buyer's mentality - disconsolate after having

jrn, have you thought about building your own home? sure it's more time, but total cost once you're done is competitive. i'm on the verge of doing that! and do you want south? or sag harbor is ok? i saw 2 great houses in your price range thru my agent. i need 5 or 6 br (kids!), so they didn't work for us.

HBS,
we have looked at some land, though not a first choice. however, i am finding land to be ridiculous as well. met with a developer / builder and that is a possibility. he was talking about $300 - $325 / sq. ft. for good quality construction. we are looking south. love sag harbor, but see it more as a place to visit - really looking for a place to live in for a good part of the year once we retire. if you could forward me the in# of the places you saw, i would appreciate it.

jrn - this exactly what we are looking for (south) and I agree 100% that there is tons of inventory - all overpriced crap. We are now not even looking at the quality of the house but only at the property/location and are hoping to get something for like $1.5- $1.8 so we can (re)build ourselves. But even that seems impossible. Everything south is basically $2M and up for a crappy house. What's worse - there is a HIDEOUS home on one acre in Water Mill south I saw this summer that was asking 2.6 and it is now allegedly in contract for close to that! However, I still think all the ingredients are there for further "chopping" as Sunclaus would say. Good luck.

HBS - where did you see the two great houses in that price range? Or were they north?

The CHOPS are not coming home for XMAS ..Unless or until the STOCK Market Dives there is too much sentiment to agree with the Brokers and just hold ...and wait for inebriated buyers ..If the Stock market keeps up this rally youll have to wait it out for an Occasional SHORT Seller.. Im really stunned to realize that the Rental Market may hold up--Owners would risk going Empty ?? The Laws of Supply and Demand are NOT working ..I smell Corcoran and other Manipulators

I had been looking at houses for 2 years and had much the same experience. I finally threw in the towel and decided to build my own home. It really is the best solution as you get exactly what you want and can actually have a hand in understanding that it is well built. You should be able to get a fantastic high end house for 300 per foot. Location is tougher as any land south of hway anywhere is pretty much 2MM and up. North is a better bet for your price point. In watermill there are a couple of spots avaialbe for under 1MM for an acre of land north of hway. Good luck.

seller's are not reducing prices enough bc many of them have low carrying costs - ie they are not levered to the hilt, so their carrying costs consist of taxes and routine maintenance. As long as they can rent in the summer at some price, they do not HAVE to sell, so they keep the prices too high and it doesn't sell. To have a real route in the market and another big step down in prices, you would need a dismal rental market. Who knows? I suspect it will not be dismal bc a Hamptons rental is cheaper than a European vacation so the down sizing of vacations supports the rental market to some degree and the rebound on Wall Street will do so as well. It will probably be a weaker rental market - but not dismal. Patience will pay off - but eye-popping bargains will be rare.

Please tell me you're joking. Do you really think all of those IB analysts and associates, HF and PE analysts, mgmt consultants and 1-4 year lawyers who still have a job will be dropping $5-15K for 10 weeks in a share house with the remaining buddies who still have jobs? Seriously? Keep dreaming. These guys have had the bejesus scared out of them when it comes to their earnings potential and job security. The lack of demand is already killing the rental market for summer 2010. The fear is palatable when you push owners on their asking rent. Anyone who locks in a rental before April-May is a complete moron. So many people are overstretched in the hamptons it's not even funny. Why do you think inventory keeps climbing at a rapid clip when this is the time of the year when inventory usually drops significantly?

Re rental market. Last year the bargains happened early in the spring. By May there weren't so many bargains anymore.

"You should be able to get a fantastic high end house for 300 per foot." That seems quite a bit low for "high end." While the "per foot" costs tend to be less relevant as you increase size (i.e., a 4,000 sq ft house is not 30% more than a 3,000 sq ft house), I think it unreasonable to assume, for example, that any well built, custom 3,000 sq ft home can be built for $1MM (or less).

MYM - are you kidding? The best deals are in May - the two weekends before Memorial Day. We got our Bridge south rental last May for 30% below asking and 50% below what it rented for in '08. I consider that a deal.

nyc10013 - my guess is the summer rental season will be flat to dismal (who knows? good arguments on both sides), but the possibility that it might be flatish will keep many owners from dramatically lowering their sales price if they feel that they might satisfactorily cover their carry costs. my point is that you will likely not see another significant leg down in the market until/ unless it becomes clear that the summer rental season will be down significantly.

