Many many price chops everyday. If you do a search for price changes "last two days" in the Hamptons - you get at least 10 new chops a day and some times many more.
Owners in East End Taking a HUGE Wealth Hit The Brokers Scammed them into not selling when they could and putting on Ludicrous Asks even in Summer 09..
Time for Billions in Losses !!
Where are the Brokers NOW ????
Sellers should know that they are going to get offers 30% below ask, and if they don't accept 20% below ask, they will not be selling. Seller's should face it, we all know that if you are selling into this market their is a reason. If you buy into this market, you are not going to be able to sell for at least 2-3 years and you will not make a profit for at least 4-5 years. The stock market has much better returns right now. RE was once a great investment, now it's just a place holder for your cash with no estimated value of return and what could be a depreciating asset. Does anyone have the statistic of when this many houses were for sale in the Hamptons? This must be a record. I am happy to buy and help one of you sellers out, but get real in your accepting prices or hold until the market turns.
It looks like however that owners knowing the bid game are keeping prices up and in many cases way up, so that 20-30% off the ask in many cases doesn't seem like a good value given current situation, whereby hamptons is most likely a depreciating assset over next few years. I think an auction model with no reserve would be the only way to determine fair pricing out there, and only existing auctions are a minimum bid joke...
Watch out for spinters, boys. Sitting on the fence can be a little tough on your arses.
Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.
Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August, the National Association of Realtors said Friday.
That pace was the strongest in two years and beat Wall Street forecasts. Sales had been expected to rise to an annual rate of 5.35 million, according to economists surveyed by Thomson Reuters.
"There's a mini-boom going on in the housing market," said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.
No one is sitting on the fence... it's called sitting on your wallet. Why try to catch a falling knife. Banks pay structure has killed our Hamptons market as we know it. This market will be 10% at least to the downside come February when there will be panic selling and increased buying.
sunnyclaus, it ain't like that bro. I am an owner, and I love that heathen like yourself cannot afford to buy, even at these "adjusted prices."
Why would I need to rent? I love taking my family out to the beach each weekend. Memories to cherish. I own all my three properties mortgage free.
Ca you imagine how much fun it would be for an owner to get up in the morning, smell the ocean air, and then have to look at at neighbor who, at best, has a fleeting command of the English language?
"Our Hamptons market"... I am planning on owning very soon, before March for sure. And I go in knowing that my resale or investment if you will, has now NOT become an viable investment option. What I buy, I had better like. If not, I am not going to be able to sell it in this market that will last 3-5 years. I go in, knowing that I will probably will not turn a profit on any RE out east. So yes, I will be part of the RE market but I know that bank bonus decline has hurt my opportunity for resale once an owner. The 140B is not going to some new crop of millionaires, its the same group that already owns in the Hamptons or does not want to be. The second home market is in rapid decay based on the numbers that keep inflating by the week out East. Those that are looking to get out now, are those that had their money with these bankers, not the bankers themselves. People that took 70% hits back in March, have clawed back to taking a 40% hit, so their net worth is probably down, thus the unload. But to say that the 140B will help this market is very speculative at best. So my 10% decline is generous as far as from from an owners perspective.
Tiger I think your bashing of those looking to get in at these depressed and declining values is quite silly. You and myself in the future may be unloading to them as we look to get out.
I am looking to get in, but weighing the option of owning a depreciating asset, or a asset that does not move as well as stocks.
Some large cap stocks have a potential upside here of 60%. Readers of this board are savvy to ask the question about renting. This does not make them unworthy of your inner Hamptons club of "3 homes paid in full" but makes them smarter than the average buyer. Keeping your 1.5 mil 20% down payment in the market right now could get you another 250K to play with come next season. And we all know that the RE market can not and will not deliver in those terms.
Tiger59 living in a bygone era ..At least he confesses hes not renting any and is losing HUGE wealth
I wonder if Tiger lovin Obama Capitalism. I do..
Going Down on the other hand is thinkin smart. You might wanto look a little West ..The ASKS on really wonderful homes are cascading lower..No buys No credit on jumbos no confidence..YOu think that bodes well for East End ? And if Stoxx strart to swoon ..even just correcting ? What then?
