Real Estate Roundtable

There’s something special about life on the East End during fall and winter, whether it’s the chance to take in the vineyards and holiday festivals or simply the solitude of the beaches and endless access to shopping, entertainment and dining. Yet it’s also the perfect time of year to explore other environs, whether as a renter or as a second (or third or fourth) homeowner in areas where sand and sun or snow reign supreme. With summer in the rear-view mirror, our panel of experts from the local market and further afield share their insights into key points for buyers and sellers in the Hamptons, on the North Fork and beyond.

“The fall is my favorite time of the year on the North Fork. There is an endless list of things to do and enjoy during the harvest season. The vineyards are abuzz. It’s a tradition in my family to go apple picking and then come home and make applesauce together like I did with my grandmother when I was a kid. We also enjoy pumpkin picking and making jack-o-lanterns. The farms are full of corn mazes and pony rides and all sorts of activities. The farm stands are full of fabulous local produce for farm-to-table meals to be enjoyed with family and friends. As we head into winter the numerous opportunities present themselves to enjoy the rich history of each of the hamlets in their holiday festivals. It’s a wonderful place to escape the chaos of the city to select and cut your own Christmas tree, or do your holiday shopping in all of our unique little shops and boutiques that offer personalized service and that hometown warmth you can’t find anywhere else. At the end of your day exploring the beautiful North Fork, come home, light a fire and enjoy a cup of cocoa snuggled under a cozy blanket with the ones you love.”—Donielle Cardinale, Licensed Associate Real Estate Broker, Daniel Gale Sotheby’s International Realty

“Like many people, I think fall is one of the most beautiful times of year to enjoy a property. The weather is still great, the colors are beautiful, and the crowds are largely gone. As you head into winter, we recommend that buyers purchasing a home ask for a pool letter and sprinkler letter from the seller that ensures the pool and sprinkler system was in good working order at the time of closing. Sellers should try to keep their pools open as long as possible—as a house shows better with an open pool. They should also stay on top of fall cleanups and remember to engage a snow removal company early in the season. We can’t sell a house if snow blocks gates, driveways and front doors…. I love Aspen for skiing, Miami for sun and fun, and New York City for its energy and excitement. But no place is better than the Hamptons!”—Enzo Morabito, Licensed Associate Real Estate Broker, Enzo Morabito Real Estate Team, Douglas Elliman Real Estate

“Fall on the East End is my favorite time of the year. The ocean waters are still warm, the light is incredible, the crowds are gone, which makes driving a breeze, and getting a reservation at Nick & Toni’s won’t take three weeks. Indian summer is harvest season, so those of us who garden are reaping the fruits of our labor—literally—and those who love to fish will find a bounty of opportunities. Oh, and real estate-wise, it is the height of the busiest selling season! Sellers put the apple pie in the oven and go downtown shopping while your realtor does an open house. Buyers—fall is our busy season, so if you are ready to make a great investment, pull the trigger now. Sales made now will close in winter, which is perfect to give the seller time to move out and the buyer time to personalize their new home and have it ready for springtime. The winter out east reminds me of a Norman Rockwell painting—ice skaters on Town Pond, sledding on Quail Hill, hiking the waterfront on North Haven. The holidays are a quiet time for residential but the busiest time for commercial, as shops and restaurants need the winter to get ready for Memorial Day business!

As an avid skier, my passion takes me out west every winter—which is ideal for my business, as that is the slowest time of year for Hamptons real estate. I’ve thought many times about buying but I can’t decide between Colorado, Utah, Wyoming or California, so I guess I will keep kicking those tires until I can grow up and decide. In the meantime I will keep my investment dollars in my East End dire—it’s done me well.”—Judi Desiderio, CEO, Town & Country Real Estate

“Fall in the Hamptons is my favorite season. The leaves are turning, traffic is down and the beaches and bays are still the most beautiful in the world. If you are in the market to buy a home, winter is the best time to look at Hamptons real estate. Many potential buyers have gone south yet there are always homeowners that must sell in a timely manner. Dress warmly, be courageous and you may just land the home of your dreams. If you are considering investing in another vacation locale, I suggest Aspen, Colorado. There is consistent demand from buyers and the rental market is strong. Like the Hamptons, values go up over the long-term. Aspen is not only for skiing. In the summer months it is a cultural Mecca. What can be better than listening to music on top of a mountain?” —Alan Schnurman, Licensed Associate Real Estate Broker, Saunders & Associates

