Hamptons Real Estate Blog

1) The median home value is $1,535,150.

2) The average market rent in Southampton is $2,698/ per month.

3) The homeownership rate is 76%, renters occupy 24% of homes, 61% are vacant or seasonal.

4) The home size of 3-bedroom is most common, then 4-bed, 5-bed, 2-bed, 1-bed.

5) The highest 20-yr appreciation of home values in Southampton were at the Village Center, North Sea/Tuckahoe, Shinnecock Hills

6) The 2019 New York State Rental Law changed for both landlords And tenants

“Prior to the new law, just as rents were a matter of what the market would bear, security deposits fell into that same category. Now a landlord may not require more than one month's rent including utilities charges to compensate the landlord for unpaid rent and damage caused to the landlord's property by the tenant during the term of the lease, other than normal wear and tear. Further, the landlord must provide the tenant with the opportunity to inspect the property along with the landlord, at least fourteen days of the tenant's vacating the property and provide them with a list of the charges. In the past, the law required the landlord to return the security deposit, less the funds retained, "within a reasonable time." The law now requires that the refund be made to the tenant within fourteen days of vacating. Any challenges to the amounts deducted impose the burden of proof upon the landlord.” - Per John A. Viteritti at Hamptons.com


References:

Neighborhood Scout
https://www.neighborhoodscout.com/ny/southampton/real-estate

Hamptons.com
https://www.hamptons.com/Real-Estate/Land-and-Law/25791/The-2019-New-York-State-Rental-Law-And-How-It.html#.XeghypNKi6I

1) The median home value is $1,535,150.

2) The average market rent in Southampton is $2,698/ per month.

3) The homeownership rate is 76%, renters occupy 24% of homes, 61% are vacant or seasonal.

4) The home size of 3-bedroom is most common, then 4-bed, 5-bed, 2-bed, 1-bed.

5) The highest 20-yr appreciation of home values in Southampton were at the Village Center, North Sea/Tuckahoe, Shinnecock Hills

6) The 2019 New York State Rental Law changed for both landlords And tenants

“Prior to the new law, just as rents were a matter of what the market would bear, security deposits fell into that same category. Now a landlord may not require more than one month's rent including utilities charges to compensate the landlord for unpaid rent and damage caused to the landlord's property by the tenant during the term of the lease, other than normal wear and tear. Further, the landlord must provide the tenant with the opportunity to inspect the property along with the landlord, at least fourteen days of the tenant's vacating the property and provide them with a list of the charges. In the past, the law required the landlord to return the security deposit, less the funds retained, "within a reasonable time." The law now requires that the refund be made to the tenant within fourteen days of vacating. Any challenges to the amounts deducted impose the burden of proof upon the landlord.” - Per John A. Viteritti at Hamptons.com


References:

Neighborhood Scout
https://www.neighborhoodscout.com/ny/southampton/real-estate

Hamptons.com
https://www.hamptons.com/Real-Estate/Land-and-Law/25791/The-2019-New-York-State-Rental-Law-And-How-It.html#.XeghypNKi6I

Are you curious as to how to price a home for sale or purchase in this present down-turned market? A smart investor will look at long-term real estate trends and make an offer taking into account the relative stability of the area. With this strategy, there is no wrong time to invest in real estate, if the price is right. Likewise, sellers should also anticipate that a down-trend is unpredictable and if they truly desire to sell it makes sense to price with discounts earlier rather than later. Here are five factors in home pricing in a down market.

1. REASON FOR SALE. What is the reason for the sale? If there is a death in the family and a house must be sold, or if there is a long-distance relocation, the incentives to sell quickly are much greater. It can cost a lot to manage a property long distance and the maintenance costs, taxes, and overhead in general are a definite factor.

2. USE OF PROPERTY. If a home is in a tourist area such as the Hamptons, NY area, it’s possible for interesting and appealing homes to continue to rent for income in the summer even in a down market for the right price. Likewise, a home suited for a family can be rented out year-round and this can be a factor in desirability. The option of renting even in a down market is a factor in buying and selling.

3. HISTORIC PRICE INDICATORS. Long-term historic real estate charts and trends help to anticipate price trends. Locations such as Southampton, NY tend to be extremely stable and dipped only slightly during housing bubbles compared to other areas in the US.

