True Gotham

I realize that you wouldn't know from the lack of postings here, but TrueGotham is not dead!  As most of you know, I left my former firm and brought the Heddings Property Group to Charles Rutenberg Realty back in June.  It's no surprise that the move has added a plethora of new responsibilities to my job description and since my clients always come first, the blog has had to take a back seat for a short time.  

Our team continues to grow and we have been incredibly busy with a Manhattan real estate market that remains challenging but not impossible to navigate.  After a slow start to 2009, the summer and fall months have kept us all on our toes.  With 7 quality professionals (and growing) currently on our team and a commitment to a level of service unparalleled in the industry, we are enjoying the process of helping buyers and sellers navigate a terribly confusing real estate landscape more than ever before.  Incidentally, I interviewed or spoke with 75 people in an effort to fill the final 2 desks in our Westside office and further expansion is in the works.

Next month we will be opening a Hampton's branch of The Heddings Property Group at Charles Rutenberg Realty located in Southampton and by June we anticipate the opening of a downtown Manhattan office in the Union Square area.    

The ranks of Rutenberg continue to grow as well with over 300 agents creating the 6th largest brokerage in Manhattan in only 3 short years (colleagues please feel free to call me to discuss the many reasons why you too should join the Rutenberg team).  

As cutting edge technology makes its way through the big brand bureaucracy, we continue to syndicate and share listing information globally in over 30 languages.  We are rolling out a buy side tool any day now that will streamline the search process and bring with it a transparency of which most are afraid.   And we have created a real estate broker business model that truly focuses on the best interest of the client by aligning the interests of all team members with that of each and every buyer or seller.

So you see that we are very busy trying to make the real estate buying and selling process a smooth and more efficient experience for those who matter most: the buyers and sellers!                                                                                            

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I hope everyone is looking forward to this long Memorial Day weekend as much as I am.  I'm heading out to Bridgehampton with the family to spend the weekend with my in-laws (that's a good thing...I actually really like them). 

• And as much as I DETEST spin classes, I have agreed to join my brother-in law for a class at Zone Hampton on Saturday.  Hey Neal, why aren't we stayin' in the hood and checking out Soul Cycle  which I just found out about via Gotham Gal's Joanne Wilson?

Now back to real estate:

• I somehow missed this but since we are talking Hampton's, check out this record smashing deal that will be the record residential purchase in the United States (via The Real Deal)
• Eliot Brown of The NY Sun shares that Extell is at it again with approval of purchase of land at Hudson rail Yards, solidifying the company as a "development tour de force" in Manhattan over the past few years.
• Check out the recent renderings of 2075 Broadway at 72nd Street via Curbed.  What that corner desperately needs!  BTW...I started my real estate career in 1992 in the building that was torn down...I don't miss it!
• Jen Chung at Gothamist has got some great Manhattan-centric pieces today.  Check out more on congestion pricing to reduce Manhattan traffic, Old Naughty NYC Vs. Current Boring, Safe NYC, and some insight into the amount of vacant property in Manhattan.
• Some commentary on yesterday's housing numbers (New Home Sales up 16%?) from BusinessWeekOnline.
• And more on the subject of how the jump in home sales is sending a mixed message from NPR.

That's all I've got for today.  Taking off on Monday so have a wonderful weekend and see you all on Tuesday.

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TrueGotham is proud to be a sponsor of the inaugural Hamptons Marathon and Half-Marathon.  The race will be held on Saturday, September 29, 2007. The course runs through Amagansett, Springs and East Hampton with views of the Atlantic Ocean and Nepeague Bay out to the Long Island Sound. This race is a Boston qualifier with a USATF Certified course.

Post-race festivities will continue at Cyril's, one of the Hamptons favorite gathering places and the perfect spot for a post-race party.

Be a part of history and run in what promises to be an incredible inaugural event!

Click on the banner above to see more details and register. 