EZAL should also keep watch on Stoxx..Another new high today..Psycho Brokers keep these owners souped up that things will improve. I agree a broken RENTAL market if Ezal is right could start a cascade to realistic prices.

I agree with mym, a lot of good rental properties flew off the market in the first two weeks of last May, when house owners got realistic about prices. We were looking, and three out of six properties we were scheduled to see in mid-May got/accepted an offer before we even had a chance to see them. Later we almost lost a house we liked to another bidder. Nice places in the mid-price range did get rented at the last minute, and the deals were good but not astonishing. Probably enough to pay for a big chunk of their annual costs.

But that was last summer and I my guess is, summer of 2010 will be better for most of the HF/PE/IB analysts and lawyers/consultants. Attractive houses in good locations will get rented at the end, and all the crap will be sitting empty. Kind of like what will probably happen to the RE market.

Just something to think about - even in Miami, where the RE market is in shreds, high end properties still command crazy prices - e.g. Setai is listing their condos at $1,200-2,400/sq.ft (http://setaimiami.org/condo/lists/Setai)
I am not saying it is right, just that a unilateral across-the-board collapse in prices in a high-end area like the Hamptons may not happen. Especially if, as sunclaus said, the stock market keeps on going up.

lots of interesting observations and comments.

continuing the search, saw another 9 homes last week. nothing even remotely of interest, even at higher price points. i guess people can ask what they want, but ultimately it gets down to perception of value and utility, both of which drive supply and demand. time will tell what happens to the pool of buyers as the financial industry evolves. i must say, however, that i think the pool of potential buyers has shrunk, not just due to the job losses there, but also in real estate and perhaps other industries as well. moreover, with credit still tough, the universe of buyers is only open to those with hefty down payments or all cash. on on the supply side, those that managed their finances well during the recent downturn may be able to hold out as rates reset. others, not so fortunate. you have to believe that RE brokers with multiple properties, developers with land bought during the past few years may all come under increasing pressure to reduce prices. i guess time will tell, and yes, seeing how well the rental market holds out this summer may stall a decline or hasten it. in the meantime, i rethink whether to buy one place in the hamptons or several properties in different areas.

A mortgage broker told me that in East Hampton, 50% of the sales in the last quarer were under a million. Both in Manhattan and on the island the lower end is moving.

STOXX up AGAIN Not enough Chopping to close out 2009 2010 a year of pain for OWNERS

here is an example of what drives me nuts.
http://streeteasy.com/hamptons/sale/209554-house-bridgehampton

a house, sitting on the market for 648 days, raises its price 14%. can someone, anyone explain the mentality behind this action.

have continued to scour various sites for new home possibilities, but nothing evenly remotel of interest out there.

hope all had a great holiday.

jrn, sorry so slow to reply. have you seen the cee brown listing at ?176 hampton st/90 hempstead? (don't remember address). it's one of the nicer houses i saw, but i think too small for us. owner did a great job, moved old house to hampton st side as guest house, built new house on quiet hempstead street side. nice details (home automation, av, radiant floor heat for outdoor patio, zinc caps on outdoor woodwork to prevent rot). i thought it seemed like a house the owner built for himself versus to sell. overly nice for spec house. owner is a landscape architect, so nice grounds too. i did ask a few questions to the selling agent cee brown who NEVER GOT BACK TO ME and then i was told they were in negotiations...and months later, the house is still for sale. there's a similar house that seems to be off the market now (but i don't think it sold) in north haven at ?6 maunakea st? which i was told is going to go into short sale, will clear under $2m. nice new house designed by david sherwood with pool on 1/2 acre.

by the way, the cee brown waterfront listing on redwood road for $5m is the most ridiculous listing i've ever seen. that house is not large, has no basement, and has no pool. and the neighbor's house was on the market for under $2m, same size lot, also had concrete bulkheading.

anyway, just imho. been looking for awhile, like you. seen a lot of stuff..... didn't really see any deals except for stuff i wouldn't want to waste any money on. close to villages or ocean, owners seem to be holding firm. and everyone seems to be rushing to buy real assets over fear of hyper-inflation. ugh.