4. CURRENT TRENDS. Look at the relative foreclosure rate in the area. Recent foreclosures and REO bank-owned property sales are one indicator of sale price pressure and price trends. For locations next to cities, look at the city. For example, house prices in the Hamptons, NY area tend to follow prices in NYC because of the heavy influence of business income from the city entering and leaving.

5. GUAGE THE BEST PRICE. Taking all of the above into consideration, add one more price consideration, the law of diminishing returns. For a home seller, there is a point at which the risk of losing profits from pricing too low is offset by the risk of not selling and following the market down to a much lower sales amount and paying continued overhead costs. I learned this lesson the hard way with a personal property. If your conditions are such that you have to sell, rule #1 for the stock market and real estate is to cut your losses short.

In terms of trends in the greater NYC area, home prices continue to trend lower. After being on the market for over a year one home in Manhattan sold for nearly half of its asking price. NY Curbed describes the details. Likewise, a Hamptons NY mansion recently had its asking price cut in half and it still has not sold. Mansions Global highlights this Amagansett, NY 6,500 property.

In addition to market concerns and price strategies for a down market, there are many practical steps that can be taken to make a home more cosmetically more appealing and these are listed at Investopedia.

If you are interested in having a dedicated agent assist you in buying, selling, or renting in NYC or on Long Island, let me know. I offer a 15% discount to active military, veterans, seniors and other listed on my home page. Looking forward to hearing from you.

Article By Richard Warden


References:

Hamptons Mansion Sees 50% Price Cut The approximately 6,500-square-foot home now asks almost $6 million
https://www.mansionglobal.com/articles/hamptons-mansion-sees-50-price-cut-111308

Upper East Side mansion once asking $50M sells for nearly half off
https://ny.curbed.com/2018/4/12/17228610/upper-east-side-charles-murphy-home-sold

Still The No. 1 Rule For Stock Market Investors: Always Cut Your Losses Short
https://www.investors.com/how-to-invest/investors-corner/still-the-no-1-rule-for-stock-investors-always-cut-your-losses-short/

6 Tips On Selling Your Home In A Down Market
https://www.investopedia.com/slide-show/selling-homes-down-market/

Are you curious as to how to price a home for sale or to decide on a good purchase price as a buyer in this present down-turned market? The five points outlined in this post will be of help. A smart investor will look at long-term real estate trends and make an offer taking into account the relative stability of the area. With this strategy, there is no wrong time to invest in real estate, if the price is right. Likewise, sellers should also anticipate that a down-trend is unpredictable and if they truly desire to sell it makes sense to price with discounts earlier rather than later. Here are five factors in home pricing in a down market.

1. REASON FOR SALE. What is the reason for the sale? If there is a death in the family and a house must be sold, or if there is a long-distance relocation, the incentives to sell quickly are much greater. It can cost a lot to manage a property long distance and the maintenance costs, taxes, and overhead in general are a definite factor.

2. USE OF PROPERTY. If a home is in a tourist area such as the Hamptons, NY area, it’s possible for interesting and appealing homes to continue to rent for income in the summer even in a down market for the right price. Likewise, a home suited for a family can be rented out year-round and this can be a factor in desirability. The option of renting even in a down market is a factor in buying and selling.

3. HISTORICAL PRICE INDICATORS. Long-term historical real estate charts and trends help to anticipate price trends. Locations such as Southampton, NY tend to be extremely stable and dipped only slightly during housing bubbles compared to other areas in the US.

4. CURRENT TRENDS. Look at the relative foreclosure rate in the area. Recent foreclosures and REO bank-owned property sales are one indicator of sale price pressure and price trends. For locations next to cities, look at the city. For example, house prices in the Hamptons, NY area tend to follow prices in NYC because of the heavy influence of business income from the city entering and leaving.

5. GAUGE THE BEST PRICE. Taking all of the above into consideration, add one more price consideration, the law of diminishing returns. For a home seller, there is a point at which the risk of losing profits from pricing too low is offset by the risk of not selling and following the market down to a much lower sales amount and paying continued overhead costs. I learned this lesson the hard way with a personal property. If your conditions are such that you have to sell, rule #1 for the stock market and real estate is to cut your losses short.