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• The Forbes 891(yep, that's the number of billionaires on the list this year) has been released.  I imagine not all 891 are True Gotham readers right?
• An interesting "How To" Guide: How to Save Your Home from Foreclosure via The Consumerist and an unfortunate anecdote of someone who should study it from Housing Panic
• Surprise, Surprise...fewer realtors...not enough attrition in my opinion...yet! (via Bubble Meter)
• Jonathan Miller of Matrix dazzles with another fancy chart in his Three Cents Worth Post at Curbed.  Entry level buyers are indeed the most affected by mortgage rates.  I think we knew this but always good to have concrete support.
• David Kaufman of The New York Times  suggests that many are choosing Israel over the Hamptons?
• And from the Real Estate Journal, The Apthorp is going Condo.  And the Real Deal has an excellent piece on whether or not this deal pays off.

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When my clients are interested in the Hamptons, I refer them to Bridgehampton broker Cynthia Barrett. I'm very protective of my clients, and very particular about who I refer clients to. I do my homework first, and always follow up afterwards.

After hearing great things about Cynthia from my mother-in-law (who has bought and sold many times through the years) I hired her to sell my own home in Bridgehampton. The sale went smoothly and efficiently in a tough market. Cynthia was always available and forthright with information. And, for the record, no one I have talked to has ever had a bad thing to say to me about Cynthia. She's a serious professional. She has won referrals from me for life.

Yes, she has all the real estate credentials (Chairman’s Circle award member for four years running, Fine Homes Specialist rating, rated among the top brokers in the East End and Prudential Douglas Elliman nationwide) to go with deep knowledge of the marketplace. She and her family have lived in Sagaponack as full time residents since 1999 after living in New York City for nearly two decades. She is an active member of the Sag Harbor School District and the community. She also has more degrees than your average broker--and they're relevant. She has a BS in advertising and marketing, and an MBA in international marketing and finance.

I'm thrilled that Cynthia has agreed to become the eyes and ears of TrueGotham in the Hamptons. This is the first of what we anticipate will be many Hamptons reports from Cynthia in the future:

Motivated Sellers Getting Results, Others Wait
In the Hamptons, inventory and time on the market both increased in the first three quarters of 2006. Of the high-end ($13-15 million) ocean front properties, those with motivated sellers and recent $1 million or more price reductions have found buyers at the ready. I have seen several such properties in Bridgehampton and Easthampton in the last few weeks.

Other sellers appear to be prepared to wait it out. The fact is, most sellers here in the Hamptons do not HAVE to sell their home; they can use it again next year or rent it again next year and they may not carry a large mortgage. Not selling becomes at best a minor inconvenience for them and--absent a divorce, sickness, or some other calamity, most have the resources and mindset to wait out the storm.

A Good Time to Buy in the Hamptons?
I'm finding that my clients are split down the middle 50/50 as to whether it's better to buy now or rent one more year in the hopes prices will be more attractive. Let's be honest, no one really knows what will happen in a year, and all that real estate bubble talk isn't coming from nowhere--there is more inventory coming on the market, and average time on market has been increasing. However, the "buy now" argument is not without rationale. For one thing, the market is flat for the moment, while interest rates are still historically low. The uncertainty that always comes with elections will be going away in another few weeks. One of the biggest drivers of home sales in the Hamptons, those Wall Street bonuses, are expected to set new records again at the end of the year. If that happens, it's hard to believe there won't be plenty of people house shopping in the Hamptons in the new year.

Hamptons Kids Corner
If you happen to be visiting the Hamptons over this Columbus Day Weekend with your kids, pop into Hank Krzyzewski's Farm on Montauk Highway just after the "T" in Southampton, across the street from Duck Walk Vineyards. Pick your pumpkins and go through the corn maze. My kids love it.

Farther east in Water Mill, you can visit The Halsey U-Pick Apple and Pumpkin Farm on Mecox Road and just across the street, partake in The Ludlow Farm Corn Maze complete with clue cards and multiple courses with-in the elaborate corn trails. Hours are 10:00am – 5:00pm Friday through Monday, October 6-9.
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