rentals

VALENTINE’S DAY IDEAS IF YOU WANT TO BREAK UP…. PLUS, SNOW….AGAIN… SO RELAX.

Doesn’t this scream romance? Murph’s

Happy Valentines Day Weekend everyone!    It’s that time of year when every newspaper and blogger in the Hamptons has ideas about romantic getaways and where to go.   But where do you go when you want to break up? Forget the romance ambiance of 1770 House or East Hampton Grill, take your date to one of these notable locations and you’ll be sure to be single by Monday!

Murphs, Sag Harbor – It’s not that the place isn’t good.   But there is absolutely nothing romantic about this place.  It’s loud, it’s packed and the idea of having a quiet conversation with any sort of privacy is out of the question.    The only way anyone gets romantic there is if the beer goggles are so tight you become oxygen deprived!
Village Hardware, East Hampton – Here’s the way this one goes down.    You buy two tickets to see “Fifty Shades of Grey” at the matinee or 4:00 pm show.   You then promise a nice early romantic dinner after the movie.   After suffering through aforementioned movie, you remark how “hot” you got during the Hardware Store Scene.   You stroll over to Village Hardware so you can buy “a few things.”   When you get to the store, head right to the staple guns!  If your date hasn’t already disappeared then maybe you should.   RUN!
The front door is only a few more feet!

Harlow, Sag Harbor –  Who doesn’t love a nice romantic location!?    Yes, they’re closed for the season…. but if you order this weekend maybe you’ll get your entree by Memorial Day Weekend.   If you want to actually try to have food, stop by the IGA first for two sandwiches and a small bag of Sun Chips.   It’s all about the view right… frost bite or not!

Now for the other part of the weekend that has everyone in a tizzy.   The projected 6” of snow we’re supposed to get this Saturday night into Sunday.  This comes hot on the tail of a  reported “frenzy” for seasonal rentals.   As I said on Monday, so many drives and walkways are covered with hard packed ice, many sellers and homeowners are blocking showings to protect against a potential lawsuit.   Yes some good homes were rented already last fall or by the renters with good snow boots but inventory is still good.     So, don’t believe the hype… sip your hot chocolate, relax and have a wonderful Valentine’s Day Weekend!    Hopefully you won’t be going to Village Hardware or Murph’s!

MONDAY MORNING MARKET REPORT…. HAMPTONS WEEKEND ACTIVITY!

 

One of the first questions I get asked every week is “how busy was the weekend?”   Here in the Hamptons, the real estate market (IMHO) really sees most of it’s action Thursdays – Sundays.   It makes sense since we are a secondary home market that most buyers come on the weekends to take a look.   That being said, I’m going to try on Monday mornings to quarterback the weekends activity!   I mean we all get those market reports but in a world where everyone wants instantaneous information this is my attempt to satisfy that need.    From now on every Monday I’ll be posting my “MONDAY MORNING MARKET REPORT.”

The results of this little “report” are not very scientific but I’m trying to make it as accurate as possible.   It is compiled from a cross section of about a dozen broker and agents from different companies and all have more than 5 years in the business and have at least a hand full of listings and are actually earning a living.    It’s a “Hamptons Chatter” exclusive and hopefully more accurate than a Brian Williams special report broadcast but not quite as detailed as PBS’ Newshour.

The weekend of February 6th-8th has traditionally (this time of year) been a slow to moderately busy weekend for Hamptons real estate and this year was pretty much on par with last.    While Internet traffic has been steadily increasing with a a big bump back on MLK weekend, the cold and icy weather put a damper on actual showings and appointments.   Homes with un-plowed drives and walks covered with snow made it difficult for buyers, renters, sellers and agents.     Some agents have also mentioned homeowners concerns with liability issues over icy and dangerous walkways.

Rental traffic has also been effected by the bad weather.   While there is still ample rental inventory, homeowners are choosing to hold out for whole season rentals before breaking down to monthly terms due to the slow traffic.    We can also expect to have more rentals to be added to the market as agents continue to update from 2014.

The above factors have impacted overall activity and influenced it’s grading as a “C” weekend.  This is on a grading system of “A” being extremely busy and an “F” being dead as a door nail.   Look for a jump next weekend as the President’s Day Holiday has traditionally been a busy time for everyone on the East End.

