inventory

Rare will i comment. Rare will I agree. Yet the above echoes truth..................

do you think prices will go down soon?

prices are unfortunately not wiping out barring a major event (europe melting down doesn't count). #1 - obama brings the financial industry and american business to a halt by pushing thru hairbrained financial reform (i said hairbrained, not "responsible"). #2 - california falls off the us mainland post earthquake, the country goes into complete crisis. #3 - ... you get the idea. complete and total domestic crisis which apparently also doesn't count the oil spill mess.

hamptons prices are strongly supported by what's going on in nyc. in case you hadn't noticed, it's business as usual in the city.

look for listings that have been on the market a long time. you can probably negotiate both with the owner AND the brokers. get them to take 4% instead of 6%. a bunch of places have been on the market since before last summer.

Prices are not moving lower on the good stuff, the bottom has come and gone. We are in stabilization, probably not going up soon. So you have time. But the good stuff goes quick.

do u have few listings for me " good stuff"
thanks

Everyone's definition of good stuff differs---everyone has different criteria. But one of the criteria has to be that the asking price is fair. In my opinion, very few homes are priced realistically when they first go on the market (and I've looked for about a year. Only after the homes have sat for about 3 months months do the owners finally get a bit more realistic. If the house has sat for months and not sold, the price is either way out of line (and the seller is unwilling to negotiate) or the home has a real problem. With recent downturns in the stock market I do not think housing prices will rise anytime soon, and there are still deals to be made. Don't be afraid to bid low.

Good "stuff" in Westhampton - just reduced to $699,000 3BR with pool on 1 acre. See S466817 In#41801

From today's CURBED.COM SITE

"It's that time: midyear market reports are due! And with sale prices up 10% and units sold up 113%, some might say 2010 has thus far been a winning year for the East End. Most of the staple neighborhoods, like East Hampton, Bridgehampton, Sagaponack, Quogue, and Southampton, lead the way with 20-50% increases in average sale prices. Meanwhile, other prime areas (Amagansett, Montauk, and Water Mill) saw decreases in their average sale prices%u2014even as sales volume increased. Similarly, the North Fork "saw improved activity, though not as dramatic as in the Hamptons."

Best resale is from South Hampton to Amagansett. Being as close to the highway as possible is any buyer's best option. GOOD STUFF is a house that needs little to no work, and is close to the highway. Those properties are holding their own as far as comps go.

What many on this board fail to understand is that this is not your typical real estate market. Just because a home is on the market for 1,2 or even 3 years does not mean the seller is unrealistic, it means sometimes that the buyers are unrealistic. These are second homes for most, and if the sellers gets "stuck" holding in a down market, most can handle and ride out the financial discomforts of ownership. There are many options for those selling if they don't sell. 1) Renting 2) Holding and getting use of their house. 3) Holding and maintaining the home for resale.

Most that own summer homes in the Hamptons have the financial smarts to maintain through a tough real estate market, and for most sellers even in this market they are up big on their investment.

True if they bought in the last 2-3 years they are down some, but probably not enough to be forced to sell for a cheap ask.

The market is coming back somewhat, and even with 2% to 3% market growth the Hamptons real estate market will flourish. All this talk of "Housing Problems" on CNBC does not apply so much to the "Hamptons". Does it have some affect, yes. But very little.

This summer the Hamptons are packed with people, and even the fund raising events are selling out. There is no shortage of people that want a second home in the Hamptons and the sellers are well aware of that fact.

I disagree. Any home that sits on the market for 1-3 years and is not sold is either priced unrealistically or has a problem--- Hamptons or no Hamptons. Buyers determine the reasonableness of prices-- not sellers. And if no one is makining an offer approaching the asking price after 1-3 years, the home simply is not worth the price in today's market. If a seller wants to hold on to the house for sale in a FUTURE market that's an entirely different matter. But in TODAY's market (which is what we're talking about) the house is not priced at a an amount anyone is presently willing to pay for it--by definition that means it's priced unrealistically for sale. Period.

Of course, NeedAdvice is absolutely right.

Buyer, not sellers, determine housing prices. If a home sits on the market for a long period of time, it is mispriced for the current market.

The fact that the buyers don't "have to sell" is not relevant to the question of whether the home is realistically priced.

I recently closed on a house in Hampton Bays after a year of looking. I found that most sellers were unwilling to come down to a realistic price. When sellers wouldn't negotiate in my ballpark, I moved on. And sometimes I'd see the price of a particular house in question drop shortly thereafter. The house I got was realistically priced from the beginning. The seller and I agreed on a price, slightly below ask, on the second or third day the house was on the market.

kpd---your experience is similar to mine. I've found most sellers unwilling to come down to a realistic price even when comparables clearly indicate the house is priced significantly out of line with recent sales of equal or even better homes. I've been looking for about a year in the $1.5 million range and have done tons of research and homework. I'm not looking to steal a home, but neither will I overpay. When I've made reasonable first offers and they were countered with only a few dollars off asking, I've simply moved on. The homes are still sitting there, and word from realtors is that no one else has even made another offer. But congratulations on your purchase---I guess there is still hope! Good luck.