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Hamptons Real Estate BUYERS Blog…True North Realty Associates - A Buyers Brokerage September 16, 2008 in Area Real Estate, Beach Properties, Beachamptons, Hot Property, International Properties, Legal Matters, Manhattan, Michael Daly, Real Estate News, Resort Real Estate, good investments, smart money | Tags: buyers agency, buyers fiduciary responsibility, exclusive buyer agency, exclusive hamptons Buyers advice, great deals on hamptons real estate, great hamptons investments, Hamptons Buyers Brokerage, hamptons buyers services, hamptons investment advice, true north principals, true north realty associates | 6 comments Michael Daly, Principal Broker Serving The Hamptons, Shelter Island and the North Fork 631 725 0554 (o) 631 525 6000 (m) www.beachamptons.com michael.daly@mfdaly.com After 10 years as a salesperson, broker, executive and owner in Hamptons real estate, I and my brokerage, True North Realty Associates have become an Exclusive Buyers Brokerage. True North will be working only with BUYERS seeking to purchase real estate in the Hamptons, Shelter Island and the North Fork. TNRA will not take listings and will not represent those selling their properties in this market. WHY? We see the need for buyers, who are NOT BEING REPRESENTED truth about enzyte in the current market, to have an advocate; someone who will accept the Fiduciary Responsibility to protect their interests in the real estate transaction. Someone willing to take the time to get to know you, the buyer, to find out what makes you tick, what truely fits your needs, both personal and financial and do the research necessary to build the business case for your purchase. With all that is taking place in the financial markets; Bear Sterns, Lehman, AIG, Countywide - one thing that is becoming clear is the concept of “Moral Hazard” and we see the preponderance of Listing Agents pushing their own listings, showing customers (who, by the way, are NOT clients - clients get fiduciary) the properties that THEY want to sell them, not what the customer wants to see, as a true Moral Hazard, one that the industry is not yet willing to face head on. Interestingly enough, the name of our brokerage, True North, was inspired by Stephen Covey literature (Seven Habits, First Things First), where “true north principles” lead to decisions that are guided not merely by the “clock” of scheduling but by the “compass” of purpose and values. In the following days and weeks, we will be adding posts, separately and as links below, explaining the nuances of Buyer Brokerage; how it works, from the “head” to the contract agreements to the commissions. One thing is for sure, it doesn’t cost any more or less to use a Buyers Broker. All the commission comes from the same place, the proceeds of the sale. For those of you who I have represented as sellers over the last 10 years, I will be happy to assist you in finding the best suited listing agent for your property. We can do a thorough analysis of who has the best experience in your particular market and who would be the perfect fit for your needs. Here’s an explanation of Buyer Agency from About.com in fairly easy to understand terms.Buyer Agency
Part 1: What is Buyer Agency? Buyer agency is defined as a principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that as a buyer’s agent you are tied to the buyer, and that all of your loyalties are to the buyer. Buyer agency is a relatively new concept for the real estate world. In the past, agents were Seller’s Agents, working for the person who signed a contract employing them to sell real estate. Over time that arrangement resulted in too many misunderstandings. A buyer working with a Seller’s Agent often regarded that person as his agent, and felt free to make confidential statements, not understanding they would be passed on to the seller. Complaints were made to real estate commissions, and lawsuits were filed. As a result, many states now require us to explain agency status to the buyer. New York State requires that the buyer or seller is presented with a disclosure on the first substantive contact. In today’s real estate world, you’ll find agents who work as Seller’s Agents and Buyer’s Agents, and in some areas you’ll see Dual Agents and Designated Agents. Here’s a simplified recap of those terms. Seller’s Agent Your duty is to obtain the best deal for the seller. You are allowed to give the buyer only material facts about the property.A Seller’s Sub Agent is an agent from another office who is not working as a Buyer’s Agent. Here are subsequent posts with more info on the Buyer Agency subject as it pertains to the Hamptons market: Why Work with a Buyer’s Broker? Looking at a Transaction from the Buyers Side Duties of a Real Estate Agent - Fiduciary
Dick Cavett Sells Oceanfront Property to Preservation Fund October 28, 2008 in Area Real Estate, Beach Properties, Beachamptons, Conservation, East End Conservation, East End Life, East Hampton, Hot Property, Legal Matters, Montauk, On The Market, Real Estate News, Resort Real Estate | Tags: Dick Cavett, montauk preservation, reasonable selling price, not greedy real estate | No comments What a great story and EXACTLY what the people want to see public preservation funds used for. Very often, we don’t know what land/property is available for development until after it is too late and the developer brings down the bulldozer. Cheers to the parties that made this deal happen!! See story below. 77 Acre Cavett Property in Montauk, NY To Be Preserved
County Finalizes Joint Purchase Of Cavett Parcels Completing Moorlands Preservation
3rd Quarter 2008 Hamptons Sales Figures October 28, 2008 in Area Real Estate, Real Estate News, Resort Real Estate, good investments, smart money | No comments East End Map This info is for the two townships that make up “the Hamptons”, Southampton and East Hampton townships, on the south fork, from Eastport to Montauk. Unit sales and dollar volume are way down. Knock…knock. I think we have a buyers market here…
How Will Wall Street Job Loses Effect Hamptons Real Estate? October 28, 2008 in Area Real Estate, Manhattan, Real Estate News, Resort Real Estate, smart money | Tags: wall street effects hamptons real estate | No comments
I remember results of a study done while I was at PDE 5 years ago that showed 50% of our business in the Hamptons came from the 5 boroughs of New York City, 25% came from Long Island (Nassau & Suffolk) and 25% came from everywhere else, both nationally and internationally. It would be interesting to break down how much of that business could be diectly attributable to Wall Street people…looking back, roughly one in three of my business deals have been done with Wall Street folks over the years…and while that might be ebbing at the moment, only Chicken Little thinks that will ever stop completely. We are, naturally, so Wall Street focused here, after all, many of our friends, and clients work on Wall Street and, on the other hand, Wall Street is the very thing the cynics love to hate, out of jealousy or philisophical dissonance with living a life around money. One of my dearest friends of 30 years was visiting from Syracuse recently and she reported that the market was somewhat flat there, but had not seen any major upheavals recently (I haven’t checked their stats, was just listening) and she asked me “What’s it like to live near Wall Street with all these big ups and downs and all these millions floating around?” |