Tiger59, not sure where your fear is with those moving out that way. Preferable to have Bernie or Marc as a neighbor?? Talk about good command of language...sorry, but your thoughts regarding others seeking out a house with a reasonable price is offensive on many levels.
Tiger59, so boyscouts entered your mind? Not sure what to make of that, but am thinking that it's odd.
People are thinking about buying because they can, at a level that makes sense- that ISN'T odd. Read your own contributions- homes are selling (natonwide, foreclosed, and short sale pricing is key in recovering areas). The Hamptons isn't recovering yet. Mid-stream. Not dire- just declining.
Why purchase? I am purchasing to own a house close to the Beach. Not for an investment. It used to be that you could do both. Now I must face the fact that I am purchasing an assets with little resale/investment value. So I had better love the beach and my house, because the buyer pool has dried up. But having said that, I expect to reap the benefits of this terrible sellers market.
(10/29/2009) Market reports from leading real estate agencies reflect a turnaround in the third quarter of 2009. Strong increases in luxury sales have bolstered median prices and the total sales volume in some areas of the East End.
Reports released by Corcoran, Prudential, Town and Country, and Suffolk Research Service all noted gains in sales volume and median prices in most areas and agreed that, on a quarter-to-quarter basis, there has certainly been significant improvement.
The real question is why all you rocket scientists on the fence didn't buy the good stuff in 1990s, with all cash and no mortgage. If I was able to do it, where you you brainiacs when the waterfront stuff was so cheap???
PS: You're welcome to visit, or even rent a room from me - even eastendagent if he promises to leave his porn in the City.
GoingDown, I can think of much worse scenarios than getting a house that is great, at pricing well below the bubble, and enjoying it- you're aware that it might drop further, but are OK with that possibility. At some juncture, for those wanting a house for the life it provides, that conclusion is going to make a whole lot of sense, in the presence of an appraisal contingency, and many summers ahead!
Good luck to you.
Originally Published: October 22, 2009 5:59 AM
Modified: October 22, 2009 9:35 AM
Hamptons real estate is suddenly sunnier
Sales jumped 50% in third quarter as prices fell 2.4%, signaling that the sharp declines in home values may be close to ending.
A release of pent-up demand in the Long Island enclave boosted home sales in the third quarter.
Where : New York � Long Island � Suffolk � Hamptons
Home sales in the Hamptons%u2014Long Island's beach oasis for the rich and famous%u2014are making a comeback. Sales rose 32% during the third quarter from the same time last year, according to report released Thursday.
Eastendagent.... I do have believe that the market will rebound at some point, but as you know this will not happen in the near future. But I also do not believe a Hamptons home is a place you can store equity. It is a bad investment right now. Very bad. But as long as a buyer such as myself is willing to risk capital loss for the willingness of the beauty of the beach then it's a good trade off.
GoingDown, you are exactly the type of person that should buy- it's all about understanding the ramifications/payoff. There was a time where people could safely purchase for a lifestyle absent a likely loss- now, it's about abandoning an investment and deciding on a LIFE. For some of us, life is just too short to let the market find itself- at least with interest rates low, additional declines in price won't sting the way that they might were rates to see an increase (at that point, many who waited might have some regrets, if "investment" was a lesser part of a plan). While certainly a bad time to buy with an investment as the priority, it's NOT a bad time to buy if the beach beckons! I'd still have an appraisal contingency, as well as physically visiting the town to pick up the public records (square feet, etc.)- much misinformation out there. That you are able to risk capital loss is the key, as you know. Agree with you 100%.
Agent... Decided to hold off until March. All signs point to RE headed lower for sure. Inventory as you know is piling up by the day tough to keep up as a buyer.
I am waiting too. Of the about 20 houses I looked at in June, only 2 have gone to contract. There is just too much inventory to sustain these asking prices.
goingdown...you can always rent the beauty of the beach while you wait to make a sound investment (unless this is going to be a primary home). a big problem is going to be the pool of potential buyers out there - except if you work for GS. the amount that one needs to put down increases as the loan amount goes up. also, lenders are very, very conservative when looking at ratios and the amount that they will lend. assets matter very little. it is the w-2 income the lenders are looking at - commissions, bonuses, stock vesting seems to count for very little.
