Breitenbach Real Estate

Jan. 28 (Bloomberg) — Home sales in the Hamptons, the New York vacation getaway for dealmaker Stephen Schwarzman and movie star Sarah Jessica Parker, surged 59 percent in the fourth quarter as two years of declining prices lured buyers.

Transactions climbed to 409 from 257 a year earlier, the biggest increase in seven years of recordkeeping, New York-based appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said in a report today. Competition for properties pushed the median price up 4.9 percent to $917,900, the first year-over-year gain since the beginning of 2008.

“This is all very good news, better than expected, but I still think we’re not through this yet,” Miller Samuel President Jonathan Miller said in an interview. “The surge in activity to more normal levels, a large portion of that is a release of pent-up demand.”

The median Hamptons home price dropped 31 percent since 2007 as financial firms recorded $1.74 trillion in global losses and asset writedowns tied to sour U.S. home loans. Wall Street executives drive Hampton’s property sales.

Part-time residents have included Schwarzman, chairman and chief executive officer of Blackstone Group LP, and billionaire Ronald Perelman. Hamptons sales slumped in 2008 and the beginning of 2009 as the financial industry cut 26,300 New York City jobs in 12 months, the state Labor Department said Jan. 21.

New York City’s unemployment rate jumped to 10.6 percent in December, the highest level since 1993.

“We have two macro issues, unemployment and credit, that are not expected to change significantly in 2010 from where we are now,” Miller said. “It’s more the second half of the year that I’m concerned about.”

Price Cuts

Hamptons home sellers cut an average of 14 percent from their asking prices to attract buyers in the fourth quarter, compared with discounts of 16 percent a year earlier, Miller said.

Peter and Annette Smergut found a buyer for their East Hampton ranch-style house after agreeing to sell it for $815,000, a 19 percent discount from their original asking price.

The 1,800 square-foot home includes a pool, pond and private beach access.

The sellers got a deal of their own, purchasing a new place in East Hampton for $715,000, 28 percent less than the asking price 10 months earlier, said Peter Smergut.

“It was a hit for us and a hit for them,” he said.

Two other real estate brokers issued Hamptons sales reports this month. The Corcoran Group, based in Manhattan, said annual home sales tumbled 22 percent in 2009 and the median price dropped 4 percent to $830,000.

Broker Views

Town & Country Real Estate said the median price across 11 towns and villages that comprise the Hamptons fell 2.5 percent to $905,000 in 2009, while the number of properties changing hands climbed 4.9 percent to 1,045.

Each brokerage report draws data from different sources.

“The fourth quarter was the saving grace for all of 2009,” said Judi Desidario, president and chief executive officer of Town and Country Real Estate.

Luxury sales throughout the Hamptons and Long Island’s North Fork climbed to 55 properties, a 53 percent increase in the fourth quarter from a year earlier, according to Miller Samuel and Prudential Douglas Elliman.

The median luxury price dropped 3.4 percent to $4.5 million. Miller defines the luxury market as the top 10 percent of sales, which in the fourth quarter included properties sold for $3 million or more.

High-end sellers cut their price by an average of 17 percent compared with 9 percent a year earlier, Miller said.

Brokers Advise Renters: Price Wisely And Advertise Amenities

By: Katy Gurley

Southampton - The summer rental market is off to an early start this year, and brokers and other experts say it’s smart to price your property wisely and advertise amenities.

“A pool is kind of like a must, it’s the number one thing renters look for,” said Matthew Breitenbach, associate broker for the Corcoran Group.

The rental market has started early, he said, and some landlords have adjusted their prices downward. Some are also asking the same as last year.

“It’s been very busy. People are definitely starting to look and inquire. It’s a stark contrast from last year when the rental market was dead until about April. Last year there was a lot of uncertainty and bad feelings that have eased this year. A lot of landlords have brought their prices down.” Rents range from $10,000 to $20,000 up to $300,000 for the Memorial Day to Labor Day season, depending on what kind of house you rent.

To be competitive in this market, amenities are more important than ever, said vacation home expert Christine Karpinski.

“Sometimes it really is a good idea to invest a few thousand dollars to make your home more desirable to vacationers,” she said. “Many upgrades will pay for themselves after just a couple of extra bookings. Besides, your expenditure may be a tax write-off.”

“You don’t necessarily have to put in a pool or tennis courts, although they are popular amenities that renters seek,” Karpinski said. Just be sure to include the distance you are from the beach or the closest tennis courts.

