How am I meant to know the real price of these HAMPTON homes?
Started by shyam
about 16 years ago
Posts: 18
Member since: Oct 2009
Discussion about
Been looking at property in BH/ EH over last few weeks in $1.5 - 2.5m range. Finding it very difficult to guage appropriate real price level. Comps are very few and far between and latest data in terms of closed sales is from October - imagine given few months lag between agreeing sale, closing, and price disclosure those OCTOBER prices are probably reflecting market conditions in July / August so... [more]
Been looking at property in BH/ EH over last few weeks in $1.5 - 2.5m range. Finding it very difficult to guage appropriate real price level. Comps are very few and far between and latest data in terms of closed sales is from October - imagine given few months lag between agreeing sale, closing, and price disclosure those OCTOBER prices are probably reflecting market conditions in July / August so 6 months ago? Guess next obvious questions is how much has market fallen for 'mid - range homes' over last 6 months?
Recent deals of homes seen are 'in contract' so guess won't find real price achieved for couple of months. Do I just wait it out in order to get clearer view of the market?
In theory would just apply appropriate discount to asking price but seen some asks seen are at peak levels kind of destroys that easy rule of thumb..
Also any thoughts on when best time in next few months to get great deal is - do you go in now ahead of spring season or wait afterwards to pick up inventory from disappointed sellers ?
Any thoughts, insights pls?
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Response by Lkgsoh
about 16 years ago
Posts: 106
Member since: Aug 2009
We are looking in same price range for last 9 months or so. There just are no great deals. I would say out of the 30 or so houses we have seen about 25 are still on the market with no significant price reductions. You would think that would bode in the buyer's favor, but no. We have made several offers and mostly have gotten no response. Sellers are just holding out. I think much is riding on this summer's rental market. If it's bad like last summer, I think there will be a significant drop in selling prices over the summer/fall. If it's gangbusters again - forget it. Sellers will just keep renting their houses out to cover most of their costs.
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Response by shyam
about 16 years ago
Posts: 18
Member since: Oct 2009
Interesting comment. Many thanks. Have looked at the very few recent sales + things in contract and seen some stuff liked to look of at prices that already disclosed. I guess just use that as a guide for bidding and as you said the real test comes if accept. There is so much inventory though still see it as a buyers market.
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Response by mfDaly
about 16 years ago
Posts: 9
Member since: Apr 2009
Note: I am an agent - responding to your question, not fishing for business. Sales info is ALWAYS 6 months out on East End. You need to find an agent you trust who will tell you the real story and ID motivated sellers. Good luck.
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Response by truthskr10
about 16 years ago
Posts: 4088
Member since: Jul 2009
try propertyshark, you may get lucky sometimes
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Response by Waiter11
about 16 years ago
Posts: 27
Member since: Sep 2007
All sales are posted about 60 days later on hamptons.com.. Just click on the real estate section and look at transfers.. Bear in mind the date shown is the recording date, which is usually 30-60 days out from signing of contract. Still very valid and incredibly helpful. However if you are working with any type of agent insist they actually work for you and get you the comps on anything remotely related to the property you are interested in. They also know a rough estimate of any in contract home even if closing hasn't yet occurred. If your broker wont help you get this info run the other way and find one who will.
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Response by shyam
about 16 years ago
Posts: 18
Member since: Oct 2009
many thanks waiter11
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Response by HopefulButSkeptical
about 16 years ago
Posts: 88
Member since: Nov 2009
you guys can also try longisland.blockshopper.com -- it often has owner & last sale price data for the neighboring houses. some villages post minutes so you can see if they did work to the house post-purchase. not exact, but interesting data points for comparison. for example, i found out that the owner of the house i was interested in also had 2 other houses for sale...
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Response by limstone
about 16 years ago
Posts: 8
Member since: Jan 2010
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!
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Response by NeedAdvice
about 16 years ago
Posts: 50
Member since: Oct 2009
HopefulButSkeptical, thanks for the tip, but when I went to longisland.blockshopper.com, I wasn't able to find any information of the variety you mention. I think I'm not getting to the right spot. Where do I look for information on a specific house on blockshopper? Thanks for any assistance.
We are looking in same price range for last 9 months or so. There just are no great deals. I would say out of the 30 or so houses we have seen about 25 are still on the market with no significant price reductions. You would think that would bode in the buyer's favor, but no. We have made several offers and mostly have gotten no response. Sellers are just holding out. I think much is riding on this summer's rental market. If it's bad like last summer, I think there will be a significant drop in selling prices over the summer/fall. If it's gangbusters again - forget it. Sellers will just keep renting their houses out to cover most of their costs.
Interesting comment. Many thanks. Have looked at the very few recent sales + things in contract and seen some stuff liked to look of at prices that already disclosed. I guess just use that as a guide for bidding and as you said the real test comes if accept. There is so much inventory though still see it as a buyers market.
Note: I am an agent - responding to your question, not fishing for business. Sales info is ALWAYS 6 months out on East End. You need to find an agent you trust who will tell you the real story and ID motivated sellers. Good luck.
try propertyshark, you may get lucky sometimes
All sales are posted about 60 days later on hamptons.com.. Just click on the real estate section and look at transfers.. Bear in mind the date shown is the recording date, which is usually 30-60 days out from signing of contract. Still very valid and incredibly helpful. However if you are working with any type of agent insist they actually work for you and get you the comps on anything remotely related to the property you are interested in. They also know a rough estimate of any in contract home even if closing hasn't yet occurred. If your broker wont help you get this info run the other way and find one who will.
many thanks waiter11
you guys can also try longisland.blockshopper.com -- it often has owner & last sale price data for the neighboring houses. some villages post minutes so you can see if they did work to the house post-purchase. not exact, but interesting data points for comparison. for example, i found out that the owner of the house i was interested in also had 2 other houses for sale...
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!
HopefulButSkeptical, thanks for the tip, but when I went to longisland.blockshopper.com, I wasn't able to find any information of the variety you mention. I think I'm not getting to the right spot. Where do I look for information on a specific house on blockshopper? Thanks for any assistance.