HBS, thanks for the referral. will review, but sag is not a first choice and i am not going to spend $2.5M and 'settle' for something that i won't be entirely happy in, after all, when closing costs on a $2M home are almost $80K, i don't want to be moving too frequently.

i didn't see much i liked soh other than a sotheby's listing that is now sold (it was on jobs lane. 1 acre with 1800s house (needed some love, but liveable and expandable), non-conforming guest house (awesome), pool, and summer barn (also awesome). it sold for a little under $3m and was 0.5 miles to beach. i thought good value. we almost pulled the trigger but decided we like sag harbor better. to each his own...

and no kidding on not moving frequently. with closing costs at sale time and moving/initial costs, you've already spent over 10% versus your property value. although these days, you can push that # lower by negotiating down commission (only 4% on a recent noh transaction i heard about).

We bid all cash on a south of highway dump (over one acre) and we lost. UGH! After fixing up the place my guess the whole thing will be around $2M. Not bad for one acre SOH. Hoping it will send a message to the other overpriced houses just lingering on the market to reduce....

Seems obvious to me that if you're not impressed with the homes in your price range south the highway, then you should look in other areas. It's not necessarily "overpriced" just because you can't afford it. If the demand is strong (which it always is SOH), then prices won't significantly drop. Land value is most of a property's value, and most of land value is dictated by location. And the rental market does allow owners to wait out downturns in the sales market, which further keeps prices up.

Houses sitting on the market for over one year are overpriced, sorry. And as far as not being able to "afford" a dump - obviously you have never done a full blown renovation if you think it's only about money.

I agree with Lkgsoh. There are plenty of homes I could afford that I simply will not pay the money for in view of their condition and the extreme time and frustration that would be involved in renovating them to an acceptable level. It's not only a question of money. Personally, I'm not tied to only south of the highway, but I'm finding the same situation with many of the homes north of the highway as well. The condition of the homes is often appalling. Many look totally neglected, and several aren't even clean or straightened up. When the home looks like that on the surface, one can only wonder about its infrastructure as well (furnace, pool pump, air conditioning, plumbing). If someone can't even be bothered to pick up their clothes for a home's showing, I doubt they tended to routine home maintenance either.

Local Hamptons brokerage Town & Country Real Estate has released its 4th quarter market report and it looks like ’09 ended with a nice little pop: 47% increase in overall sales from '08 to '09, with median prices rising over 12%.

Looks like you may be missing the boat here. I'm back in!

Homes sales on the East End of Long Island saw a stunning leap in the fourth quarter of 2009, according to a market report released today by Prudential Douglas Elliman.

The number of sales on the East End, which includes the Hamptons and North Fork, jumped 55.4 percent in the fourth quarter to 564, from 363 in the same quarter of 2008 and 22.9 percent from 459 in the third quarter, the report determined.

In the Hamptons area of Long Island's South Fork, sales skyrocketed 59 percent in the fourth quarter to 409 from 257 in the prior-year quarter, and 20.6 percent from 339 in the third quarter. Median sales prices rose 4.9 percent to $917,900 in the fourth quarter from $875,000 in the same period of 2008, and increased 13.3 percent from $810,000 in the third quarter. However, the average price of a Hamptons home -- $1.59 million -- dipped 12.3 percent from the prior-year-quarter.

The North Fork showed a similar uptick, with sales activity surging 46.2 percent to 155 from 106 in the prior-year quarter. North Fork price trends showed more weakness than the Hamptons, however. The median sales price in the North Fork in the fourth quarter was $450,000, 10 percent less than $500,000 in the same period of 2008.

The fourth quarter saw the highest level of sales on the East End in two years, said appraiser Jonathan Miller, president and CEO of Miller Samuel, who prepared the report. (For a story about the Hamptons residential market over the last decade, click here.)

I'm in too. Out of my way I am buying in the next 45 days.

Has anyone looked at the property on GreenportHouse.com? Greenport Village seems to be the happening place on the North Fork.

Rental season 2010 having a slow start, what with all the snow. However, SOH 3-digit rental seekers have been coming out, seeking 5 br, min. 4500 sq.ft., in good locations. Can't tell yet, but there seems to be a bit more optimism than last year at this time. Even a few new real estate firms starting up and some of the smaller ones seeking more agents. Engel&Volkers in SH reporting a lot of Hamptons interest from their European offices, for both sales and rentals. So, hang on for the fun. LKuznick@aol.com

we got offered 150k for MD - LD, about a mile south of the candy kitchen, totally unsolicited. 5BR, 6.5BA house with pool on acre adjoining a horse farm. broker knocked on door with customer last weekend. never happened before.

true story.

we 'summer' out there so i countered at 250k to make them go away, which they did.

