Yes,the inventory is high,but there are buyers looking,and making offers,which are leading to closings.Personally,I am experiencing my best year since I am licensed as a Realtor.Just closed on a Gin Lane property at the end of July,and I had a back-up deal on the table for another buyer who really wanted the same property.When you work smarter and harder,deals happen.Within the last month,buyers are finally coming out in huge numbers,and they are making offers that are being accepted.
Homes that are priced correctly are selling,the unrealistic sellers need to realize that it is 2009,not 2004,they must be willing to negotiate.The internet activity is the highest it has ever been,plus buyers are actually coming to the Hampton's from behind their computers.You need to keep your eye on the ball ! It's bouncing in our direction, every single day....
It is my experience that (even the serious) media have exaggerated the price drop in the Hamptons - as mentioned in the WSJ (Rick Hoffman, Corcoran) & other publications and based their assumptions of a drastic drop on ASKING prices much more than actual properly compared transaction prices.
People were asking ridiculous amounts for their properties that never sold, than reduced their prices to real levels and got activity. Looked like an enormous drop popularly, but really, when we look at actual transactions, we can see fewer transactions, certainly, but prices are holding much better when looked at this way, the proper way, by comparing actual transaction int he past with real transactions today.
As usual, the news about Hamptons RE and rich and famous people's demise are greatly exaggerated...!
Oh really where?
ON THE SOUTH FORK. Homes over 3M are selling. Between 1 and 3 are not selling as quickly. I'll leave it to my handsome South Fork counterpart to explain any further.
Oh really where? 1% of the South Fork inventory sold in the past three months. That means 100 quarters of houses need to sell before any are added.
If you mean the Gin Lane trophy house yes, everything else is in a free fall. Unless you have waterfront, over $250 sf, you are on the wrong side of this market.
I am fond of noting, according to data on Trulia.com and others, that the inventory to quarterly sales ratio in the South Fork is now the worst in the country at around 1%. That means 1% of the South Fork houses on the market sold last quarter. Second place is Miami with 10%.