single Woman who works in the music field. Both of these are in the $1 to $2M range. Again – Second homes.
We do get our share of the Fashion designers and the fashion Industry in general and television and movie and recording celebrities and non celebrities.

I know there are also many people on the very high end that want that special prime property and the numbers do go high. The properties are not that easy to come by and are usually not official listings. Many of these deals are done quietly and that is how buyer and sellers want them. Many are broker assisted but in a quiet way. These buyers are usually but not always older. And usually but not always families that want the compounds for children and grandchildren to enjoy. These buyers are usually trading up from other Hamptons houses that they already have. They have made their fortunes in a variety of ways and in my personal experience are “self made”. The numbers on these deals are the ones that when they transfer will make the gossip columns.

With the exception of the investor. In all price ranges and with all different professions that have provided these people with the money to buy their second or third home. They all have a lot in common. They live and work and want to escape from NY city. This is to be the ideal home. It is not unusal for them to wind up spending more money than they intended to get what they envisioned as their ideal country/beach home.
Almost always location is much more important than the house. However, having said that, if it is close then the “done” house will many times win out over a slightly better location.

You may be asking – does no one actually buy a home to live in? Well yes, but that is not my usual customer. There are of course many people that live here full time and I am one of them. But where would I go? and why would I move? A certain number of second homes become first home because the buyers love it here so much, they just stay. I don’t really know for sure, but I think the full time hamptons population stays put and does not move around much.
I think we all who live in the Hamptons either full time or part time appreciate this place and as the credit card commercial says – It is Priceless. The Hamptons….Priceless.

Finding a way home

2007-01-15T07:53:00.000-05:00

On this Martin Luther King holiday weekend when the real estate market is so active with people trying to find second homes to buy and rent, there is sad news. We have in northwest harbor east hampton many dolphins who wandered here and cannot seem to find their way home. It is not that we want to be accused of unfair housing or steering but they do not belong here. Marine biologists and volunteers are attempting to coax them to leave east hampton and head for warmer, deeper waters where they will be safe. As much as we love visitors we are truly praying that these dolphins will leave and settle in more appropriate waters.As brokers we sometimes think we are important because we are able to find homes for people but we are helpless and powerless with homeless dolphins. We worry and hope that their broker has much more influence and power than we do.

Changing Market

2007-01-08T07:13:00.000-05:00

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.

Winter 2007 - Investment Time

2006-12-14T07:30:00.000-05:00

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.

Montauk is the Hot New Investment Area

2006-11-11T05:43:00.000-05:00

With the recent sale of the Warhol estate at a reported $29 million dollars for a beautiful oceanfront spot with no house it will set the new standard.
This makes a property like the Gessler estate come to life, which is on the same size oceanfront land with a beautiful new house and guest house. Also, the Panoramic View has been sold and will house new luxury oceanfront condos the likes of which Montauk or the Hamptons has never seen.
We will have that listing soon and will have floor plans and all details. It is very exciting. In addition, the Montauk Yacht club has been sold and will be luxury living as well. This sleepy little fishing town that always lagged behind has taken off. The tip off was probably when Calypso opened in town last summer. Look for more to come.