My broker always takes me to strangers' homes unsolicited; we ring the doorbell and just ask to rent their homes. We just drive around and see what homes look nice. Sometimes we climb over the locked gates, especially at night. This is a useful approach in this economy when there are so few homes on the official rental market.

rentals ain't cheep yet that is for sure. it may be a renters market but people are not moving much on prices.

Wow...I'm so glad I found this site. I've been looking to buy in the Hamptons for about 3 years but for houses under a $1 million. If you think there is crap between $1.5 to $2 million, you can't even imagine the shacks that are on the market for $995K. It's appalling and disgusting to see the disconnect between price and value in the real estate market. Mediocre construction, cheap finishes, horrible floor plans, noise pollution and badly neglected homes are being priced as if they are priced true gems while psycho brokers look at you with a straight face and say "what a great buy this house is" when they wouldn't spend their own money to buy it. Some of the numbers are ridiculous...there's one house in North Haven that was purchased for $375K in 2000 and is on the market for over $1.5 million right now? Are you kidding me?

I've been thinking that the price per square foot should be somewhere between $250 and $300 for many of the houses that I have looked at (and that was generous for some). Does anyone think that the end of 2010 might be more promising provided the unemployment rate stays as high as it is?

I feel your pain Lookin2Buy!! I can tell you when you up that to $1.5 and slightly higher you see much of the same junk. I think 2010 is totally going to depend on the rental market this summer --people can hold out for years if they can rent and pay their mortgage.

hey guys, up in the $2.5s-3s there is STILL plenty of junk! at every level, owners and brokers think their house is the best buy ever. you should think about these disasters more as land value + building envelop. if you want to spend $300/sqft on a house, buy a lot and then spend $250/sqft on a budget but nice build-out with modern insulation, mechanicals, etc.

what's the house in north haven that's $1.5?

my broker by the way told me some totally uneducated piece of information regarding one house's possible village building code violation to sell me on the property (it was based on another lie she told me that i found out later). when i asked her if she'd write a $3m check based on "her word", she said yes. i would've thrown a drink on her if i'd been holding one at the time!

Hi HBS...

I'd have to find the property and let you know. I'm not even sure if it is still listed. I saw the house this time last year and went to the county office to do so research on the houses I visited. It was basically a small ranch that had some renovations (french doors in the living room which led to a small yard) and updated bathroom, but was a meager 1800 square feet a best (the listing of course added the basement as living space).

I can't even begin to describe the experiences with brokers. It truly takes a special person to do that kind of job. My broker every month in 2008 and beginning of 09 told me "I better hurry up and buy because the buyers were back in the market and I was going to miss out" (all the same houses I looked at are pretty much still on the market). She also had the nerve to imply that I was a "bottom feeder" because I didn't jump on the junk I was seeing or the value I placed on them was much lower than asking. I should have thrown a drink on her!! LOL

I have no problem with sellers making money on their investment. Hey...I would like too as well when I go to sell. However, the game that is played in the market is tantamount to price fixing and sellers are holding on much better than anyone expected out there (EHM...you are right...the rental market this summer will dictate how much longer people are able to hold on to their properties).

Anywho, I guess it's about timing and opportunity. I guess you just have to keep at it and hope for a deal.

For anyone looking in the Hamptons for a real (down to earth) value, I'd contact John Brady at Prudential. Never met the guy, but he lists many short sales that close, and has a grip on the properties out there that have sellers anxious to sell. These realistic prices are what will likely be in the pipeline for the next few years. Hate recommending a large company, but his listings are worth a look, due to the NEED to get them sold. The pricing will affect all values out there eventually- market value is hard to define when so many sellers and brokers list at sky high pricing, praying for a dummy.
http://www.prudentialelliman.com/mainsite/agents/agents.aspx?BID=132474#Mylistings
Just a thought. Not the kind of guy you'd want to throw a drink at, I hope!