“When buyers think of the Hamptons they normally think ‘summer.’ The big surprise is that the fall months may be considered the best of the year. Our weather is gorgeous, and there’s plenty to do for adults and children alike. Enjoy the harvest with pumpkin picking and corn mazes. Relax at your favorite vineyard and enjoy live music and wine tasting. Enjoy holiday parades and festivals with family and friends. The Hamptons—we live on vacation!”—Terry Thompson, Licensed Real Estate Salesperson, Douglas Elliman Real Estate

“Having a property for the fall and winter gives you entirely separate chapters of enjoyment to your coveted ‘Hamptons lifestyle.’ Experiencing the breathtaking autumn foliage, uncluttered roads, ease of getting a great spot at your favorite restaurant and solitude on a gorgeous beach are the rewards, along with spending more quality time indoors in your East End home. It can also be a good time to sell a home during this period, because generally those that are looking to purchase one are statistically more serious to buy and the focus is on the home search and not competing with beach time and all-day outdoor activities. Also for buyers who are looking to purchase, make your offer fair, educated and researched; there may be snow on the roof, but that does not chill the value of a perfect home. It’s also truly a great time to do a site visit at a home being newly constructed. Being able to provide a builder with a punch list this time of year affords the ability for a seamless spring occupancy. But remember, don’t procrastinate to buy because it’s ‘off-season’—spring will arrive before you know it and with that you may be caught in a bidding war for the same property if you wait till then.”—Jim Rooney, Principal, FLEXdevelopment/KP Property Group Inc.

“What’s so special about owning a property on the East End during the fall and winter is that it’s just a great time to enjoy all that the Hamptons offers. Obviously, the crowds have subsided, which means it’s easier to make reservations to enjoy all of the great restaurants that abound out here. Traveling from Montauk to Southampton is a breeze. A brisk walk on the beach is so refreshing and mind-altering, especially since it’s easy to park your car now. As for buyers and sellers during these seasons, it used to be in the past that this was the time to scoop up a deal for the buyer. Granted, there is a slowdown in the market during the holidays, but not like it was years ago. It’s actually a great time for potential buyers to be looking. The laidback feel brings back a time of yesteryear, when the Hamptons were like that all year round.”—John Christopher, Licensed Associate Real Estate Broker, Brown Harris Stevens of the Hamptons, LLC

“The East End is remarkable ‘after season.’ The fall color and myriad activities available for families are harder to experience, if at all, in the city. Halloween is especially wonderful for children, since the villages really turn out for daytime costumed parades and events, closing off streets and making trick-or-treating very special. It’s kind of old-fashioned, and kind of marvelous. The same goes for the autumn corn mazes, apple picking, and the ever-popular Pumpkintown. As the weather grows colder, people use their homes to host Thanksgiving dinners, and that merriment lasts straight through the mid-winter celebrations. The fall and winter light across the land are as beautiful, although in different ways. The days are shorter, the villages are quieter, and there is something peaceful and calming about the change of seasons. It offers a real respite from an otherwise hectic life. We have noted in more cases than not, that once folks buy a house in the Hamptons, they may come out as often as 50 weekends per year.

  There are defined advantages to buying ‘off-season.’ Customers looking to buy during time periods when the leaves have fallen off the trees and hedges can see the land parcel boundaries more clearly, or how near or far the neighbors properties run. And on the ocean, customers can see firsthand how the elements can affect homes. These can be important considerations for a customer’s decision to purchase.”—Holly Hodder, Licensed Salesperson, Sotheby’s International Realty

“South Florida is the ‘it’ winter destination for a tremendous number of Long Island natives, who escape the chilly northern winters by indulging in the tropical climate of the Palm Beach, Fort Lauderdale and Miami markets. With miles and miles of pristine beaches, the warm Atlantic waters, an average winter temperature near 80° and cultural attractions galore, South Florida is more popular than ever. For Long Islanders, South Florida boasts world class country clubs, championship golf, five-star shopping, three international airports and a carefree lifestyle that is second to none.”—Ben G. Schachter, LCAM, GRI, Broker-President & Licensed Real Estate Instructor, The Signature Real Estate Companies

“Long known as ‘The Hamptons of Florida’ for its laid-back, unpretentiously elegant island vibe, Vero Beach is an ideal winter community for several key reasons that distinguish it from other options. Tucked just inside the line of the tropics, Vero rarely sees a hard frost. As a result, Vero is home to both ancient Live Oaks, tropical palms and 28 miles of pristine Atlantic Beaches. A jacket is a Vero fashion accessory, not a necessity! And with direct flights from Vero municipal airport to the New York area starting December 10 for under $200 round trip, getting to Vero is a breeze. Vero property is 40% more affordable than other seaside communities throughout Florida and the Eastern seaboard. From waterfront homes on the barrier island or a mainland pied-a-terre, Vero buyers simply get more bang for their buck.