Meanwhile, since so many Hamptonites have been hunkered down and snowed in more times than not these past few days,  I have a suggestion that will make that time in front of the fire and flat screen a little more bearable.   Why not grab a box of wine?   Yes, a box of wine.    But before you roll your eyes, I’m here to tell you these aren’t your “cheese cubes and Ritz crackers” boxes of wines.   With some of the biggest and best vineyards in Europe and California already boxing their potable spirits, it was only a matter of time before Long Island vineyards joined the trend.  If you don’t believe me, check out this article from Edible East End … it’s worth the read!

So remember, stay warm be careful on the icy roads and remember to top that box to get the last drop!  Cheers!

 

It’s D-Day #1 in the Hamptons… What it Really Costs to Operate on the East End!

Just in case you didn’t know, today is D-Day in the Hamptons for real estate agents (the second D-day is the first Friday in August).   It’s the day when most of the seasonal rentals move into their houses.    While many tenants get confused and call it “check in,” I’m here to remind them that renting a house is not like checking into a hotel and your real estate agent isn’t a concierge.   But while I’ll no doubt get a few calls this weekend complaining about broken toasters, lousy towels and confusing pool heaters… and yes I will try to answer them…  there is something I won’t have to deal with this season.   It’s the sticker shock from what it costs to operate a Hamptons home!    Why?  Because my mantra to every tenant is you’re essentially owning this house for the next few months and that means you’re going to have to pay for it!

So what does it cost to operate a home during the summer season on the east end?   I’m going bare bones here but let’s take a look:
They charge more to wear this!
lingeriediva.com

 

1) Maid Service – most rental contracts require the tenant to hire a maid and clean the house once a week.   Some landlords insist you use their current housekeepers (aka spies) in order to keep the house in the same order as when the tenant walked in the door.  So let’s figure 8 hours once a week at an average rate for housekeepers of $20 per hour.  Add $160 to the weekly cost and we’re off and running up that tab!
2) Lawn Service – Unless you’re willing to pull that cord on your Briggs and Stratton you’ll have to fork over a few bucks to maintain that lush green Hamptons yard.   While some yards are bigger than others (not a Smith’s song), I’m going to put the weekly lawn maintenance at about $90 a week.   Some landlords will also require you foot the bill for the gardening but for the sake of erring on the side of caution, we’ll omit that pricey little point!
Hey, you like that guy from NCIS?

3) Phone, Internet and cable – I know a large number of my customers, clients and friends choose that “Triple Play” thing from Cablevision.   For the basic package you’re looking about $80.00 a month.  While it’s not the costliest expense for the summer, if you add those extra movie channels or rent an occasional “pay-per-view”  event or flick it adds up!

4) Pool Service – Sure you can throw some chemicals in the skimmer basket and call it a day but $150.00 per week.   Now, I know you’re saying “HOW MUCH?” but remember this is the Hamptons!  You want you’re pool to sparkle… sparkle… sparkle!!! Once again if you’re a renter this is usually required in the lease and you’ll be responsible to pay for the service plus supplies (chemicals).

5) The Electric, The Heat and the Rest – Now while this depends a lot on the weather let’s put this in a logical way.  If it’s hot outside, you’re not going to heat the pool and you’re going to pump the air-conditioning.   If it’s cooler outside, you’re gong to open the windows and crank the heat on the pool.   Either way you’re going to want to spend the money (unless of course you’re my father who would never turn on the air conditioning unless it was 95 degrees) Now I might be a little high here but I don’t think I’m totally out of the park.   I’m going to put this somewhere in the neighborhood of $800 a month and that’s based on a 3500 s/f house.

Benjamins are required!!!

Ok, so let’s tally this puppy up….. click click click click click click…. change the calculator battery… clack clack clack clack!   Our grand total to own or rent a house out east is about and I say ABOUT… no haters here….  about $2500.00 per month or about $620 a week more or less.     So there you have it and I didn’t even include the $100/person pizza dinner at Serafina (which I have a new respect for… went last night and it was really good).    This isn’t the Jersey Shore folks!