You absolutely cannot listen to brokers. You have to do your own homework and go with your gut instincts on the value of a house. We just went into contract on a house originally asking $1.695 (already lowest asking in neighborhood) for $1.375. During negotiations my broker said they would "never go that low" and that "the house is worth much more." The truth is a house is only worth what someone will pay for it. My other advice is stick to houses that need work - worst house on the block type of thing. You'll get a much better deal and there is less of a chance another buyer will come along. Keep making offers. Someone will take the bait eventually!

With respect to Lkgsoh, "gut instinct"? Why not have all recent (within 2 months) solds to review, along with a heads up on the # of home owners facing a short sale or foreclosure in a given area (the numbers might surprise you)- an educated offer.
Buyers in the Hamptons are told up front the "their" agent represents the seller- why are you not seeking out a buyers agent who will provide all relevant data so that you're not forced to operate on a gut instinct vs. real numbers? Now that some agencies are representing the buyers interest with fiduciary (a good word, because it implies recourse for irresponsibility) why go with an agent representing the seller? Curious, not antagonistic.

Eastendagent - I am howling with laughter! I can give you the address and price of every single house sold and in contract SOH between Bridge and East Hampton in the last year. I can recite you chapter and verse every asking price and price reductions. Based on these facts - my gut instinct can tell you what every house in that market would actually sell for with remarkable accuracy. It is really pathetic that you people think you are privy to some secret information that none of us mere mortals can figure out. The only thing any educated, motivated and attentive buyer needs from an agent for is for him or her to open the front door and then shut up.

Lkgsoh, you've obviously had a bad experience somewhere along the line- can't do much about that. With that said, my question remains unanswered: why would you not seek out an agent that has an obligation to represent you, and not the seller? While you may well feel superior in real estate searches, and that might be the case for you (most don't have the time to devote to the efforts you've managed) why would you not elect to use an agent with a legal obligation to you? At least with that commitment, you have recourse if your "gut feel" is in error, and a set of eyes making offers (and dealing with after contract issues) in your court, not that of the seller only.

Hi Lkgsoh,
Congrats on being in contract - it seems you have been looking for a long time and finally found your gem. Without being too forward, I am curious if you are in contract for the house on Roxbury. Nice work, if yes.

Hi Olivernyc. It's not Roxbury - but I know all the houses on the market there. My guess is you are maybe referring to the one with the closed porch? They have reduced to $1.5 but still no takers. Too high!

PS Oliver - are you looking to buy in Wainscott? Inventory very high there - both NOH and SOH.

Lkgsoh, I second the kudos for finding a place. And, it would appear that you enjoy the hunt, while at the same time saying disparaging things about a real estate agent that YOU chose to recieve a fee (it's in the price of the house that you, or anyone, is buying) while they represent the seller, and don't work FOR you. That's your choice. To others looking in the Hamptons that would rather have a fiduciary to achieve the best possible price, seek out an agent that represents you, the buyer.
A listing agent works for the seller, and many real estate agents with buyers work for the seller (the Hamptons seem to be the last bastion of sub agency). How much nicer it would have been to have a Realtor that didn't "shut up" at the front door after opening it, but went to work justifying to the seller the reasons why an offer is legitimate, based on reality. Bottom line: you got your house, but for those still looking, things are changing rapidly out there with lots of inventory- if you are paying a fee with a listed property (it's in the price- make no mistake), pay a fee that works FOR you, not against you. If real estate agents are a neccesary evil at this point, for heaven's sake, work with one working FOR you. You won't know the difference until you try it. Compare us to used car salesmen (I suspect you do- we can take it): wouldn't it be nicer to walk into a dealership and have someone REQUIRED to get you the best possible deal, or would you choose the "salesman" required to make bucks for the dealership, with a bonus for top dollar? Your choice, because you're paying the fee. I'd prefer collaborative, if the fee is mine to eat.
For some, the hunt is wonderful- others just want a fair shake at a good value, and someone that "gets" a buyers agenda.

How does one go about getting a buyer's agent? Does every major realty company have buyer's agents? Who pays the buyer's agent? Because sellers pay the sales commission to agents, I would have thought all agents work for the seller.