Low density, low profile zoning has been in place in Vero since the 1970s, in which condos may not exceed four stories and homes have strict height limits. This visionary policy has kept sprawl away, resulting in finite housing inventory and a barrier island with fixed bridges that comprised a charming Ocean Drive retail district and largely single family homes whose beaches, restaurants, waterways and roadways remain remarkably un-crowded—even during peak visitor season of January through March. The jewel of Vero Beach may well be its beloved Indian River Estuary. Serving as Vero’s intra-coastal waterway, the Estuary’s brackish, tidal waters are dotted with Mangrove-lined spoil islands, preserved from development. The River is home to a bevy of species from manatees to bottlenose dolphins, egrets, bald eagles and heron—but happily, rarely gators, who dislike its brackish waters. A variety of public, free-of-charge accesses to both the beach and Indian River are accessible to residents and visitors for fishing, tubing, SUP and boating adventures.”—Sally Daley, Broker/Owner, Daley & Company Real Estate, Vero Beach

Everyone strives for perfection, but attaining it can be an elusive pursuit, especially when it comes to real estate. Finding the perfect property, creating the perfect staging, setting the perfect asking price, making the perfect offer…no matter the effort, missteps happen along the way, among both buyers and sellers. Our roundtable of experts and insiders share their insights into common mistakes made on both sides of the table and offer their keys to avoiding them, to the benefit of all parties. “The real estate market is all about supply and demand. A listing will be dormant for months, but the moment you have an offer, you seem to have three. Buyers and sellers can get the most out of the market by avoiding a few common mistakes. Most commonly, sellers overprice their homes. They take pride in their properties and believe it is worth more than market value. Secondly, sellers often turn down their first offer and consider it as a starting point; however, these tend to be the highest offers. On the contrary, buyers sometimes underestimate how eager a seller is, based on their asking price. I encourage the customer to make an offer, even if it is a bit out of their comfort zone—the seller might be willing to negotiate in your favor after all.”—Lauren Spiegel, Licensed Real Estate Salesperson, Douglas Elliman Real Estate “Three common missteps buyers make: One, not having the money to buy or the knowledge that they qualify for a loan. It’s so important to have your financial ducks in order. That’s why speaking to a financial adviser who can tell you your budget parameters is an asset. Secondly, finding the home you love. Thirdly, that only comes when you connect with a professional buyer’s agent. Someone who ‘gets you.’ A professional who listens. There’s no need to look at three bedroom homes when you specifically asked for a four-bedroom.—John Christopher, Associate Real Estate Broker, Brown Harris Stevens of the Hamptons “The biggest mistakes for sellers is overpricing and leaving too much ‘room to negotiate.’ There’s a lot on the market and you need to price to sell, so your listing gets shown. With buyers, once they find something that they like, they continuing to look for something better or for prices to come down. If you find something, especially in this market, make an offer. There’s a lot of inventory and prices are good.”—Susan Breitenbach, Licensed Associate Real Estate Broker, The Corcoran Group “Buyers and sellers sometimes have the notion that they know as much [as real estate pros] about the local market from what they have been able to glean from the internet. The reality is that there’s no substitute for a good real estate agent. Internet listings show only a small part of the total picture, and do not take into account complex zoning issues, the various qualities of different locations and myriad factors that impact smart buying and selling. The bottom line—a good real estate agent will save a buyer or a seller money and guide them in buying or selling the right property for the right price and terms. I have seen many a buyer lose out on a perfect property because they second-guessed their agent’s advice in bidding. Conversely, I have seen many a seller lose a great buyer placing a bid and end up having to accept a lower price because again, they second-guessed their agent’s advice on how to response to bids.”—Aspasia G. Comnas, Executive Managing Director, Brown Harris Stevens of the Hamptons, LLC After correct price positioning, sellers need to realize the importance of home-staging services when listing their home and selecting an agent, especially in the East End market. Such an extremely important aspect, but often overlooked, staging and high quality professional photos create first impressions. Buyers often discount a home solely based on the online photos. Particularly on the East End, many buyers are coming from out of the area, sometimes unaware of distinct property values or locations. Likewise, many buyers offer full asking price for properties that are professionally staged, over other properties where location is sometimes much more valuable. Sellers need to recognize that creating the best online presentation of the home is a crucial factor to create interest and increase the volume of showings to obtain a premium sales price.