13 Photos
Bob Scribner, broker and founder of The Hamptons Real Estate.com in Westhampton Beach.
The Resource Room in Westhampton Beach Elementary School that Westhampton Beach High School junior Cayla Kuey stocked and organized. KATE RIGA
Jude Lyons, managing director for Westhampton Beach Real Estate in Westhampton Beach.
Pat Petrillo, senior vice president for Sotheby's International Realty in Southampton.
Dana Trotter, agent for Sotheby's International Realty in Bridgehampton.
Anita Bennett, associate broker for Brown Harris Stevens in Southampton.
Rich Dec, associate broker for The Corcoran Group in Sag Harbor.
N
ot even two months into 2012’s real estate market, local agents and brokers are already taking a similar stance across the East End: cautious optimism.
Though the national economy is still struggling to get back on its feet, numbers in the Hamptons are suggesting a turnaround in a big way. And the weather of late hasn’t hurt, either. Sunny skies are bringing out tourists earlier than ever to scope out rentals and properties to buy, agents and brokers said. When asked to forecast the coming year, they predicted a challenging yet busy market—if the last seven weeks have been any indication.
“We are moving in the right direction, slow and steady. Our company has had two good years from 2009. However, we have a way to go to get back to the old numbers. I believe we are through the worst of it. The Hamptons is a very special place to live, We are selling a lifestyle, as well as the real estate.”
“I think it will be a very strong year. The phones are ringing already. Last year was very strong and the national numbers look great. The warm weather has also helped. It’s a new day. There is also quite a bit of building going on and I am getting quite a few calls for commercial space.”
“I personally had a strong 2011 sales year and it far surpassed 2010, which was my toughest year in the business. As far as 2012, I think that it will be another good year and we as agents have already seen some real movement in the sales market. I have already sold and closed on two homes and it’s less than 45 days into the calendar year.”
“As the economy has continued to improve, real property values have stabilized. We are seeing customers who have been on the sidelines for the past few years reenter the market at all price points. We expect sales to continue to pick up throughout the year in response to this pent-up demand and that most people now believe the market has bottomed out.”
“I am reasonably optimistic about sales in the coming year, but I think it will be a challenging period. Sellers tend to cling to an outdated reality and buyers remain hesitant to pull the trigger. That’s where we come in. It’s our job to bring them together and create a transaction where both sides feel satisfied. Rentals have started off with a bang and I think this will be a banner rental year.”
“It’s hard to be brief with such a big subject. The overall sales and rental market are in positive territory. I have noticed there is a lot of increased confidence among my buyers and tenants. Rental transactions have been very busy very early and buyers are responding with eagerness to those sale properties that are perceived to be fairly priced in all price ranges.”
“I can honestly say this winter is the busiest we’ve had in seven years. I am cautiously optimistic for 2012; with the wild card being Europe. [It’s a] Combination of pent-up demand, better economic outlook, upbeat job figures, interest rates in the threes, unseasonably warm weather and positioning. Rentals have opened with a bang. We have written approximately 23 percent more leases this year than last year same winter term period.”
“The real estate market shows real signs of returning. In the past 45 days, I have closed on one sale for $1.6 million and done a July rental for $90,000. This is a huge increase over my previous six months. Price is the key.”
“2012 is already off to a good start. The extremely mild winter has brought out both people wishing to buy and those looking to rent earlier than we have seen in years. They are motivated to act and deals are being made, especially in the higher end of the market.”
“With positive trends from 2011 continuing, 2012 should be a great year. Sales prices are finally recovering, which is good for sellers. The market remains ideal for buyers with the lowest prices and mortgage rates in years. Along with a few closings already this year, I am also busy with renters coming out early, which is always an excellent indicator of the health of our market and the economy in general.”
“If the start to the year is any indication, it will be busy in both rentals and sales. Because of the good weather, people have been out every weekend looking to rent for the summer, and they are paying full price, or close to it. With prices stabilizing and low interest rates, the sales market has also been very active. It is price driven, but there are deals getting done and lots of inquiries. I’ve never been busier, and I expect it to stay that way for awhile. I’m also seeing an increased interest in vacant land.”
“Customers are looking and, if a house is properly priced, deals are being made. This is true in all price ranges.”
“The first half of 2011 was one of my best; 2012 is also off to an active start. Amagansett, where my office is, enjoys a unique location. The ‘Lanes’ (strolling distance to both Ocean Beach and village shops) is one of the few areas that ‘fixer-uppers’ are in demand, as are homes with pools in the ‘Dunes’—imagine Fire Island with cars. We can only hope that, unlike the second half of 2011, the global economy continues to recover. Our Main Street is the knee-jerk reaction to Wall Street.”
“I am optimistic about 2012. The first quarter is already proving to be very busy and although it continues to be a buyer’s market, buyers have become confident again, especially in the high end. It’s a good time to buy and a great time to borrow with interest rates at historic lows.”
Nest Seekers has expanded to four offices in the Hamptons, where the number of real estate closings has returned to the 2007 level. I couldn’t be more optimistic about the year ahead for New York City and the Hamptons real estate market.”
Michelle Trauring on Feb 10, 2012