Needadvice. New York State there is a law and a form that all consumers (buyers of real estate) must get from any agent they work at their first meeting that outlines the agents role in the real estate transaction. You the buyer (consumer) decide whether you want to work with a buyers agent. It is the law and your right. This form must be signed and if you decide that you want the agent to represent you as your agent they owe you fidiciary -- if they tell you they don't do buyer's agency go to the next agent. IT IS YOUR RIGHT IN NEW YORK STATE. If you google "Agency Disclosure Form in New York State" you can find the form and read it ---- AGAIN, IT IS THE LAW AND YOUR RIGHT TO HAVE AN AGENT REPRESENT YOU. The commission is most areas of this country is paid by the seller and has nothing to do with who the agent represents. A seller agrees when they list their property on the MLS to pay a buyer's agent to bring a buyer to their property. In the Hamptons they do not use the MLS because they don't want to share the commission and the only way this system will change is if the public demands what is their right. Since they don't use the MLS the commission needs to be discussed when an offer is presented such as "my offer is such and such and the commission of whatever is included" They make things very complicated for the buyers out there but the consumer can insist ---there are laws.

Needadvice, there are several companies providing buyer agency out there- just ask before viewing a property. Sellers do indeed cut a check for the commission on both the buyer and seller "sides" at closing, but that fee is in the price of the house when it's listed- the price that you are financing or paying cash for.
So, while the seller may be the conduit for the fee, the reality is that buyers are in fact paying via the price offered. A home priced at $1,000,000. has within the price $40k,$50k,$60k- whatever was agreed to by the listing agent- within that price, with (typically) 1/2 (give or take) being offered to the agent bringing the buyer.
You don't need a contract for a buyers agent, just an agency disclosure providing that relationship. It might take a bit of looking, but finding a buyers agent to present properties to you is a way to offer a balanced transaction for both sides- buyers have gotten the short end for too long out there.

Thanks fairandethical and eastendagent for your helpful input. So far I have been looking to buy, but have not been using a buyers agent, and I'm beginning to feel more and more uncomfortable that I'm not getting all the information I should be.

Eastendagent, I used a buyer's broker agreement and I still felt like my agent was working for the deal and not for me. The agent is always working for the deal if they are being paid commission. I could barely get her motivated to work on my behalf. She always claimed to be playing devil's advocate. At one point, I threatened to walk because there were too many red flags that needed clearing up before going into contract and she was pushing back on me and not the sellers. All fine now - A LOT of due diligence on my part and I hired an outside consultant. I think the only way you can get FAIR and ACCURATE information is to either struggle thru it yourself or pay someone a guaranteed fee regardless of whether you buy the property or not (I paid my consultant hourly). I looked mostly at teardowns or empty lots and probably spent ~$3,500 on property research. I also scheduled meetings with building inspectors and spoke to local contractors. Even if that fee were $10,000, it would still be less than a broker's fee AND I get accurate information. Most often, I was educating the selling broker on what was allowed on his/her property. That's just ridiculous. The caliber of broker in the Hamptons is generally low. I get that the brokers don't want to be wrong, but how about spending some of that commission on even a recent survey??? Or convincing owners to do the same. Ugh.

Buyers who are looking for teardowns and renovations: there are plenty of building and environmental consultants in the Hamptons. The fee can range from $200-$1000 for a write-up on the property. You can also take the time to read the village codes and figure some of that info out for yourself. I also had a friend build a financial model for me that valued things like distance to ocean, distance to village, property size, views, pool size+type, house size and year of build, quality of finishes, garage, etc......... We put values on everything to arrive at offer prices. You need to be able to compare apples to apples and you can calibrate that model to recent sales. Real estate agents don't go this in depth. They just look at size of house and NOH or SOH and then they spin a generic # off that. 2 same size houses on same size lots SOH built in different years with different distances to the ocean and different amenities aren't worth the same price!

And brokers tend to throw out random #s. For example, if a house is asking $2.5m. They might say to offer $2.1 or $2.2 and maybe close at $2.3m - as if $100,000s aren't actual large sums of money. I don't care if you're used to a $2.5m house being chump change. Let's face it, it's still the luxury house market and a big number. And if it is chump change, don't help me and go help your other clients!!

I thought the broker was best for scheduling viewings and providing some more recent sales #s than the published closings. It was secretarial work.

