Hamptons

IF THE TAXES ARE TOO DAMN HIGH…. AND THE BEST TOY EVER FOR YOUR POOL!

Time to take back the bills… 7 days left!
Well if you’re not still celebrating the big holiday…Cinco De Mayo… allow me to remind you that time is running out to appeal your property taxes!  Yes it’s in 7 days and the timer is ticking like Mona Lisa Vito’s biological clock.    So what to do?
Well there are plenty of services (just google) who do not charge up front, but rather take a percentage of what they save as a fee. For do-it-yourselfers, you can get information from the various town websites about how to determine if your assessment is fair.
One thing most of these websites suggest is to get an evaluation form a
professional appraiser.   If you need a suggestion about where to find one, try calling your real estate agent or ask a friend.
Don’t deny you want to try this!
Meanwhile, if you save some money by appealing what about
buying one of the must haves for this upcoming summer season.
Pool climbing wall.. yeah you want one!
No, it’s not a new Ferrari or even a fancy new mood ring!  It’s a climbing wall for your pool!!!  Yes, since slides and diving boards are now passé among pool owners and the cause of so many injuries and higher insurance there has to be something else to add to make more waves in the neighborhood.  All I can say is look at these pictures and tell me you don’t want one! LIAR!  Of course you want one.  Well these are from a company called Kerplash and they start at about $8000. But what better way to get over your fear of water and heights than to climb one of these suckers!!!   If you want more information you can check out their information HERE!

Yes, a quick but informative chatter today.  See you all hopefully on Wednesday!

A SNEAK PREVIEW OF SAG HARBORS NEWEST HOT SPOT… BARON’S COVE!

A view to a kill or at least to kill for… The dining room at Baron’s Cove!
Unless you’ve been sleeping under a rock or taken one too many Ambien, you’ve probably heard that Sag Harbor has been undergoing something of a renaissance (thank you spell check).   The most notable project has been the soon to be occupied 64 unit Bulova Watchcase development.   Well the same folks who did that project recently undertook giving a major overhaul to Baron’s Cove in Sag that would make Melanie Griffith and Axl Rose red with jealousy!   Cape Advisors who made their mark in Cape May, NJ are hoping their golden touch is the ticket once again.   Now, before you get all nervous that the Jersey Shore is going to take over the Hamptons and muscle heads with orange complexions will soon be running up and down Main St., relax!   Cape May is not “THAT” Jersey Shore and these folks know how to do it right … just take a look here at their venues Congress Hall and The Virginia which are already up and running!  Nice huh!!?    Last night they opened up the restaurant for families, friends and associates and are getting ready to open up for everyone else very very soon!   I was lucky enough to get a preview and I can tell you… BOOK YOUR RESERVATIONS NOW!     This is the new hot spot for Summer ’15!    They’ve got a great chef in the kitchen who made his mark at Vine Street on Shelter Island and a top notch staff who know good service with no attitude is key!  I hope you’re reading this Harlow!   Anyway, don’t take my word for it…. take a look below at what they’ve done already!       I’ll give you more details as they become available!     You can also check out the Baron’s Cove web site for rates and details.     Gotta run and happy May Day all.   By the way… these are I phone photos and you’ll need to see this in person to get a real appreciation!
Renovated Rooms! Chic, comfortable living at Baron’s Cove!

 

Relaxing drinks with a view!

 

Bathrooms that rival any first class hotel!

 

The view of the pool area … getting ready for the big opening!

IF YOU WANT TO RENT YOUR HOUSE IN THE HAMPTONS….. A FEW THINGS YOU SHOULD KNOW FIRST!

One of the great things about owning a home in the Hamptons is your ability to rent it out.    Yes, for some it’s a cash cow and can help off set most of your yearly expenses in just 3 short months.    But you better know what you’re doing.   If you rent to the wrong tenant or your house isn’t ready, you could end up making less than money than a romantic comedy with Katherine Heigl and Nicholas Cage.

So what do you need to know and how do you get the most money possible for your rental?  Well luckily Hamptons Chatter is here to tell you.

Price it Right – This is my rule of thumb…  if you just bought your house and it’s decorated and well maintained, you can expect about 4-5% the cost of the property for the Memorial Day to Labor Day period.   50% of that should be counted for the August rental.   For example, your Restoration Hardware decorated home you just bought for $1,000,000 should rent MD-LD for $50k or $25K for August.   This is not a hard and fast rule.  If your house is a few years old, ask an agent what they think would be a good rental price. It’s also not a science so adjusting the price as you get close to the season may be needed.

List your property properly –  First off, keep it as an open listing.  Unless you’re renting your home for $250k or more, most companies won’t even take an exclusive rental and that’s not a bad thing.   Agents are no different than anyone else and they’re looking to earn a living.   So if it’s between a $100k rental that’s an exclusive rental where the agent will have to give a chunk to the listing agent or an open listing where they get the lions share, which one do you think they’re going to show?   Most rental listings in the Hamptons are open listings, so keep yourself competitive.   But also know, unless you tell your agent to share the listing you’ll need to make sure every company has your home and at the right (same) price!