GD, the other thing that I'd watch VERY closely are interest rates (the general consensus appears to be that a significant hike could occur after efforts to revive the market are exhausted). No idea what your loan amount will be, but here's an example of how it does matter, for anyone financing:
$600,000 loan, prin. and interest, at 5%= $3220.
$600,000 loan, prin. and interest, at 7%= $3991
$750,000 loan, prin and interest, at 5%= $4026...more house for the $, if you can time it just right..
On the other hand, there is also an opinion that an increase in the rate will force further price declines. This is one rough market we're in. Timing will be everything.
Here come the CHOPS Another 100k OFF on 30 Quarty CT in EH
WOW Tiger probably will run and hide in tears ..He will need a calculator to add up HIS LOSSES
But he loves Capitalism except the part WHEN LOSERS ARE CRUSHED !! And the NEW class takes over !!
Didnt you claim to have 3 East end properties ? Now only 1 Tiger?
Ok Tiger youre right so it True my Spouse not Born in America and had to learn English
My Kids are the future of America.. You see in the Capitalist Model YOU ARE THE LOser .to make way for the next newer brighter CLASS !! Get the Calculator OUT Your losses will SOAR .
Am I the only one who is getting tired of Tiger59's vulagarity? If he has a nice home in the Hamptons he bought for a good price in 1989, congratalations---we're all very happy for him. This is supposed to be a site for people interested in buying or selling a home, looking to share insights from other informed individuals. We're not interested in your gloating or competition with other posters.
Advice: This is a post by TIGER59 under "Fall sellers mentality.... you will find it interesting:
"Tiger59 ---- Lkgsog, I had a very similar experience North of the Highway. Believe it or not, a bidding war erupted over a nothing special property, and I lost. I say screw this, and I may start looking in Garrison, New York or even Rhinebeck. I can see I'm being proced out in the Hamptons yet again."
He is obviously not an owner, but a guy with time on his hands to stir up the boards.
Good job GoingDown exposing Tiger ..He had me fooled for a moment.. He"ll disappear now
I see many new homes coming out with still the old sky high pricing These deluded souls should realize on the medium end say 4Br 3Bth just how MANY THOUSANDS there are not going anywhere How can these brokers market these with a straight face ??
Tigers back from a wonderful Thanksgiving in my waterfront nabe. It was quiet, it was healing, it was relaxing. No self-important, entiteld City turds like Need(Bad)Advice, GoingDown(on a hooker) or Sanityclaus.
Thanks for staying away guys; my family and I are grateful.
whats going on with inventory in the hamptons? looks like hundreds of new listings since beginning of october. but not many price drops. what gives?
Think of it as "manufacturer's suggested retail price."
And apply your 30% to 50% discount.
Many many price chops everyday. If you do a search for price changes "last two days" in the Hamptons - you get at least 10 new chops a day and some times many more.
TRuthskr Tells it like it is
Owners in East End Taking a HUGE Wealth Hit The Brokers Scammed them into not selling when they could and putting on Ludicrous Asks even in Summer 09..
Time for Billions in Losses !!
Where are the Brokers NOW ????
Sellers should know that they are going to get offers 30% below ask, and if they don't accept 20% below ask, they will not be selling. Seller's should face it, we all know that if you are selling into this market their is a reason. If you buy into this market, you are not going to be able to sell for at least 2-3 years and you will not make a profit for at least 4-5 years. The stock market has much better returns right now. RE was once a great investment, now it's just a place holder for your cash with no estimated value of return and what could be a depreciating asset. Does anyone have the statistic of when this many houses were for sale in the Hamptons? This must be a record. I am happy to buy and help one of you sellers out, but get real in your accepting prices or hold until the market turns.