—Susan Orioli, Esq., Licensed Real Estate Broker and Owner, NOFO Real Estate, LLC “Sellers should go into the selling process with the understanding that what they paid, what they put into upgrading their home, and what they want for a selling price may not match what buyers will give them in the current marketplace. If a house has been on the market for a while with no accepted offers, it often means ‘the market is speaking’ and the seller may need to adjust their selling price expectations. Buyers should realize that, unless they have a sky-is-the-limit budget, they may not get every item on their wish list—otherwise they may end up house-hunting for years and still not find their ‘perfect’ house. Every home has pros and cons. They should focus on buying the best house they can afford in the best neighborhood. Buyers should speak to a good mortgage banker before starting their home search to determine their budget and financing options. Taxes play a huge role in monthly payments. Pre-approval letters hold more weight than pre-qualification letters. Buyers also need to factor in closing costs, including the 2% Peconic Transfer Tax and the 1% Mansion tax on homes over the $1 million mark.”—Aimee Fitzpatrick Martin, Licensed Associate Real Estate Broker, Saunders & Associates “One mistake a seller can make is to significantly overprice their home. Buyers will not even attempt to make an offer unless they feel the seller is motivated to sell. If a seller does not accept the advice of their real estate agent on pricing their home, I recommend the seller have an appraisal done. The appraisal can save the seller time and money in the long run. One mistake a buyer can make is not to take the time to get a preapproval prior to making an offer. The buyer falls in love with a home to only delay the signing of contracts to confirm what they can afford. This delay can put a buyer at risk of losing the home to another buyer. A preapproval can also spot a problem with a credit report which may be fixable in helping the buyer to get a lower interest rate.”—Janice Hayden, Associate Broker, Halstead Property “‘Don’t wait to buy East End real estate, buy real estate and wait!’ It’s an oldie but a goodie. Some prospective buyers sit on the sidelines and then jump in making unrealistic offers blaming a soft market or an unpredictable economy. Properties priced right by sellers and logical offers presented by buyers will result in a win/win for all! In the Hamptons, where cash purchases are quite common, if a buyer offers cash and a seller accepts that as a condition of price...stay the course! Buyers then fiip-flopping to attain financing can cause discord in the transaction and open up some unexpected doors resulting in delays and possibly a dead deal! Choose your attorney wisely. East End real estate differs from other areas, hence buyers and sellers should carefully consider using a local attorney to represent them. And accepted terms and conditions between buyers and sellers prior to the attorney’s drafting actual contracts should be translated as agreed. A deal can truly ‘go sideways’ if those contracts present a different picture than previously agreed upon.”—Jim Rooney, Principal-FLEXdevelopment/Broker-KP Property Group Inc. “Allowing oneself to be influenced by one’s emotions is one of the greatest missteps that, not only buyers and sellers experience, but people in general. The comparatives speak volumes and loudly and clearly. Buyers and sellers who don’t want to look at the actual ‘comps’ when coming to a valuation of the property they are either selling or buying, is often the biggest misstep I see here in the Hamptons. Judgments are often clouded by what the person wants to believe is the value and not the actual established value through market analysis and appraisal. Not establishing one’s credit limitations clearly is a misstep that I see many buyers make and it forces the buyer to purchase a property on a bank contingency basis, which puts them at a disadvantage over the cash buyer. This can easily be avoided by approaching the financial institutions prior to home shopping and establishing exact parameters for what the buyer can spend. Knowing the market well enough to have confidence in the valuation of the property will further help to avoid shooting too high to actually get a mortgage approved. In the end, if you are borrowing, establish your credit limit with your bank and shop within that limit. Try to force your lender to give you a commitment contingent on the property, appraising for the value that you have placed on it. Sellers often don’t want to use all the tools in their arsenal to help them sell their homes. I have seen many sellers resist the opportunity to put a sign that says ‘For Sale’ in front of their house, for whatever personal reasons they may have. The kind of exposure and conveyance of availability that a sign brings is of enormous benefit to a home seller, and I find that many people do not wish to understand this concept.”—Raphael Avigdor, Team Raphael Avigdor, Douglas Elliman Real Estate