In terms of trends in the greater NYC area, home prices continue to trend lower. After being on the market for over a year one home in Manhattan sold for nearly half of its asking price. NY Curbed describes the details. Likewise, a Hamptons NY mansion recently had its asking price cut in half and it still has not sold. Mansions Global highlights this Amagansett, NY 6,500 square-foot property.

In addition to market concerns and price strategies for a down market, there are many practical steps that can be taken to make a home more cosmetically more appealing and these are listed at Investopedia.

If you are interested in having a dedicated agent assist you in buying, selling, or renting in NYC or on Long Island, let me know. I offer a 15% discount to active military, veterans, seniors and other listed on my home page. Looking forward to hearing from you.

Article By Richard Warden


References:

Hamptons Mansion Sees 50% Price Cut The approximately 6,500-square-foot home now asks almost $6 million
https://www.mansionglobal.com/articles/hamptons-mansion-sees-50-price-cut-111308

Upper East Side mansion once asking $50M sells for nearly half off
https://ny.curbed.com/2018/4/12/17228610/upper-east-side-charles-murphy-home-sold

Still The No. 1 Rule For Stock Market Investors: Always Cut Your Losses Short
https://www.investors.com/how-to-invest/investors-corner/still-the-no-1-rule-for-stock-investors-always-cut-your-losses-short/

6 Tips On Selling Your Home In A Down Market
https://www.investopedia.com/slide-show/selling-homes-down-market/

Tags: How to buy real estate in a down market, law of diminishing returns in real estate, down market real estate strategies

With temperatures hitting the 90s and higher, it's not too late to reserve a large estate or a small cottage by the ocean for the rest of August and Labor Day Weekend!

There are prime estate vacation homes still available In the Hamptons. The photos in this post show a home featured at the international Beautiful Places website that is still available for a large group featuring 5 bedrooms, a pool, tennis and with a short distance to the beach.

There are also smaller houses of 3 bedrooms also available a 25% discount right now.

Contact Richard Warden for more Info: Richardw@nestseekers.com 631.377.2046

Tags: ocean rental home, beach house, beach house rental, pool, tennis, Hamptons rental, holiday rental, Labor Day rental, vacation home

As of today, tickets for the US Open at the Shinnecock Hills Golf Club are still on sale at the USGA website. The prime Gallery Weekly Ticket Package for June 11-17, 2018 is $500 and the Gallery Practice Round Package, from June 11-13th, is $125. You can also buy single day tickets with titles such as "Top of the Hill, Trophy Club, and 1895 Club. In any event, you will want a nice place to rent in the Shinnecock Southampton, NY area and that's where I can help you as a local agent familiar with new rentals coming available close to the golf tournament. A few homes have last-minute improvements being made before being offered for rent as prime rooms with all amenities close to the golf tournament.

Some things to consider are the distance to the Shinnecock Hills Golf Club, home sizes, amenities, and the style of the home. I have a home that is almost ready to show and is not published yet that has a pool and tennis within about 1 mile of the golf course that is the best rate I have seen. There is flexibility for day rentals and one week rentals and more. Whatever your needs might be, I can help you find the best rental match. For some, an ocean view or a waterfront house is best.

If the US Open golf tournament location is not your only consideration, another key to finding the perfect summer rental for you in Southampton and the Hamptons in general is to consider the beauty of the ocean waves on the south shore and the calm waters of the Peconic bay on the north shore. If you are wondering where to rent in Southampton and what are the advantages of renting in different neighborhoods, give me a call or an email and I can help you with this. The following is an updated new rental home arrival:

This spacious 4-bedroom 2-bath house with a pool and nearby tennis court is 2.1 miles from the golf course is renting for only $13,000. for the entire week of the US Open. This home is not yet publicly listed at our site and neither is another 4-bed 4-bath home 1.4 miles from the golf course that will rent for the week for $12,500.



Golf Image is CCO @ Pixabay

Tags: USGA PGA, buy tickets, Shinnecock Golf rentals, ticket sale, Top of the Hill, TROPHY CLUB, 1895 Club, rent apartments, rent rooms, houses for rent in Shinnecock Hills area, where to rent in Southampton, where to rent a summer house in Hamptons, home rentals for golf tournament, new rental, news US Open, news Hamptons, rental deals