It looks like however that owners knowing the bid game are keeping prices up and in many cases way up, so that 20-30% off the ask in many cases doesn't seem like a good value given current situation, whereby hamptons is most likely a depreciating assset over next few years. I think an auction model with no reserve would be the only way to determine fair pricing out there, and only existing auctions are a minimum bid joke...
Watch out for spinters, boys. Sitting on the fence can be a little tough on your arses.
Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.
Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August, the National Association of Realtors said Friday.
That pace was the strongest in two years and beat Wall Street forecasts. Sales had been expected to rise to an annual rate of 5.35 million, according to economists surveyed by Thomson Reuters.
"There's a mini-boom going on in the housing market," said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.
No one is sitting on the fence... it's called sitting on your wallet. Why try to catch a falling knife. Banks pay structure has killed our Hamptons market as we know it. This market will be 10% at least to the downside come February when there will be panic selling and increased buying.
Oh really Going Down? Ya think after Wall Street doles out its 140 billion dollars in bonuses?
PS GoingDown. You say "Our Hamptons Market?" Clearly you don't own here.
Tiger59 Glad to think you an owner Then we know you TAKIN IT That is a HUGE WEALTH HIT
Try and rent your place?? Stand in line BEHIND 10,000 Eastender owners
sunnyclaus, it ain't like that bro. I am an owner, and I love that heathen like yourself cannot afford to buy, even at these "adjusted prices."
Why would I need to rent? I love taking my family out to the beach each weekend. Memories to cherish. I own all my three properties mortgage free.
Ca you imagine how much fun it would be for an owner to get up in the morning, smell the ocean air, and then have to look at at neighbor who, at best, has a fleeting command of the English language?
"Our Hamptons market"... I am planning on owning very soon, before March for sure. And I go in knowing that my resale or investment if you will, has now NOT become an viable investment option. What I buy, I had better like. If not, I am not going to be able to sell it in this market that will last 3-5 years. I go in, knowing that I will probably will not turn a profit on any RE out east. So yes, I will be part of the RE market but I know that bank bonus decline has hurt my opportunity for resale once an owner. The 140B is not going to some new crop of millionaires, its the same group that already owns in the Hamptons or does not want to be. The second home market is in rapid decay based on the numbers that keep inflating by the week out East. Those that are looking to get out now, are those that had their money with these bankers, not the bankers themselves. People that took 70% hits back in March, have clawed back to taking a 40% hit, so their net worth is probably down, thus the unload. But to say that the 140B will help this market is very speculative at best. So my 10% decline is generous as far as from from an owners perspective.
Tiger I think your bashing of those looking to get in at these depressed and declining values is quite silly. You and myself in the future may be unloading to them as we look to get out.
I am looking to get in, but weighing the option of owning a depreciating asset, or a asset that does not move as well as stocks.
Some large cap stocks have a potential upside here of 60%. Readers of this board are savvy to ask the question about renting. This does not make them unworthy of your inner Hamptons club of "3 homes paid in full" but makes them smarter than the average buyer. Keeping your 1.5 mil 20% down payment in the market right now could get you another 250K to play with come next season. And we all know that the RE market can not and will not deliver in those terms.
Tiger59 living in a bygone era ..At least he confesses hes not renting any and is losing HUGE wealth
I wonder if Tiger lovin Obama Capitalism. I do..
Going Down on the other hand is thinkin smart. You might wanto look a little West ..The ASKS on really wonderful homes are cascading lower..No buys No credit on jumbos no confidence..YOu think that bodes well for East End ? And if Stoxx strart to swoon ..even just correcting ? What then?
Tiger59, not sure where your fear is with those moving out that way. Preferable to have Bernie or Marc as a neighbor?? Talk about good command of language...sorry, but your thoughts regarding others seeking out a house with a reasonable price is offensive on many levels.
My definition of "offensive" is sunclaus1's grammar and syntax. Another definition of offensive is eastendagent soliciting boyscouts.
So what am I missing, GoingDown? If things are so dire, why would you consider purchasing?
Tiger59, so boyscouts entered your mind? Not sure what to make of that, but am thinking that it's odd.
