real estate.

SOMETHING BREWING IN SOUTHAMPTON… AND PLEASE DON’T TELL ME WHAT ZILLOW SAYS ABOUT YOUR HOUSE!

Something Brewing.. time to change the label!

I can barley stand it!   It has some folks hops-ing mad!   Apparently the spuds will no longer be flowing on Bowden Square.   In spite of an announcement back in October that the Southampton Publick House would be staying put at the current location, word has gotten out that folks will soon have to fasten their beer goggles in a new location.    Since 1996 the brewery and restaurant have been a staple around town but it seems the new building owners have other plans.    According to some local insiders, the location will soon be home to a “high end Mexican Restaurant.”     Now if you’ve ever read this blog before… that’s a huge deal for me yet I hate to see an old favorite move to somewhere new.     While the Publick house will go on… like Celine Dion’s heart…. it will according to insiders have to be in a new location.   Sometimes a little change will do you good.

Oh is that the blood rushing to your head?

Now for a little advice.   If you want to send any real estate agent’s boiling blood further to their head just say the following sentence, “BUT Zillow said my house is worth X!”   It’s the bane of many a real estate agent and brokers existence.   In fact, The Los Angles Times  recently tackled the issue of “Zestimantes” (Zillow’s estimate) and how many claim they’re wildly inaccurate.    In fact, I have to say part of the big problem with Zillow’s “formula” is that it can’t really take into account factors like condition and location (waterfront, south of the highway, village).    So how inaccurate are these “Zestimates?”  Well the CEO of Zillow was recently quoted as saying they’re “a good starting point” and have a “median error rate of about 8%.”   Obviously this error rate varies in different markets and Zillow even says so at the bottom of the Zestimates page.     While I couldn’t locate the margin in our area, I can tell you that my own personal home fluctuated by about $5,000,000 in a period of 6 months.    Now, I know you think Hamptons Chatter just rakes in the money but the initial high estimate they gave my home was crazy.   I’d move out in hours if I could get that number tomorrow!    Yep, I would guess their error rate in the Hamptons is a heck of a lot more than a 8%.   It’s a big miss in the Hamptons… like an Ishtar big miss!  A “Missestimate” if you will.     So the take away from all of this… talk to an agent or do your homework (Zillow.com is a great source for closed prices) and don’t try let some silicon valley geek tell you what your home is worth.   Besides,  how could you put a price on that “Sistine Chapel” painting on your master bedroom ceiling?

 

BUSTING A SUMMER RENTAL MYTH… AND DOPPIO IS DONE-I-OH! AGAIN.

Doppio in Sag Harbor…. brown paper seems to be it’s color!

Good Morning all.. or is it afternoon?  Either way, HC as some people like to call this blog has been off the grid for the past few months.  It’s been a period of reflection and real estate and a media blackout.  I’ve ignored TV, radio and the internet for weeks now.  So before I read the papers about the Jeb versus Hillary show… I mean nobody was going to vote for “him,” I did some recon in and around the Hamptons to get the latest in our neck of the woods.

So word about town in Sag Harbor is that DOPPIO is definitely DONE-I-OH.   As if the incident of last summer’s sudden shuttering wasn’t a big enough omen for you, the Italian bistro has packed it’s bags and headed off for greener and perhaps less discerning pastures.    But while this is a surprise for virtually nobody, the big buzz is about what’s going in there!  So, what will it be?   Apparently, it’s going to be brown paper on the windows for the next few months.  Unconfirmed word about town is that the state of the space is in a bit on the worn side and a renovation is afoot.  If I have wrong information here, let me know and I’ll fix it!  I still miss the old “Paradise” in Sag Harbor.  Please can somebody talk to somebody and bring it back?    It had good service, good food and a great atmosphere, something far too many restaurateurs in the Hamptons have a hard time understanding.

Meantime, why is it so tough to find a summer rental this season?  Well it’s not as the NY Times would have you believe.     The mad rush that they report every year (“act now if you want your summer Hamptons get away) as having taking place is more myth than reality.    The truth is with all of the new regulations that include rental permits, registries and blood oaths more than a few home owners have decided NOT to rent rather than deal with all of the drama.    Now, I’m sure some agents and brokers are going to say, “not at all.”   But I’m speaking from my experiences in the past few weeks.    I’ve called numerous landlords about renting only to have them inform me the house is no longer available.     I’m not sure if this is a good or a bad thing but I can tell you, if you’re debating on renting your home this coming season… make sure to get the permit and protect yourself before getting into the pool… it’s smaller this year than it’s been in a long time!

HAPPY HOLIDAYS ALL… MORTGAGE NEWS…. PLUS WINNERS OF OUR (lame) DECORATING CONTEST!