Karpinski is director of Owner Community (www.OwnerCommunity.com) for HomeAway.com and author of “How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment” (Kinney Pollack Press, 2007, ISBN: 0-9748249-9-2, $26).

Nowadays, people want to bring their pets on vacation, and landlords who ease up their restrictions on allowing pets are more likely to attract renters.

“I’ve known homeowners to double their bookings when they start allowing pets,” notes Karpinski. “This is a great way to add value to your home at virtually no cost.”

Barbara Feldman, broker and senior vice president for Saunders & Associates, and a dog lover, has compiled a list of landlords who will allow pets, particularly dogs.

“I kept getting phone calls from people who want to rent but ask, ‘Can I bring a dog?’ So I called a million landlords and I compiled a list and sent out an email notification to my customers. And not only did I hear from a lot of renters, but I heard from landlords as well who wanted me to put them on my list.”

Renters with dogs are usually happy to put down a deposit for their pet.

Other amenities renters seek include televisions and Internet access, Jacuzzi and or hot tub.

“If your home does not have one, purchasing a hot tub might be well worth the cost when you consider all the renters it may attract in the cooler months,” noted Karpinski.

Fireplaces, pool tables and porches are more amenities renters seek, she said.

“Adding a portable fireplace is a wonderful way to add warmth and ambiance to your property,” said Karpinski. “And there are plenty of models to be had for just a few hundred dollars.

“And, no matter what type of outdoor living area you have - a porch, deck, terrace, or patio - be sure to provide a detailed description and photos in your listing,” she added. “Another popular search term is “balcony,” so don’t forget that keyword when posting a photo of your view. Add the appropriate outdoor furniture and you have an inviting bonus living space that renters will love. Oh, and don’t forget to include pictures of that stunning view.”

The snow has finally melted from the Hamptons! The cold is still here, but at least there is not much snow left.

As I look out the window in my office in Bridgehampton, I am wondering what will happen to the Hamptons real estate market in 2010? The Christmas bonanza has finally ended. The year is at a close and it is now a time to reflect. My mother and I did over $120 millon in sale transactions in 2009. Considering the economic climate, I think that speaks directly to the true uniqueness of the Hamptons market. There were great signs there that the Hamptons real estate market was begining to balance and that 2010 would continue those feelings. The New York Times thought a little different (http://www.nytimes.com/2009/12/30/business/economy/30econ.html?ref=business). When I read these articles though, I don’t believe every word because the Hamptons is such a different market. The Hamptons is it’s own beast. These articles that broadly span the real estate markets across the whole country should not directly correlate what is going on in the Hamptons.

The Hamptons market is it’s own geographic climate all together. It moves different. It reacts different. It most certainly grows different then 98% of the real estate markets in the country.

As I sit here and reflect about 2010, I feel that if the economic calamity of 2009 could not sink the Hamptons real estate market I don’t know if anything can. I am not saying the Hamptons are as vibrant as ever, but I am saying there is something about the Hamptons that makes it special, unique, and a place that will always hold value even while the world is burning around it. That “something” about the Hamptons is tough to pinpoint exactly. It is tough to define. The Hamptons beauty is special. The connection to New York city is special. The embilical cord to Wall Street is special. The celebrities. The beaches. The clubs. All special.

I don’t know exactly where I am going with all this, but I do know I do enjoy working and living in this special place. As I gaze out the window into the cold and crisp December air, a smile is able to creep on my face because I know 2010 cannot possibly be as disheartening and scary as 2009. Maybe it can. I am optimist though and I know once 2010 comes upon us, and the grass eventually turns green again, and the beaches open as winter turns to spring to summer. I have faith the Hamptons will once again show us how special she truly is.

What am I doing…

I am up early this morning, editing and uploading listings to one of the many websites we advertise on www.luxuryrealestate.com and writing this wonderful blog.

What’s on my mind…

The epic snowstorm of 2009. The many roads of the Hamptons are still a mess. They are a interesting collage of rutted sludge and ice. The mammoth mounds of plowed snow on the either side of the road has turned simple country roads into traffic jams. The snow is rather imposing and the size and mass of the snow mounds has reduced the size of the roads by at least 1/3. This makes for interesting turns as you usually end up facing on coming traffic, before skidding sideways and praying not to end up bumper first into a snow bank. So much for the “quattro track” Audi.