People are thinking about buying because they can, at a level that makes sense- that ISN'T odd. Read your own contributions- homes are selling (natonwide, foreclosed, and short sale pricing is key in recovering areas). The Hamptons isn't recovering yet. Mid-stream. Not dire- just declining.
Why purchase? I am purchasing to own a house close to the Beach. Not for an investment. It used to be that you could do both. Now I must face the fact that I am purchasing an assets with little resale/investment value. So I had better love the beach and my house, because the buyer pool has dried up. But having said that, I expect to reap the benefits of this terrible sellers market.
Brokers Relieved by Rosy Market Reports
By Kate Maier
(10/29/2009) Market reports from leading real estate agencies reflect a turnaround in the third quarter of 2009. Strong increases in luxury sales have bolstered median prices and the total sales volume in some areas of the East End.
Reports released by Corcoran, Prudential, Town and Country, and Suffolk Research Service all noted gains in sales volume and median prices in most areas and agreed that, on a quarter-to-quarter basis, there has certainly been significant improvement.
The real question is why all you rocket scientists on the fence didn't buy the good stuff in 1990s, with all cash and no mortgage. If I was able to do it, where you you brainiacs when the waterfront stuff was so cheap???
PS: You're welcome to visit, or even rent a room from me - even eastendagent if he promises to leave his porn in the City.
GoingDown, I can think of much worse scenarios than getting a house that is great, at pricing well below the bubble, and enjoying it- you're aware that it might drop further, but are OK with that possibility. At some juncture, for those wanting a house for the life it provides, that conclusion is going to make a whole lot of sense, in the presence of an appraisal contingency, and many summers ahead!
Good luck to you.
Originally Published: October 22, 2009 5:59 AM
Modified: October 22, 2009 9:35 AM
Hamptons real estate is suddenly sunnier
Sales jumped 50% in third quarter as prices fell 2.4%, signaling that the sharp declines in home values may be close to ending.
A release of pent-up demand in the Long Island enclave boosted home sales in the third quarter.
Where : New York � Long Island � Suffolk � Hamptons
Home sales in the Hamptons%u2014Long Island's beach oasis for the rich and famous%u2014are making a comeback. Sales rose 32% during the third quarter from the same time last year, according to report released Thursday.
That article appeared in Crain's last week.
Eastendagent was probably at a boy scout meeting and missed it.
Hey Tiger you read your own postings/ THIRD QUARTER PRICES FELL !!!!
FELL Tiger as in PRICE CHOP !! How much you lose in Q3 2009?
Read the second part of the sentence, you illiterate heathen.
Eastendagent.... I do have believe that the market will rebound at some point, but as you know this will not happen in the near future. But I also do not believe a Hamptons home is a place you can store equity. It is a bad investment right now. Very bad. But as long as a buyer such as myself is willing to risk capital loss for the willingness of the beauty of the beach then it's a good trade off.
GoingDown, you are exactly the type of person that should buy- it's all about understanding the ramifications/payoff. There was a time where people could safely purchase for a lifestyle absent a likely loss- now, it's about abandoning an investment and deciding on a LIFE. For some of us, life is just too short to let the market find itself- at least with interest rates low, additional declines in price won't sting the way that they might were rates to see an increase (at that point, many who waited might have some regrets, if "investment" was a lesser part of a plan). While certainly a bad time to buy with an investment as the priority, it's NOT a bad time to buy if the beach beckons! I'd still have an appraisal contingency, as well as physically visiting the town to pick up the public records (square feet, etc.)- much misinformation out there. That you are able to risk capital loss is the key, as you know. Agree with you 100%.
Agent... Decided to hold off until March. All signs point to RE headed lower for sure. Inventory as you know is piling up by the day tough to keep up as a buyer.
I am waiting too. Of the about 20 houses I looked at in June, only 2 have gone to contract. There is just too much inventory to sustain these asking prices.
goingdown...you can always rent the beauty of the beach while you wait to make a sound investment (unless this is going to be a primary home). a big problem is going to be the pool of potential buyers out there - except if you work for GS. the amount that one needs to put down increases as the loan amount goes up. also, lenders are very, very conservative when looking at ratios and the amount that they will lend. assets matter very little. it is the w-2 income the lenders are looking at - commissions, bonuses, stock vesting seems to count for very little.