So there’s good news and bad news here.  The bad news is you people are essentially lazy.    The good news is everyone who entered my holiday decorating contest is a winner!   Yes, I got 4 entries.  One of which was a friend who was actually staying in my house.   So he’ll get a prize along with Lisa Barone of Sag Harbor and Deanna Covino of Hampton Bays, the gang at Baron’s Cove and D. Strohmeir.    So anyway, happy holidays all even though I will never do a contest like this again.   BAH HUMBUG!   Here are the winners…

Deanna Covino of Hampton Bays

 


Lisa Barone of Sag Harbor

D Strohmeir of East Hampton

Meanwhile, lots of news about interest rates.  They’re up… and people are upset!    But wait…. defying the hike, rates actually went down?  I’m so confused!   But while folks like me are waiting for the dust to settle on what all of this actually means there’s still lots of news in the lending biz.   In fact, one thing I recently learned … wait.. why am I telling you… watch it for yourself.   Recently mortgage guru Melissa Cohn of MC Home Loan sat down with me to discuss what’s happening.

FINALLY… a little something fun from the 80’s music fanatic that I am.  It’s 60,000 LED lights dancing to the song “We Three Kings” by Book of Love!    Gotta love this!!

HOW TO BUY NEAR WATER WITHOUT SPENDING $140,000,000…. PLUS COULD YOU GET CREDIT FOR THAT AMOUNT?

$140,00,000 and there is NO neighborhood block party?!

In the unlikely case your cocktail conversations have been focusing on such trivial matters such as terrorism, global warming or even Donald Trump.. instead of Hamptons real estate,  you might not have heard the  interesting news.   Entrepreneur Chris Whittle has put his East Hampton home on the market for a bargain price of $140 Million dollars.   While I’m not sure if the house comes furnished at that price or if he’s leaving the toaster oven, there are some who’d rather write a check with a few less zeros for their Hamptons home by the water.    So if you love the smell of salt air in the morning, where do you go without spending a fortune?   Luckily, Hamptons Chatter is here to guide you with a proverbial divining rod for some homes near water that won’t break the bank.  Because I’d rather spend my extra $140 million dollars on something more sensible like an I-tunes gift card, I’ve explored other options with slightly less intimidating price tags.

Amagansett Dunes – It’s like the nicest parts of the Jersey Shore and it’s not in New Jersey.  Causual summer living (think flip flops and t-shirts 24/7) and a quick stroll, skip or even levitation to beautiful ocean beaches is the real draw here.  While the lots can be small and not everyone has a pool, this is all about the beach.  Look to spend about 1.1 to 1.5 million for a comfortable home in the area.

Amagansett Dunes: Elliman.com H34948

Waterside Communities (Pine Neck, Whalebone Landing, Southampton Shores, Northampton Colony) –  Located about 10 minutes outside of Sag Harbor village off of Noyac Rd., these areas are all about community.    Community bay beaches, community docks and community club houses are a few of the features that attract buyers to this area.   The sunsets on Noyac bay are also spectacular and the icing on the cake.  Yet, for some folks the neighborly feel might seem a bit intrusive or suburban.   Look to spend about $1.0 million to get into the neighborhood and as much as $10,000,000 for one of the current waterfront listings.

Shinnecock Hills – Spectacular views and the fact it’s nestled between the villages of Southampton and Hampton Bays is only part of the big draw in this community.    One of the biggest draws for the growing popularity of this area is the time saving factor during those crazy weekends when Route 27 looks like a parking lot.     Considering you can get a waterfront with view for around $2.5… that’s a savings of $137,500,000 if you were thinking about that “other” waterfront.

A few more areas you might find worth visiting are the Redwood section of Sag Harbor, close to the village and with views and great water for the boater.    There is also Lions Head and Clearwater Beach areas of East Hampton.   Community beaches, views of the sound and some deep water docking are the big draw for this area located outside the village of East Hampton.    It also has several of the best waterfront dining spots in all of the Hamptons including Bay Kitchen and Harbor Bistro right in the hood.    Yes, I know there are other areas that are certainly worth mentioning but these few are the ones that I think are a good bang for the buck.   I’m only one guy without an editor and this ain’t my full time gig, so don’t get your panties in a bunch folks.   If you want another neighborhood mentioned in a blog, feel free to go write it!  I mean that in the nicest way possible! Sort of.

Meanwhile, it doesn’t matter if you’re buying a big ticket house or a little cottage, if you want to get financing from a bank… you better have good credit.  So how do you know if you have good credit?   Luckily credit expert Andrea Kent took some time out of her day to give Hamptons Chatter a quick tutorial on understanding your credit.

If you would like to contact Andrea for more information or about credit repair… you can e mail her at akent@primenationalny.com

UPDATE:  Sorry last weeks finalist for the $500 holiday gift certificate goes to the staff at Baron’s Cove who submitted their holiday tree for the Hamptons Chatter holiday contest.  If you want to enter the contest, send your photos to Hamptonsholiday15@gmail.com.  Finalist will be anoounced each week with the grand price being announced on December 1st.    And no, you can’t send me a picture of someone else’s tree!

The tree at Baron’s Cove – Sag Harbor!