Before this once and a lifetime snowstorm, the Hamptons real estate market was seeing it’s best action in years. November and December are usually quite. This year every broker, including myself was busy. I made more money in the last few months then I did my entire real estate career. My career spans 5 years, but still, I started in a red hot market and still made more money then ever during the last few months of 2009. The Holiday season which usually balloons retail sales actually made it’s way into the Hamptons real estate market for once. This was much different from last year. I was a lot more weary shopping for Christmas gifts. I didn’t know if I’d ever make a good sum of money in real estate again.

My problem with the epic snowstorm of 2009 is…

Ever since the epic snowstorm of 2009 made it’s way up the coast. Ever since that big green and white blob showed up on weather screens up and down the east coast, the Hamptons market has once again returned to it’s traditional form. It is all quiet on the western front. The storm in a way scared people away. They didn’t make their weekend trips to the Hamptons. The storm has even delayed closings. I have a showing on Saturday at one of my listings in Water Mill. The owner, a Miami based developer, refuses to plow his driveway. His exact quote, “has all the snow gone yet?” No, it hasn’t. Not even close. He has no clue. I drove by his road yesterday. The only access into the subdivision is a one way plowed path big enough to fit about one car. I don’t even want to imagine what his driveway looks like or what it would be like to bring a customer over to view the house. That is something out of a real estate nightmare.

“Isn’t this a beautiful house?”

“Now please exit the vehicle and work your way through these 5ft. snow drifts.”

I think I speak for all real estate people when I say, let this snow leave as quickly as it came and lets get back to business.

Life in the eyes of a Hamptons Broker.

-Matt Breitenbach

Southampton - Twenty years ago, the roads of the Hamptons in winter were rolled up, and everything seem to shut down. Many restaurants were closed and the only saving grace was that the movie theaters stayed open.

Then, the Hamptons Film Festival came along to help enliven the beautiful fall here. After the horrendous 9/11 disaster in 2001, people began moving out here in the winter to feel safer.

Today, the Hamptons are vibrant in the winter, with more restaurants open, a lively arts scene active year-round, and, thanks to global warming, the weather is moderate often through December.

And so the Hamptons have become a great destination in the winter, and that means opportunities for winter rentals.

“The Hamptons seem to be becoming a winter destination as well as a summer destination,” said Matthew Breitenbach, associate broker for the Corcoran Group. “Christmas and holiday times are a draw, the restaurants have great prix fixes. It’s a lot of fun out here in the winter and it’s good for people to get away.”

Winter rentals in the Hamptons range from $1,500 to $5,000 a month for a moderately-sized house with three bedrooms and two baths, he said. “You get more for your money in the winter,” he added.

Robert Westfall, of East Hampton, is marketing his two-bedroom, one-bath house overlooking Three Mile Harbor as a winter getaway. The winter price, from now through April is $1,600 a month. “It’s really the type of place where one would come and be alone and have a knockout view any time. You can see land, bluffs, water, rare birds, deer. It’s like an ever-changing landscape in the winter. When you come here it almost like taking a pill, you just go ‘ahhh’.”

Westfall said he hasn’t done anything special to the house to make it winter-ready. “I didn’t have to do anything. As soon as you enter the house, it just feels warm. It has a new heating system, new roof, new paint and carpeting. This house would be an ideal winter spot for a writer. Last year, I rented it to an artist - a painter.” The house, at the end of Harborview Lane, off Three-Mile Harbor Road, is listed on hamptonsrentals.com, and the identification number is 295.

The most popular winter rentals are on the water, according to Tom MacNiven, senior managing director of sales, East Hampton Prudential Douglas Elliman Real Estate. “The second [most popular] would be village ‘walk to everything’ homes,” he said. The attraction of winter rentals are the peace and quiet of the Hamptons in the winter. Though there are many things to do, the roads are quieter and the crowds in town minimal. “I’m sure many a novel or screenplay gets written here off-season,” MacNiven said.

If you want to rent your house out in the winter, and market it as a get-a-way, there are many things you can do to get it rented, says Christine Karpinski, director of Owner Community for HomeAway.com (the online vacation home rental marketplace) and author of “How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment.”

“Obviously, more people vacation during peak season,” says Karpinski. “But there are still plenty of people who prefer to travel during the cooler months. Maybe they want to avoid the crowds, maybe they want to take advantage of the lower rates, or maybe they just want a break in the February doldrums. Your mission is to make your vacation home stand out from the many others that are available to potential renters. It’s that simple. You have to go the proverbial extra mile.”