NeedAdvice, you're definitely not getting the information you need from your broker. Buyers need buyer's advocates and not brokers. Your broker is not advocating on your behalf even if you change the wording to buyer's broker. They still only get paid if you buy something. Hello? Go to the village town hall and request all information they have on the property, including any meeting minutes, tax records, surveys, everything. If the place has been at all remodeled recently or changed hands, something will be there. And that's something you can even make your agent do for you! Mine would yell at me that she didn't understand why I needed all that info. Ahem.

HopefulButSkeptical, sad to hear- the buyers agents that are legitimate don't care if you walk away from a potential purchase. Another house is around the corner. While it's certainly true that they are paid only if a house closes, most are competent enough to understand that the only way to engender loyalty is to treat the purchase (and due diligence) as if they themselves were making the purchase.
Sounds like your agent didn't- hope you fired her. Sounds like it will take some digging in the Hamptons to locate the right person- a sad state of affairs, but odds of a better outcome than working with an agent representing only the seller.

I'd prefer to buy rather than rent, but here's another example of misinformation from brokers. Mine tells me that the rental market in the Hamptons is strong and very active, and then I read the following from Crain's.

http://www.crainsnewyork.com/article/20100330/REAL_ESTATE/100339996

@jrnonlinere
You should take a look at a house I have for sale in Sag $975,000 reduced from $1.2, while it's technically Sag It is only a few blocks from the North Bridgehampton Border. It's been reduced and is for sale not with any large agency. Houses in this development are all being expanded and new construction is over 2 million here.One home just on market at 5,250,000.
If your down payment is 1M, you could own this home free and clear, and add on if you wanted.
the house can be viewed at www.31islandview.com house 1. Email or call me from that site if interested.
Also I have a great guy to do plans, and great builders in case you want to expand. The home is currently 3600 sq ft, 4 ensuite bedrooms 5 baths move in condition.

I saw that house at 31 Island View and was really disappointed in the quality of the construction. It's a summer rental/party house kind of space. Just more garbage on the market. :(

@looking2buy, If you haven't bought in 3 years of looking and nothing is good enough for you, you will never buy. You missed the bottom last year, and now the market is rebounding. Many homes that were rentals had been sold, and so there is much less to rent too. If your expectations don't fit the budget then the expectations are wrong. Regarding 31 Islandview My listing. This house was rented for the summer and taken off the market, because of low bottom feeder offers from people like you! Your qoute is a great advertisement. What better to buy then a house that is great for entertaining "party House" then partying in the Hamptons!!! Frankly having a wetbar and a 70 inch tv makes a home garbage that's news. Having 3600 sq feet in this price range, with 4 brand new baths 3 with all Barber Wilson faucets at $3000 each is garbage that's news to me too!!! Curious what have you seen that isn't garbage?..You are just so negative and wouldn't know a good deal if it hit you over the head.. 5 years from now you will be complaining like everyone does, who doesn't buy. I shoulda....Houses are to enjoy and for the long haul, not for a flip investment. If anyone cares to view 31 islandview to see what looking2buy say's is false feel free to email me through it's posting at www.31islandview.com.

One other comment. If a home is bought in 2000 for $375,000 and now is asking a million, do you have any idea if any additions were added, or are you just looking at pure numbers which can be misleading???
Good luck to Looking2buy!!!

@HopefulButSkeptical The Town of Southampton can be your best friend.. It's very easy to g0 to the tax dept 2nd floor and see who owns a property, and if you desire, contact them directly if you see a piece of land or teardown and have NOT seen it with a broker.. If you find a willing seller that would be great.. This is what a broker should do for you, and time is money, but if you have the time do it yourself. You can also go down to the bld dept, and ask about the setbacks, zoning and many great questions on any property you view...You can do this yourself again, or a broker can do this for any home they show you, or should, after all you are paying. them. It's not rocket science!! I have done this for myself, when planning additions etc, on my own properties, BEFORE I was a broker. If your broker won't do it, it's time for a new broker!!! Hope this little secret helps you.

Today's Prudential Douglas Elliman Hamptons market report proffers up a bunch of new real estate numbers from the first quarter of 2010 to chew over%u2014numbers that at first blush make the market almost seem superheated. Median sales prices up 34.6% to $908,500, versus last year's first quarter! Median sales prices for the top 10% of the market up nearly the same, 34.2%, to $5,484,934. And the report clocks 486 sales in the quarter, versus a paltry 201 in the dark days of early 2009. Not bad at all.

Thank god all the rude contrarians "forget" to get in while the getting was good.