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Home Selling in Southampton : Real Estate Advice

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  • Local Info6
  • Home Buying13
  • Home Selling3
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Activity 5
Mon Feb 20, 2017
Mlester asked:
this home was sold over two years ago, homeowners are absolutely furious that this is showing as it is. they have had over ten people come down their driveway over the weekend, this is absolutely…
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Thu Feb 18, 2016
Kathleen asked:
I am currently looking into getting my real estate license, I am a little bit new & do not know much about the field of work.
I live out near the Hamptons & I would like to grow…
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Fri Feb 13, 2015
dploves2sellhomes answered:
Good morning-Did you ever find a Realtor to assist you? I would be happy to assist you.
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Fri Nov 26, 2010
Joan & Paul Robinson, CRS, GRI answered:
It has been 3 1/2 years since this inquiry was originally posted. In hindsight May 2007 was a great time to sell to capture the market high. Rarely have we seen a property sold successfully without professional help. Curious whether this property in Southampton ever sold and when, and if it did, whether a broker participated. ... more
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Wed Apr 29, 2009
Joanna Lane answered:
Right Brain,
I don't disagree that there are owners here who have their head in the sand, and that's frustrating for us too, but if they can afford to wait until the market catches up with them, they will, and that is their prerogative. You know that already. However, current sold data here shows that for roughly every two closings (residential, land, commercial and partial interest sales), there is another property going into pre-foreclosure (Lis Pendens). It's inevitable therefore that many buyers will not be dealing directly with an owner, but with a bank, which is not the same game. You can easily get that data for yourself, only the newly under contract data might not be so accessible without help from someone locally.

I can't speak for the South Fork Hamptons, because I don't track it as closely as the North Fork, and I don't know where you are getting your data from, but I can assure you that prices here have dropped significantly and dramatically on mostproperties. Some are now about half price from 2 years ago, and I am including REO ( bank owned) homes in that group. One home I know in Aquebogue, the bank has indicated they would be willing to take about 50% of the unpaid principal and interest - a drop of +/- $300K on a $650K home. The neighbors are shocked!

If you're interested in more detailed information about the volume increase of homes going under contract and don't have access to it, feel free to contact me offlist with your requirements. If memory serves, you're interested in buying on the South Fork only, not the North Fork? If so, then you'd probably be better off asking someone there to do it, but I could certainly run whatever numbers if you're also considering the North Fork. By the way, I am not saying prices have reached bottom, I don't know that they have, but with volume increasing, that's a positive indicator that the downward movement may be slowing, stopped, or about to reverse direction, but I am not seeing anything clearly enough to know that yet and I don't think anyone else is either.

Best,
Joanna
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