Here are some of Karpinski’s tips for making your vacation property in winter climates appealing:

• First, “winterize” your marketing. It won’t matter how perfect your place is for a mid-winter getaway if people don’t know about it. If you’re like many vacation property owners, you’re already listed on at least one “rent by owner” website like HomeAway.com. Make the most of it. Play up features like hot tubs and fireplaces. Add a few “off-season” photos of your property to your website. Photos of the home framed in brilliant autumn leaves or dusted with snow will speak louder than a thousand poetic words.

• Consider off-season specials. Everyone loves a bargain, and in the winter, they expect one. “My favorite off-season booking magnet is ‘rent three nights and get one free,’” says Karpinski. “Or, when you get a call from someone looking to book for next spring or summer, offer them a winter special-say, half-price off a weekend stay - so they can come and check out the place early. That would be tough to resist.”

• Plan for snow! If guests should happen to get snowed in at your home, you want to make the experience as pleasant as possible. Make sure to have a snow shovel, ice melt, and a windshield ice scraper on the premises. The possibility of inclement weather is a good reason to have a selection of nonperishable foods on hand, as well as movies and books. You certainly don’t want a houseful of hungry, stir-crazy, cranky renters who are cursing their vacation experience (and by association, you)!

• Make your home baby and toddler-friendly. Appeal to people with children by including baby and toddler paraphernalia. A high chair and a portable crib should cost less than $150 combined, and can drastically increase your off-season bookings.

• Accept pets. Vacation properties that accept pets increase their occupancy by 10 percent to 50 percent.

By: Katy Gurly

When you accept pets, it’s okay to take an additional $20 to $25/night or $140 to $175/week. This extra (which pet owners would have to spend anyway on boarding fees) is enough to pay for any carpet cleaning that needs to be done.

Not sold on winter renting? Consider it “damage insurance.” Winter renting can ward off property damage. “I’ve heard stories of locked-up properties that have been ransacked by families of raccoons, and of broken furnaces that have led to burst pipes,” she says. “Houses that are empty for long stretches of time, especially in freezing weather, tend to have problems. If renters had periodically visited such homes, these issues could have been avoided or at least discovered early, before things worsened.”

One of the Hamptons finest builders and contractors, Jeffrey Colle, just put two of his premier estates on the market for sale. The first, a pond front masterpiece on the star studded and elegant Georgica Pond. The other is located on a 42 acre reserve in Water Mill. Both are listed at $39,500,000.

Jeffrey Colle is a building icon in both the Hamptons and NYC. Jeffrey has completed notable residences and projects for top business leaders as well as a star-studded celebrity cast of stars which includes Billy Joel, Chirsty Brinkley, Donna Karan, and Alec Baldwin. The New York Post described Jeffrey as “the premier contractor in the Hamptons.”

Jeffrey’s two latest creations are true architectural masterpieces with the belief that pure design and detail oriented construction are the most valuable aspects of a high end estate. Jeffrey Colle lived up to every inch of his long and elaborate reputation with these two new to the market estates.

The first is Jeffrey’s Georgica Pondfront estate and is often referred to as “The Pond House.” The house itself is 12,000 square ft. and is set on the idyllic setting of Georgica Pond. The sensational western sunset waterviews are magnificent. The site is set on 2 elevated acres with 203 ft. of direct water frontage and overlooks an adjacent 17 acre meadow preserve. Renowned architect Stanford White designed the original 100-year-old structure. Jeffrey Colle and his team renovated and enlarged the original structure over 3 years combing what Jeffrey calls “old world craftsmanship with state-of-the-art modern systems.”

Jeffrey carefully rotated the original house 90 degrees so the historic triple-height studio room (which faced north) is now a 30 ft. high living room looking west over the pond. The renovation took three years and was just recently completed. The result is a magnificent home which incorporates the graceful architecture of the original designer Stanford White with the golden touch of Jeffrey Colle. Every detail in the home was custom designed and all the woodwork was hand milled on site. The bathroom marble was site selected in Verona, Italy. The patina-matched tubs, counters, were carved from single-blocks of stone by master Italian craftsmen.

