Archive for the 'homes for rent' Category

THE SKINNY ON HAMPTON RENTAL MARKET

Thursday, August 6th, 2015

Those of us in the business hear it every day… “so what’s really happening to the summer rental market?” Good question with a multifaceted answer. First let’s look at the past. 35 years ago when I began my career in real estate in the Hamptons, there were no cell phones, no computers, we had our rentals on index cards and the majority of the rentals we did were M-L. Or to the rest of the world “Memorial Day to Labor Day”. On a rare occasion there was an August or maybe a July rental, but the rule was for summer rentals. Many rental properties were owned by the same guy… or gal. Tenants paid the expenses and there were very few problems. People came out east for R&R to enjoy the natural beauty. To fish and play golf. To gather with friends at dinner parties and just a few times each season there would be a big social event.

Now, let’s fast forward to today. What has changed? Well everything, almost. With cell phones, computers, the internet and an entire generation craving immediate gratification, R&R is no longer the driver. Couple that with the change in our hamlets. We went from quaint Ma & Pa shops to big box stores and Main Streets that close down for 9 months of the year. Additionally, every weekend there are several, major, social events, fund raisers, shows, parties. No down time. The Hamptons vacation became about social events. They became all about weekends or a week or so at a clip. 

Memorial Day through Labor Day is now the exception; July or August even take a back seat to short terms.

The Great Recession was the beginning of the end of full season rentals, as that severe correction changed the way people spend money. One thing that hasn’t changed though is the demographic of our clients, they are mostly from Manhattan and work in finance. The summer after the crash we saw families sharing rentals and the huge shift toward short term rentals. Now there are uber sites which push weekly rentals, again accelerating the short term rental market. This shift toward short term rentals contributes to overcrowded roads and congestion as there’s no slack time. Every home is maximally occupied.

Another important factor contributing to this year’s down rental market is that sales and rentals have always been inversely related and sales have been quite strong for the past few seasons.

Will the seasonal Hamptons Summer Rental Market be back? Where else can you rent a home worth $8,000,000 for just $200,000, for the best 3 months of the year and not have to pay taxes, insurance and maintenance. It’s the best vacation bargain I know. And if you take a home for the summer it’s ok to miss a rainy weekend here or there.

After all there’s always next week!

Judi A. Desiderio, Chief Executive Officer
JD@TownAndCountryHamptons.com 
631.324.8080  ext: 221

SHELTER ISLAND; the secret of an Enchanted Island Retreat within 2 hours from Manhattan

Wednesday, August 19th, 2009

The island’s name provides the essence of this wonderful island get-away: Shelter.

Shelter from the elements historically, Shelter to practice religion for the Methodists in the late 19th century , but nowadays more importantly Shelter from the hassle of our daily life… The island has succeeded to escape the urbanization of the rest of Long Island, and, along with the North Fork, reflects more of the lifestyle of the New Englanders who settled the place, than of the typical Urban dwellers sprawlingly urbanizing the surrounds of New York City. Locals will frown upon divulging this secret in a blog. I am counting they are not online….

So how can you become a part of this special place? Let me divulge the secret of the state of the real estate market here later in this blog: its a great time to buy a piece of paradise…

Count on getting to know the 2250 or so locals who live on this 8000 Acre island, most of which is set aside as a Nature Conservancy Preserve (and Mashomack preserve), by name: if you do it right they will know your’s. Not to worry, New England privacy -maybe reservedness-  is respected and developed into an art on Shelter Island. The island, maybe for that reason, is home to many a quiet celebrity, enjoy the natural beauty of this spectacular place.

The Ferries from Shelter Island to and from either Sag Harbor or Greenport jealously guard the privacy of Shelter Island – the only way to get on or off , protecting the likes of this golden oldie victorian overlooking Deering Harbor.

 

 

 

Summer Rentals provide a great way for people not from the island to get to spend some time. A room at the Rams Head Inn with its great lawn makes you a part of a Merchant Ivory movie scene.

In Summer you will meet Itzhak Perlman who leads a summer camp master class for the world’s most talented musicians-to-be. You can attend practice picknicking at his lawn or attend one of many regional concerts.

"Vine Cafe" and hangout for beautiful people, "Sunset Beach" at gorgeous Crescent Beach overlooking Southold Bay will provide entertainment and people watching, not quite as ostentatious as in the Hamptons, but much more refined. But do not be surprised to meet Grandma’s bridge partners having lunch while movie stars engage in romance at a table in the back….away from it all, protected from the paparazzi, the newst Shelter this Island now provides.

The town fathers have enacted laws making it very difficult to find Real Estate for sale on Shelter Island; no for sale signs can be placed by Realtors. Saturday Mornings you may be lucky to find some temporary Open House signs providing you with a glimpse of what could be your’s…before its really Beach Time. Realtors are not listing their properties on MLS in general. Values have not suffered from these practices, until now.

I personally have not seen value such as today’s on the Island of Protection, Shelter Island. From small shacks to brand new homes, from multimillion dollar waterfronts to a piece of land overlooking small creeks, opportunity is knocking loudly……

So talk to someone who knows the Island to help unveil its secrets. Now this is enjoyable house hunting. And become a part of Shelter Island, live longer, let Town and Country help you, providing you with Concierge service!