GD, the other thing that I'd watch VERY closely are interest rates (the general consensus appears to be that a significant hike could occur after efforts to revive the market are exhausted). No idea what your loan amount will be, but here's an example of how it does matter, for anyone financing:
$600,000 loan, prin. and interest, at 5%= $3220.
$600,000 loan, prin. and interest, at 7%= $3991
$750,000 loan, prin and interest, at 5%= $4026...more house for the $, if you can time it just right..
On the other hand, there is also an opinion that an increase in the rate will force further price declines. This is one rough market we're in. Timing will be everything.
Here come the CHOPS Another 100k OFF on 30 Quarty CT in EH
WOW Tiger probably will run and hide in tears ..He will need a calculator to add up HIS LOSSES
But he loves Capitalism except the part WHEN LOSERS ARE CRUSHED !! And the NEW class takes over !!
If inventory continues to pile up at the rate it has been, on March 1, 2010. This will be your new Hamptons math.
1.5 will be 1.3
1.3 will be 1
1 will be 850K
850K will be 780K
780K will be 730K
sunclaus1, I bought my East Hampton spread in 1989. My downpayment was $40k, and my mortgage was paid off five years ago.
I've made the home available to family and business associates over the years. It will be passed on to my children, and then hopefully to theirs.
I'm one block from the water, my taxes are minimal (for reasons not entirely clear) NOW will you please eat the peanuts i my sh*t?
PS: sunclaus1, get a life.
Didnt you claim to have 3 East end properties ? Now only 1 Tiger?
Ok Tiger youre right so it True my Spouse not Born in America and had to learn English
My Kids are the future of America.. You see in the Capitalist Model YOU ARE THE LOser .to make way for the next newer brighter CLASS !! Get the Calculator OUT Your losses will SOAR .
Hey Tiger - you say (cleverly) one block from the "water." What water would that be? You sound just like a real estate agent in the Hamptons...
This is why I will wait until MARCH before making any offers: http://www.reuters.com/article/companyNews/idUSN1650456120091116
November 16, 2009: Bank analyst Whitney bearish on U.S. market.
Am I the only one who is getting tired of Tiger59's vulagarity? If he has a nice home in the Hamptons he bought for a good price in 1989, congratalations---we're all very happy for him. This is supposed to be a site for people interested in buying or selling a home, looking to share insights from other informed individuals. We're not interested in your gloating or competition with other posters.
Advice: This is a post by TIGER59 under "Fall sellers mentality.... you will find it interesting:
"Tiger59 ---- Lkgsog, I had a very similar experience North of the Highway. Believe it or not, a bidding war erupted over a nothing special property, and I lost. I say screw this, and I may start looking in Garrison, New York or even Rhinebeck. I can see I'm being proced out in the Hamptons yet again."
He is obviously not an owner, but a guy with time on his hands to stir up the boards.
Good job GoingDown exposing Tiger ..He had me fooled for a moment.. He"ll disappear now
I see many new homes coming out with still the old sky high pricing These deluded souls should realize on the medium end say 4Br 3Bth just how MANY THOUSANDS there are not going anywhere How can these brokers market these with a straight face ??
There have been 155 New listings in the Hamptons just in the last 7 days. Wow.
Thanks for your comment Going. Maybe now we will stop hearing from Tiger, unless of course he has something constructive to add for a change.
Tigers back from a wonderful Thanksgiving in my waterfront nabe. It was quiet, it was healing, it was relaxing. No self-important, entiteld City turds like Need(Bad)Advice, GoingDown(on a hooker) or Sanityclaus.
Thanks for staying away guys; my family and I are grateful.
PS: It feels like the Hamptons of yesteryear! The recession has just about killed the spec and McMansion markets.
Tiger 59 back? Wow Give him a calculator to TOTAL his losses or GoingDown is right and he a poor man..
Tiger... What a fraud (and loser). Does you mother know you are surfing the web unsupervised?