Speaking of which, the New York Daily News quoted me today and I want to clarify.  I love the Jersey Shore and I’ve been many times.   I grew up going to places like Margate, Long Port and Long Beach Island.  So when I say people don’t want the Hamptons to become the Jersey Shore, I’m talking more about the show then the actual area!      Now, will someone tell my friends from home to stop giving me grief over this!  REMINDER:  I just wrote about how to get rid of house guests (scroll down)!

5 Big Reasons Your House Hasn’t Rented… Plus, News from the 31 Flavors!

So we’ve come to that time of the year when homeowners far and wide start calling real estate offices and saying, “How come nobody has rented OUR house?!”   Well, it’s never easy getting to the bottom of the issue but there are 5 points that seem to be the do or die of Hamptons rentals.    I’ve spoken to agents all over the east end and the common responses seem to be the following….

From badmlsphotos.com MESSY AND DATED!

1) Dated Interiors – Does your home look like a chic clean hotel room or your great aunts house that hasn’t been updated since after the Eisenhower administration?! Think about who the people are that rent for the summer season.  It’s mostly successful urban professionals who  want clean, modern and easy to maintain interiors.   Expensive rugs, white sofas and antique end tables may all look great but they scare the heck out of potential tenants who fear losing money (security deposits).   Just think about it this way, if you were checking into a hotel and it looked like your house, would you wan to stay there?    If not, go to Pottery Barn and get yourself some new digs.    It may not be everyone’s bag but it’s what rents!

2) Smells – Everyone loves the smell of “home” but if that involves wet dog or cigarettes, I can guarantee you nobody is going to want to rent your house.    But that doesn’t mean if you’re a dog lover (like me) or a smoker (like my dog) your out of luck.    Call a local carpet cleaner and have both the rugs and furniture done.    It’s also not a bad idea to cook some cookies before showing the house.    It’s not about the smell, although it don’t hurt.  It’s really about the cookies.  Brokers and agents always like to eat and when they’re happy the potential renters are happy (Hint: Chocolate Chip)!

Man’s best and smelliest friend!

3) Access – Make it easy for agents to show your property.     Be ready to show your house at any time or any day.    Thursday’s between 1-4 while good for you might not work for most agents.    Renting a home is going to be a bit of a task, you’re going to have to keep it clean while showing and be ready at a moments notice.   There’s a reason why you’re getting that big check, nothing in life is that easy!    If your really want to promote your house, think about hosting a weekend open house to encourage easy showing.

4) Be A Fair Landlord – Here’s something you might not have thought of but agents in the Hamptons talk to each other!  Now, how is that going to effect your chances for renting?   Well if last season you involved the agent in a war over a $2000 deduction for a broken coffee cup, odds are you’re a marked man or woman!    As I said in a previous blog, document the condition of your home but don’t look for the deposit to be an income generator!   There are landlords who have a reputation for being unpleasant and difficult and agents avoid showing these homes like the plague.    So you want a few names?  You’ll have to buy me a drink first! HA!

5) Price – ahhhhh the last and most important item on the list.   As a builder once told me on the east end, “there’s a butt for every seat…. it just depends on how much they’re willing to pay for the chair.”
You’re house doesn’t have to look like something from Architectural Digest but then again don’t ask the same price of the house that really was in the magazine!   If you’re curious about what price to ask for a summer rental, my generic rule of thumb has always been 3.5% to 5% of the value of the home for Memorial Day to Labor Day with August garnering half of that amount.     Now, I know not every agent or broker will agree with the formula but I’ve always found it’s a fairly good place to start.

Finally, speaking of open houses… yes I mentioned them in paragraph 3…. My best friends sister’s boyfriend’s brother’s girlfriend heard from this guy who knows this kid who’s going with the girl who spoke to the broker at the 31 Flavors last night who told me they heard I really don’t give out the I-
Pads at my open houses.  Well I have news for you… yes I do!   I always say agents show what they know and it’s my job to get them there!  That’s my promise to my sellers.  One thing that I’ve found that works is a good “give away.”   So don’t believe me ask Peter Moore of Corcoran, Mary Slattery of Corcoran, Ann Ciardullo of Sotheby’s, Nancy Howell of Corcoran or Justin Agnello of Douglas Elliman among others…. It’s the real deal!   So as for the gossip monger at the 31 Flavors,  “You’re still here?  It’s over.. it’s over.  Go Home!”