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DO YOU HAVE A "BRIGHT SPOT" IN YOUR MARKET???...In The Hamptons It's New Construction!

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

DO YOU HAVE A "BRIGHT SPOT" IN YOUR MARKET???...In The Hamptons It's New Construction!                                        

The best 120 POST LANE, SOUTHAMPTON VILLAGE, NEW YORKselling houses right now in Southampton Village are New Construction--two of them are my listings.

I worked very hard with the developer/builder to get the right price and the right location for these two houses. Now, there is a mad Rush on the part of other builders to get into the same location and the prices on the existing homes have started to get too high for my client to do what he did so well just 6 months ago!

The other builders in the area are offering sub-standard quality and design, in my opinion and the way my client has been successful has been his approach to the whole product: Highest quality workmanship and design with the top of the line appliances and only the FIRST PROOF FOR 120 POST LANEfinest details and trim....Classic design and expert craftsman have been employed by the architect and the builder and those crucial factors give the buyer who wants a "House for the ages", a perfect offering! 

I believe that the houses sold very easily in the process of construction because of the fine renderings (shown here) and theA NEEZO PROOF FOR THE RENDERING OF 120 POST LANE abundance of details, both building and design, that were made available to the potential buyers. After reading the featured blog by Jason crouch the other day:Attention Builders: It Doesn't Take Much to Blow an Otherwise Easy Sale , I could see the importance of what this developer, builder, architect and quite frankly my hard work is to the outcome of the sale of both houses so quickly and so successfully. As Jason makes clear in his post, the straight-forward approach of the builder/developer to the buying public is necessary to a successful sale. In the cases here, there was never a question as to the costs of the building of the house and all the "changes" that were made by the buyers---they got what they wanted without feeling that they had been "short changed" in the process.

As the listing agent, my involvement went as follows:

  • I researched the entire Village to find the best area with the best proximity to the two key "draws" to the Village, the ocean and the Village center.
  • I know the Village like the back of my hand and was able to talk to neighbors and homeowners to locate the best potential sellers. I located the best properties with houses that could be torn down and presented them to the developer and his financial supplier.
  • I was involved in developing the pricing and the details that buyers look for now in new homes. The importance of aPROOF OF THE BACK OF THE HOUSE AT 120 POST LANE "Great Room", a finished basement with playroom, staff rooms and home theater was pinpointed from my experience in working with the buying public.
  • I also was able to supply the name of one of the best architects who is familiar with the Village zoning laws; in fact he sits on the Architectural Review Board (ARB) for the Village.
  • The builder was a protege' of the best builder in The Hamptons. He is a craftsman and a master builder who has honed his knowledge and his fine reputation over the last 10 years.
  • After the plans were completed, I took all the plans with all the finish details and sent them to a terrific Canadian Rendering firm called NEEZO.
  • I paid for the renderings out of my marketing budget and put together brochures and print ads that were very effective in attracting brokers and buyers alike to the properties.

A PROOF FROM THE RENDERING PROCESSThe street where the two houses are located is called Post Lane in Southampton village. It is one that everyone wants to live on at the moment. It is about a half mile long and there are a total of 23 houses on it. Most are small bungalow types of architecture and all were built in the 1950s and 60's. There are a total of 4 new construction homes on the street---two of which have sold during the initial stages of construction. This street is 2 blocks to the Village center and 2 1/2 blocks to the ocean beaches.

Post Lane is named after one of the founding families of Southampton Village. It is a short street that at one time led to the Post family farm which is no longer in existence. Farm fields and pastures were what you would find in this South-East quadrant of the the Village....these fields were seen to run all the way to the ocean and were the source of food for the early settlers of Southampton Village. The Village has grown up around this historical part of Southampton and there is only an inactive, Revolutionary era cemetery left to tell the story.

The Post Lane area is now the target for this developer and his competitors. Meanwhile I am researching other areas with the same kind of appeal to the potential buyers here in Southampton Village

With the history and the proximity to everything that is important here, there is a new-found interest in living in the Village of Southampton.

THE "TAKE-AWAY" HERE IS THAT NEW CONSTRUCTION IS THE ONE BRIGHT SPOT IN THE REAL ESTATE MARKET HERE IN THE HAMPTONS! ...AND PRICES ARE USUALLY DOUBLE THE PRICE OF EXISTING HOMES TOO!!!

WHAT IS THE "BRIGHT SPOT" IN YOUR REAL ESTATE MARKET? 

Comments (8)

Janis Borgueta
Newburgh, NY
Retired RE Salesperson

New Construction is a favorite here in my area of NY too. We are not building the huge homes that you see, but affordable homes that are shiny and new... they are a favorite for sure! Good luck on your sales in SouthHampton NY

Apr 13, 2012 12:23 AM
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Janis: Good to hear that---new construction is so hot right now that we can't keep up! ...Wish we had a lot more! I also agree that it is not the huge house with 8-10 bedrooms that people want and they don't want acres and acres of land either--too much to maintain!

Apr 13, 2012 12:40 AM
Marie Graham
Owner, The Refreshed Home White Plains NY - White Plains, NY
Westchester County Interior Decorator, Home Stager

Paula I am always smarter after reading your posts-equal parts localisim, educational and inspirational, no wonder your buyers are buying. Really good to hear how things are shaping up for you and your market. 

Apr 14, 2012 01:01 PM
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Marie: Why, thank you! Here I am after one of the busiest weekends I have seen in well over 4 years---this is the sign i have been waiting for! I really believe that if we can hold on to the "bright" spots, we will make it..... 

Apr 15, 2012 07:20 AM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Congratulations Paula and good luck in selling them.  We are seeing a turn around but a long way from new homes selling.

Apr 24, 2012 10:44 AM
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Bob: Thank you! The new construction is about the only thing that is selling at twice the price of existing homes--This is so surprising to me because the location is the first thing a buyer looks for here--then if a house has been lived in--it decreases in value by 50%!!! So the man I am working with is now looking to be more agressive in his pricing too--he stepped up to a whole new price range for him--and he is very excited as to what he can do! Think Gin Lane!

Apr 24, 2012 10:51 AM
Retired from ActiveRain
Baker, OR

New construction is still down in Lane County, Oregon.  Prices are starting to stabilize, but there is still a glut of distressed properties on the market.  Real estate activity was stronger than I expected in the first quarter and continues to gain momentum as we head into the selling season.  Interest rates are still at near record lows and there are a number of good financing programs available for first-time homebuyers.

Apr 24, 2012 11:23 PM
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Rick: That's good to hear--I think the market in general is building in momentum even though the reports are very bad---could mean a real bottom!

Apr 25, 2012 12:44 AM