Jeffrey’s other newest creation “Beechnut Hill Farm” has also hit the market in nearby Water Mill. The estate is set on 42 acres in one of the last unspoiled areas of the Hamptons. The land is surrounded by hundreds of acres of farmland reserve and the house itself is a 16,800 square foot sprawling traditional estate with an imposing 225 foot facade which incorporates the meticulous handcrafted details found in European estates. The beautiful and wide limestone terraces overlook unlimited rolling vistas that are protected forever. The entry gates are made of 18th century limestone originally from a chateau in the south of France. The allee of blossoming cherry treas make the walk to the front entry and covered port corchere an experience worthy of a Prince.

Other features include a paneled double-height entry hall with sweeping curved limestone staircase; library with hand-pegged parquet de Versailles floors and quarter-sawn white oak paneling with a hand-supplied French chalk finish; diamond-paned sunroom with limestone floors overlooking the pool, large family room with oversized French doors opening to a custom quarried Turkish limestone terrace and state of the art kitchen equipped with Cornue stove, 2 dishwashers, 2 SubZero refrigerators, and top-of-the-line custom cabinetry with leaded panes and hand-blown glass.

These two Jeffrey Colle estates have set a new level for Hamptons construction. Their price tag is heavy but their pure quality and design are unsurpassed.

*Both Estates are Listed with Susan and Matthew Breitenbach

To view property listing, full property particulars, and additional photo’s please visit:

http://www.corcoran.com/matthewbreitenbach

or

http://www.smbhamptons.com

-Matthew Breitenbach

Associate Broker

The Corcoran Group Real Estate

“Proven Results in a Challenging Market: Over $50 million in Sales Transactions in 2009 so far..”

After a dreadful and very long winter, summer is finally upon the Hamptons again. With all the economic doom and gloom, this particular Hamptons summer included a lot of questions marks for the first time in the last two decades. But with a sizzling Memorial day weekend, a rebounding sales market, and a hot rental market, that doom and gloom is slowly fading and has been replaced with beach towels, celebrity sightings, and all the gossip you can handle in Hamptons magazine. The arrival of Memorial Day and June (even though the weather has felt more like Seattle), has brought high spirits to the Hamptons. Prices have come down and buyers are jumping at reduced prices and amazing values. The idea of closing and moving in for summer are all positive features. The arrival of summer has jump started a Hamptons market that was hanging in the doldrums for most of the winter and spring. With incredible values lurking and the summer in it’s infancy, expect the Hamptons market to keep rising until the fall when those pesky question marks might start coming out of the closet yet again.

-Matthew Breitenbach

Associate Broker

The Corcoran Group Real Estate

“Proven Results in a Challenging Market: Over $50 million in Transactions in 2009 Alone”

As a broker at Corcoran, I usually see most of our rental inventory rented by April. At that point, you see some late lookers hoping to get a nice, clean, and well priced summer rental. This is year is obviously different from most. Thanks to some movement in the Hampton’s sales market (three high end marquee properties were rumored to be in contract last week), the rental market has gradually started to pick up. There is some hope. More and more rental properties rented each week. Unfortunately though, the weather prediction for this years rental market is that instead of April being the month where we all prepare for the upcoming summer it will be the month where the renters and brokers are scrambling. All the renters that usually are active in the market in November, December and into Januaruy and Feburary are most likely waiting. Waiting for those landlords to start to lose it, to get nervous, to realize this might be the first year in many that they may not rent their summer home. It could be that a California gold rush for rentals is about to happen in April and May. It could be that the renters aren’t coming, but I can’t imagine too many New Yorkers skewering and sizzling in the city during a plus 80 August saturday.

What we do know is that The Corcoran Group held a rental expo last Thursday March 19 in New York City. The event was a huge success and the amount of interest the expo drew could only be positive. The conclusion - that even though the statistics are down, there are many renters still interested in the Hampton’s this summer no matter the economic down turn.

I attended this event as well as a strong contingent of Corcoran’s top east end brokers. The event was a huge success and did help bring some positivity to what has a been a bleak and depressing rental season so far. The people came in droves. The end tally was 500 plus. Lookers and landlords alike all showed up to talk to the brokers. Everybody that came through the doors wanted to get a sense of what was going on a hundred miles to the east. The positivity came from their interest. No matter the market. The Hampton’s real estate market is always intriguing and for some reason people always want to be here for the summer. I found myself in these type of conversations often at the rental expo. Positive feelings were radiated and a sense of hope for the 2009 summer season seemed more within reach then ever before.

Overall, the expo was a great success. There was a fantastic media buzz. The people came out in force. Even in these economic uncertain times and with the Hampton’s real estate market with more question marks then ever, we were all able to gather in a location, have a few glasses of wine, and talk person to person about not the media driven rumors about half priced sales and rentals in the Hampton’s, but talk about the great values of the present Hampton’s, especially in the rental market.

