Clinching a real estate deal in the Hamptons is a task that bears its own trials. In a market that is renowned for its multimillion offerings, constantly attracts buyers from around the world and pulsates with its own unique rhythm, the stakes of any transaction are higher than average. Thus, the counsel of a skilled real estate agent is key to selling and purchasing in the Hamptons.
Douglas Sabo, a luxury real estate professional with Nest Seekers International and a Hamptons’ native, shares his insight and advice on navigating the upscale area.
The Hamptons is famed as an upscale second-home destination. Yet, what advice do you have for buyers seeking a year-round residence here? How should they tailor their search differently?
I think all buyers should keep an open mind, quite often after searching for a property looking at what is available and at different areas they make adjustments from their initial perception of their ideal Hamptons. Finding a home out here is a process – it takes time to view the inventory, understand the market and the area differences.
House hunting often sounds fun, but can turn out to be more difficult and overwhelming than homebuyers imagine. What is your approach to curating and presenting to your clients the listings you think best match their search?
Yes, it can be, and there are many pitfalls buyers can get caught up in. Working with a knowledgeable broker is essential, one that understands town codes land use restrictions, and the potential development rights of the property. They also need to ensure that everything that exists in the transaction is legal. There is nothing worse than negotiating on a property only to find out there are restriction, or illegal building or structures that do not meet local zoning laws. Even if they can be rectified, the delays alone are frustrating.
What is the best time of the year to buy property in the Hamptons? Why?
Late fall and early spring, most buyers buy to set up for the following summer season, but sales are made all year-round. It is difficult to assess a property covered in snow, or to see the landscaping and appreciate how the home feels.
Negotiations seem a given when buying real estate, but how common are they in the luxury segment? What are your tips to homebuyers who engaging in negotiation the price?
Negotiations are a given in any market including the Hamptons. It a process, and always the value of any property is determined by what a buyer will pay for a property and what a seller will sell for, in essence the meeting of the minds.
I always advise my clients not to rush in with any offer before we have done our due diligence, fully understanding the property in all aspects, and understanding the market as it is today. Information is key.
Secondly, during the process don’t take things personally, it a real estate transaction, stay focused on the deal. I have seen a number of great deals get blown up by ego, and they generally regret it after losing the property.
Last, it is not always about the best deal, buyers should understand they will be living in this property, and need to evaluate whether they settle for the best deal or they buy the property that suits them best.
What does a winning offer constitutes of? What is your approach to helping clients with offers that stand out?
In a successful transactions there is give and take on both sides. The key is being prepared, understanding the market, understanding the process and what is required. Before the offer, the buyer need to be confident in their decision, and have everything in place to close the transaction. That means having an attorney they will use, hiring a home inspector and having financing in process if that is required. Delays can kill deals, waiting to find an attorney or getting approved for financing, when evaluating offers most sellers gravitate to the buyer that they believe can close the sale, not necessarily the highest price.
The closing process may be confusing, bringing additional costs and unexpected time frames. What can homebuyers in the Hamptons expect during that time?
Working with someone knowledgeable saves time, and can save a deal. Buyers should be fully aware of the costs, fees and time frame well in advance. There should be no surprises.
Top Image: 26 Parrish Pond Ln, Southampton, NY 11968
Images courtesy of Douglas Sabo