US OPEN CHOOSES WORLD CLASS NORTH FORK WINE: BRIDGE VINEYARDS

Thursday, May 14th, 2009

Greg Sandor and Paul Wegimont think outside of the box: Bridge Vineyards opened a tasting room in Brooklyn in February of 2008 -read the article by Robin Raisfeld and Rob Patronite, New York Magazine’s Restaurant Openings section for their North Fork wines from their Cutchogue vineyard.

As mentioned in various press releases and articles, The U.S open in Bethpage next month has chosen the Bridge Vineyards 2007 Estate Chardonnay and same vintage Merlot (made from grapes grown in the Cutchogue vineyard) as the only wine that will be sold in the Hospitality tents… a big deal. After only a few years of hard and smart work this is a crowning achievement and people should take notice.

To quote my friend Chris Baiz -owner of one of the North Fork most beautiful bay-front vineyards- "The Old Field" and president of the Long Island Wine Council from an article in the Suffolk Times: "Bridge Vineyard’s gain is the entire  North Fork Wine Industry’s gain".

Remember when Mondavi and Gallo were the only producers of jug wines in Napa and Sonoma and people were saying California wines would never compete with European wines….only a few decades back? The North Fork has now arrived as a wine region and agri-tourism destination.

Time to re-visit the North Fork and its vineyards if you haven’t had that wonderful experience in while! Visit www.northfork.org for any travel info you may need.

And of course, this wouldn’t be me if I wouldn’t just remind you about that happened to the values of Napa and Sonoma Real Estate as the wine region became a success…And in California you don’t even have the wonderful waterfronts we are so blessed with on the North Fork and in the Hamptons with worldclass beaches, fishing and epicurean lifestyle dining, only an hour and a half or so from Manhattan’s Midtown tunnel. You can take the Jitney or the Train, or take a leisurely drive.

So let the locals at Town and Country show you around and explain what the North Fork is all about these days; you’ll fall in love and want to own a piece of it! Or try it out by renting for the Summer. Either way, email me for any information jbischoff@1townandcountry.com or call me at 631 765 0500

Bridge Vineyards
20 Broadway
Williamsburg, Brooklyn, NY 11211
Phone: 718-384-2800

www.bridgevineyards.com
greg@bridgevineyards.com

REAL ESTATE ON THE NORTH FORK REBOUNDS STRONGLY IN APRIL

Monday, May 4th, 2009

tcrebanner-new

People who have followed my blog and the statistics I keep on the most current Real Estate Data on the North Fork RE Activity were already aware, but, honestly, I am glad that the facts are now supporting my optimism since February: the number of days homes sit on the market before they sell fell, median price rebounded a bit, and April of 2009 beat April of 2008 hands down in number of transactions, number of transactions above $1 million, although total salesvolume in dollars still fell a bit behind (a lot of lower priced sales of attractively priced homes – value – the year of the deal!)

Statistics North Fork Real Estate – Contracts Signed

This is truly good news for the North Fork and signals a great buying opportunity! As Barbara Corcoran mentioned during a Wells Fargo Event in Aquebogue last month (WWW.VineyardCaterers.COM – a great venue for events), it is for the historic first time in a very long time that home prices and interest rates are extremely low at the same time; normally if one of the two were lower, the other was not. And of course the Government stimulus and first time Home Buyer benefits ($8,000, Federal, and maybe coming from NYS -it’s already int he State Senate- another $7,000 tax deduction) make this a great market for first time home buyers – for now, this will not last.

Contact jbischoff@1townandcountry.com for more information or visit www.1townandcountry.com

Hampton’s Rentals Take on New Twist This Year

Friday, March 6th, 2009

Town & Country Real Estate is seeing unique things in the rental market this year with agents getting more inquiries for year round rentals and half summer rentals. Throw in the requests for rentals to be shared by two families and the market this year is an unusual one. Agents,  embracing all inquiries, are busy checking the availability of listings that meet these criteria, often calling landlords to see if they would accept rental agreements as such.  As is always in the real estate business, change is inevitable and our agents adapt by servicing needs and requests of all our customers and clients.

 

 

SUMMER RENTALS 2009

Tuesday, December 2nd, 2008

Here at Town & Country we are gearing up for what’s expected to be a great rental season in the Hamptons and on the North Fork!.

In preparation of our annual launch of the Town & Country eRental Guide for 2009, our agents have been diligently updating our 15,000 rental listings.

Such volume and expanse enables Town & Country to service potential Tenants from oceanfront castles in Southampton to bay side cottages in East Hampton or pristine contemporaries privately nestled in the woods… full season to monthly rentals. West Hampton Beach has some of the most dynamic light filled waterfront homes. On the North Fork, in areas such as Southold, Mattituck, and Cutchogue – just to name a few– Tenants can find sweet country homes for a significantly lower rental price than in the Hamptons. There’s something for everyone.

So if you agree with us that we should all "GO GREEN" when ever possible, click on our eRental Guide (instead of killing more trees with paper waste) or request an eMail with the link and view a sample of our Rental Listings.