The conclusion - no matter what the media says, people will be summering in the Hampton’s in 2009 once again.

-Matthew Breitenbach

The Stephen Talkhouse is a place of magic. Walking around the dimly lit bar and stage area I get an eerie vibe, the kind of feeling I got the first time you walked into the old Yankee stadium or the archaic coliseum in Rome. I like to think of the many magical moments that have happened here and recreate them in my mind. I wish I could interview the walls for hours on end. I place my hand on the walls and run them across the old wood bar and I like to think I can feel the vibes of the Talkhouse walking through my fingertips and titillating the nerves in my spine. It’s as if the place wants to tell me a certain tale, yet it’s never enough to satisfy.

I like to walk around the Talkhouse and look at the walls. I like to see all the bands that have come and gone. The most memorable are hung on the wall in horizontal fashion like the ghosts of Christmas past. Their signatures scribbled on framed photo’s, a symbol that bands come and go, the music may change around us, but the Stephen Talkhouse will never change. Each band that has ever performed there is in a way etched into Talkhouse lore. Their sounds have traveled and gone, but their energy remains. The Talkhouse is a house haunted by the ghosts of musicians.

I love this place. I repeat that every time I step through that old steel door way and my eyes catch the glimpse of the dimly lit Christmas lights and old Phil the bartender with his bandanna standing there pouring a fresh round of Jose Quervo shots. The lighting almost makes the place drastically dark, but the dim lighting is not for a romantic occasion. The talkhouse is raw. The raw visuals of the Talkhouse go right along with the raw energy that often radiates from the patrons, musicians, and bartenders. There is a certain individuality about everything within the Talkhouse. When I step outside even for a second, I take a deep breathe and I suddenly feel like I just stepped outside of some kind of vortex. The vortex is contagious and addicting. The bumping kick drum and driving bass lines make the Talkhouse shake and awakens the blood in my veins. I can hear the bump from the parking lot when I pull up. It makes me smile that some band is trying to bring the old structure down. “I’ll huff and I’ll puff and I’ll blow your house down” plays the big bad wolf.

The bump. That vibration. It is the Talkhouse calling. I can never seem to get away from the place. I always step inside for some more and that big bad wolf never does blow the house totally down. The band stops playing and the sounds stop, but the energy always seems to remain.

I strongly recommend the next time your in the Hamptons to visit the Talkhouse. The Talkhouse changes with the seasons, but it is always a great experience. The winter brings out a lot of the year round musicians. The bar is less crowded and the Talkhouse becomes a great spot to get away. The summer brings summer crowds and some prime time bands, but the feeling of the talkhouse, like the music it produces, never changes.

-Matthew Breitenbach

The rental market has begun to heat up and I don’t recommend running to the phone to call your real estate broker. I am not a proprietor of such drastic measures. I do recommend that you consider starting to get your summer ‘09 plans in order because the Hamptons rental market has finally started to breathe again.

Some recent rentals done by Susan and Matt Breitenbach:

*Rented for the Year Last Month

*Rented for Summer ‘09 Last Week

*Rented for Year Over the Presidents Day Weekend

Last year’s rental market began with a bang. Brokers were busy in early November working with rental customers. The sales market was hiccuping, but the rental market picked up the slack as the inventory of good rentals were gone by January and February. Last year you were nuts if you waited until spring to look for a rental. People began coming out to the Hamptons for all sorts of times and time lengths. There were rentals and houses for everybody. Corcoran ended up renting almost 100% of their inventory. This year is a different story being written and very silent and solemn tone has crept over the entire rental market. This tone though has started to change.

Last year brokers were singing this tune, “sales are down but the rental market is strong.” When sales continued to slump and the economy continued to worsen over the coarse of the year this phrase became old news. November ‘08 was a much different month then November ‘09 in the Hamptons rental world. The Hamptons rental market was dead quite at the tale end of ‘08 and even into January ‘09. It was not until the tale end of January until the rental market started to take in air again and breathe. February has started to see rental action and last week’s President Day’s weekend was an extremely busy weekend in the world of Hampton’s rentals. So there is hope at least for now and if I was someone considering renting in the Hamptons this summer, I would start to get the wheels moving on my plans. I would maybe think about getting on the horse and going for a ride.

-Matthew Breitenbach