When you think of the Hamptons, conspicuous consumption comes to mind- a summer playground by the beach characterized by multi million dollar estates occupied with hedge funders and beautiful people. Though that may be true, the truth is that there are plenty of affordable homes under a million dollars that are value plays. Nest Seekers power broker John Brady is one of the rare finds you will find in the area. Tapping into his vast knowledge of the Hamptons he gets homes sold in record time, finds the needle in the haystack for his buyers and can get you the best value home no matter your price range. Here Resident speaks with John Brady to get his advice on buying and selling in the Hamptons in 2017.
When is the best time to buy in the Hamptons?
This is a destination market so it’s easier during the winter to buy and get ready for the summer. During last two weeks of august the market dries out.
What do you think about the market?
It’s going through another correction, most buyers are aware of it due to technology being at their fingertips.
Do you think a lot of homes are overvalued?
If you go from Westhampton to Montauk there are about 2458 homes for sale. Right now, we have two to three years of inventory, even with an average of 105 sales a month in the entire Hamptons region. If you look at what actually sold in the past 90 days only 4.2% of the homes are actually selling. But this area is so specific. You can have a house that’s $300K on a street that is not so great and behind it a house can be listed for $2M. You have to know the area so well to make those decisions. You can’t just rely on a google map, which is why it’s so important to work with people that actually know the area in and out.
Flipping can be done; I’ve done a lot of flips for a lot of investors but it just has to be the right product, the right location, the right terms, so the stars have to align; right now with all of this oversupply, it definitely affects people’s ability and confidence in buying and investing. Though you do see a market turn every six or seven years.
What do you think makes you successful in the Hamptons?
I would say because I have an actual 21 point plan and schedule that holds me accountable to the things that I promised that I’m going to do. I sell about one house a week on average and work the phone all day everyday looking for buyers and sellers. I spend about three hours a day contacting thirty -fifty people asking them to buy my listings, which is a more aggressive method than the norm. As a professional real estate agent, it’s important to know what’s truly going on with the market statistics: how many homes are on the market, how many are sold & how many new to the market in the same time frame. It’s definitely a buyers’ market; it will continue to be a tough time for sellers just because of the very same reason; there are so many more options to choose from.
John F. Brady
Licensed Real Estate Salesperson
688 Montauk Hwy Water Mill NY
HERE ARE SOME OF MY LISTINGS:
66 Bull Bath | 4.295M | NEW CONSTRUCTION | 7 bedroom, 7.5 baths, 7000 sq. feet
150 Neck Path | $949k | Fullly renovated in 2016 | 5 bed, 3 Bath, 2500 sq ft, 89 acre, room for pool
21 Two Holes Of Water Rd | $2.195M | PERFECT PROJECT PROPERTY | 3 bed, 2.5 Bath, 2400 square feet, 2.24 acres