Behind The Hedges Round Table
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REASONS TO BE CHEERFUL

HOW ARE SUMMER 2017 RENTALS SHAPING UP SO FAR?

Round Table

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Enzo Morabito
Licensed Associate Real Estate Broker, Enzo Morabito Real Estate Team, Douglas Elliman Real Estate
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“In terms of the summer rental market, we are receiving a tremendous number of calls for rentals, especially on the high end. I am quite optimistic about the market!”

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“I can say that the new two-week minimum on rentals in Southold Township and one month minimum in Riverhead Township has certainly affected thing, as the demand for rentals in recent years is much more short term than in the past.”

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Donielle Cardinale
Licensed Associate Real Estate Broker, Daniel Gale Sotheby’s International Realty
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Judi Desiderio
CEO Town & Country Real Estate
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“The 2017 summer rental season is shaping up nicely. It’s not gangbusters but it’s not molasses either. Sales, which are normally inversely related, are healthy in many segments of the market. So how that element affects rentals is yet to be seen. President’s Weekend is historically called ‘summer rental weekend,’ after which about half of all rentals are taken. But the demographic of the tenant has changed over the years whereby last minute shopping is normal. And sometimes renting without viewing, which was never the norm, is common.”

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“As we have seen since the correction of 2008, renters have been coming out later to look. Whereas before they would start in the fall of the year prior, and certainly by early February, renters feel more comfortable waiting until later to start their search. This is particularly since far fewer renters are concerned with the traditional Memorial Day to Labor Day scenario. Instead they are opting for July to Labor Day or a monthly rental and even much more custom dates. My assistants and I have been very busy the last few weeks showing rentals, and sending rentals via internet, to those planning to come out to look. With that in mind, and the continued rosy results on Wall Street, I anticipate it will be a very good rental season.”

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Gary DePersia
Licensed Associate Real Estate Broker, The Corcoran Group
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Raphael Avigdor
Licensed Associate Real Estate Broker, The Avigdor/Peyton Team, Douglas Elliman Real Estate
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“This year we are finding the rental market quite brisk. We have already done two high end rentals and fielding offers and interest from various customers on many of our listings. The rental season is off to an early and strong start.”

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“This year’s rental market west of the Shinnecock Canal seems to be following the usual pattern. Rentals historically pick up around President’s Day when people start thinking about their summer plans. Until then, things are slow. Typically, prime Dune Road and other waterfront homes go first, and then mainland homes with tennis, pools and other amenities. Two week rentals are more commonly requested, however, many homeowners hold out to see if they can get a full month or seasonal rental first. Last-minute rentals from people looking for a bargain are common too. This time of year, people who’ve rented in the Hamptons for several years and are now thinking of buying surface. They want to close quickly so they can make renovations and be sitting poolside, enjoying that first cocktail by Memorial Day weekend.”

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Aimee Fitzpatrick Martin
Licensed Associate Real Estate Broker, Saunders & Associates