Busy, busy, busy!!  www.uglyhousephotos.com

Get the house ready to go – If agents are starting to show your house,  it should look like your tenants are moving in tomorrow.     Reduce the clutter around the house, make sure all of your photos and personal Nick-knacks are stored away and please, please, please keep it neat and clean.    Also, less is more…. if the house is overloaded with furniture that’s not a plus for most tenants, it will only make the property feel crowded and full.
your house if there are dirty dishes are in the sink and pet hair on all of the sofas (nobody wants to live in someone else’s dirt).   “Clean” is also a key word when it comes to decor.   Busy patterns or tons of floral bed spreads, pillow cushions or curtains will overwhelm some potential tenants.   While you’re taste may be good, it might not be for everyone.   That’s why   Do not show Baskin and Robbins has 31 flavors but you don’t need that many colors!

Make it and easy show – While I don’t suggest leaving a key under the mat (that’s a really bad idea for a number of reasons).   You have to make sure agents have easy access to your property.   Customers run late… HELLO, IF THINK YOU’RE IN THE HAMPTONS AND YOU DIDNT HIT TRAFFIC YOU’RE ONLY IN SHIRLEY…. and sometimes agents run late too so if it becomes to difficult to coordinate they’ll move on.  The best way to control access and make sure you get shown is to drop a key off with your local broker.  They’ll keep the key locked up and log who borrows and uses the key.   You could also buy a lock box or better yet buy a digital remote system where you can grant access to your home via your cell phone.  My personal favorite is the KEVO system, which you can buy easily enough on Amazon.

Get professional photos – If you want a good laugh, go through one of those “home for rent -by owner” sites.  Would you rent some of these homes?   I didn’t think so.  Bad photos are a home owners biggest enemy.   My advice is hire a professional photographer (call any agency they’ll recommend who to call) and then share these photos to all the agencies.   You have to spend money to make money and this particular expense is a no brainer to me.

Finally a few last points about “Hamptons Summer Renting” – if you use an agent to rent your house you’ll need to pay the commission and in most cases it’s 10% of the term of the lease.     It might seem like a lot but most agents screen their customers or get them via referral.  You’ll be less likely to get a bad egg tenant.     Also, most leases require that tenants will maintain the property while in residency, so make sure they use the folks who know the house… your housekeeper, your lawn guy, your pool person, etc.

Also, if you live in Southampton Town make sure to get a rental permit.  It’s not easy to do but it will protect you in the long run if you have problems with the tenant.

Now remember, I couldn’t cover everything in this brief posting but I hope its a helpful start.   I also know not everyone will agree with my advice so feel free to post what you think.

WARNING… BEACH PASSES ARE GOING FAST…. REAL ESTATE ACTIVITY AND A BRIEF RESTAURANT UPDATE!

So my Monday Morning Market Report is on Wednesday Friday this week.   Get over it.

You have to be kidding Bill?

I’m’ not running the train or the Jitney here.   Well, not that being on time matters for the Hampton Jitney.   The reason is we finally had a decent weekend where we didn’t have 3 feet of snow or freezing rain.   I was busy. Once again I’ve spoken to my cadre of experienced brokers (about 10 in all from various companies and office) and they’ve given this weekend a “B-” rating.    While it still hasn’t reached “the kind of traffic we should have this time of year”, things are definitely picking up.  Rental inventory continues to remain good but there is a pent up demand according to many – potential tenants have been making inquiries but haven’t taken the trek out here to seal the deal.   Look for that to change in the next few weeks.   A few attorneys have also remarked to me, that they are now feeling the effects of the arctic blast from a few weeks ago and things are quiet.   Meanwhile, Bill Evans on channel 7 WABC says we are in for another blast of winter this weekend, so pull that parka back out of the closet…  you’re going to need it this weekend. Agents and brokers, get ready for all of the cancellations!

Please keep the chicken pot pie on the menu and bring back the guacamole!

Meanwhile, the clock is ticking for Beach Passes thanks to people buying them online.  Make sure you do so soon.  Sources told me they’re selling like hot cakes and they’re already 2/3 of the way to being sold out!   It might not seem like it’s beach time yet but believe me it will be here before that next wrinkle on my your forehead!  Click here if you want to get yours now!

Finally, some quick restaurant updates!  There is a new tenant getting set to move into the former Georgica Restaurant in Wainscott.   Rumor around town is it’s going to be Italian and it’s a restaurant already here in the Hamptons….. Hmmmmmm.   Anyone know? There’s been a ton of cars in the parking lot lately and seems there may be some renovations taking place.

Also, Highway Diner is doing some major renovations and will be reopening sometime in the next 3 weeks.   I’m not sure if the menu will be changing but the interior is undergoing a few changes to make it a little more “homey.”