Is your home's asking price in reality or fantasy land in the Hamptons?

Consider this real estate market is like an out-of-control bus speeding ahead with no brakes, you are my seller and are standing directly in front of the bus, I'm your agent and I'm trying to push you out of the way and save your life, however you are pushing back and are going to kill us both, I don't want to die, so you have a choice to make let me push you out of the way and help you avoid financial suicide or I'm going to get out of the way, because I can't help you, if you don't want my help and that bus is going to kill you.  This has helped a lot of my sellers deal with the reality of today's real estate market.

Someone once told me if you want reality, go into your bedroom, lock the door, take off all your clothes, and take a good look in the mirror...that's REALITY!  Now, that you have done that, you did it right?  Is your home's asking price in reality or fantasy land in the Hamptons?  In order to change anything, you have to deal with reality.  By dealing with reality, I'm referring to look at the competition (those homes on the market that you are competing against), look at the recent solds and the most recent market statistics: the absorption rate, how many homes are selling each month(reality) Vs. how many homes are not (fantasy land).   If you mention absorption rate to your agent and they don't know what you are talking about, consider finding another agent quickly.

Let's agree everyone that's in a financial position to buy a second-home in the Hamptons is well-educated, professionals...overall smart people who make good purchasing decisions.  With the Internet and information available to these buyers, they totally understand what has sold and where the market is.  Sometimes, I feel the buyers are in reality, the sellers are in fantasy land.  Fantasy land is a fun place we would all like to go, but it just doesn't exist.  Finally, if you were a buyer, would you pay your current asking price?  If not, since we agreed that all the buyers are smart, how can we expect them to pay your current asking?

Is your home's asking price in reality or fantasy land in the Hamptons?  In learning to deal with reality and the steps it's going to take to get your home sold, you have to quit the blame game, so stop blaming the market, your agent, the economy, stop it.  Let everyone else buy into the blame game, your focus should be getting out of fantasy land and into reality, which is when you get your home sold.  I have helped many sellers understand the difference and get their home sold, when others could not.  If you have additional questions please visit the real estate website for Chad Hooper.

What am I seeing this week in the Hamptons real estate market?

I am still new to this whole blogging thing, it's funny when I am out in the field showing property and driving to appointments, I have all of these great ideas, this week I decided to roll with What am I seeing this week in the Hamptons real estate market?

The Hamptons has always been known as "A Playground For the Rich" but in 2010 who is the rich?  Where's the Bently's, where's the Bling, who takes a month to vacation in the South of France?  All of my buyers from 2009 and those that I am currently working with have recession proof careers, i.e. doctors, attorneys, accountants, and the like.  By nature, a little more conservative with their money, they are not so concerned with buying into the lifestyle, as making good financial investments.

A true sign of the times, picking up a cup of coffee the the other day, I bumped in to a Town of Southampton Inspector, curious I asked how's business? (Yes, the Town is in the business of making money.)  His response was interesting, "Normally, by the end of February we have about 100 pool permits for the Spring, this year we have none."  Sobering thought to say the least.  I was thinking to myself, you can't have a home in the Hamptons without a pool, right?   

What am I seeing this week in the Hamptons real estate market? I got crystal clear a long time ago that every seller wants more than their home is worth, it's just a given.  It doesn't make them bad people.  I have always felt it was my job to koral their number towards where fair market value is.  Anyone who claims they can get you more than fair market value, is lying to you.  Meanwhile, I watch new listings come to the market at record high asking prices, I see sellers on the market for several months, actually increase their asking. 

I have one question for these "fair-weather" sellers...Do you honestly believe that when the weather breaks in the Hamptons, the birds start chirping, buyers are going to hop in their cars, race out from Manhattan and overpay for your home?  Really?  In 2006 and in 2007 you could overprice a listing and the market would eventually catch up.  Today the market is not on our side and your agent is doing you a tremendous disservice by allowing you to overprice your home.

Finally, the only thing jumping around more than interest rates this week are the agents.  The lifestyle brokers have been found out, it's like watching a bad game of musical chairs.  In many cases, they were products of the appreciating market, however the music stopped a long time ago.  These agents who didn't have a great year last year are blaming their offices and looking for the latest magic answer, formula, and pill.  When I took a look at these agents production in 2009 it was weak to say the least.  My prediction for the majority of these agents is that their next step is out of the business.  So there you have it that is What am I seeing this week in the Hamptons real estate market?  If you have additional questions please visit the real estate website for Chad Hooper.

Why it's a myth to believe that an OPEN listing is the way to sell your home in the Hamptons?

This week while prospecting, looking for new sellers and buyers for the homes I have currently listed, I spoke to a few owner's who were offering their home for sale as an open listing, please see their comments below.  So to clarify the disadvantages of selling your home as open listing, I thought I would write this blog.

I network with agents from all over the country, and owner's offering their home for sale as an open listing is unique to the Hamptons.  An open listing is when a seller offers their home for sale to all the agents, instead of choosing one agent to represent them and their home.  It's the shotgun approach, they blast or at least try to communicate that their home is for sale to the entire brokerage community.  Generally, there is no written agreement, it's just a verbal understanding.  The seller really becomes the marketer because very few agents spend much time or money working with an open listing because their is no contractual obligation.  In today's market only about 2% of the homes are selling and I can't remember the last time I saw an open listing come through on the transfers.

Why it's a myth to believe that an OPEN listing is the way to sell your home in the Hamptons?

Top agents do not base their business and their financial future on verbal agreements.  Top agents spend their time looking for new exclusive listings and trying to get their exclusive listings sold...they actually have a fiduciary responsibility to do so.  Just think if you were a real estate agent would you want to work under the protection of a contract or based upon a verbal understanding?

"But Chad...I have lots of agents calling me about my home, which is an open listing."  Your right, your sales force is the agents that don't sell any homes.  No one will list their home exclusively with these agents because they have NO SALES SKILLS, NO PLAN, and SOON WILL BE OUT OF THE BUSINESS (most likely their own home is in lis pendens).  These are the agents that sell to a price range...they show every home they can, in hopes that their buyer will like something, assuming their head isn't still spinning with confusion of what has just happened.

"But Chad...I will have every agent aggressively working for me and not just one agent." Please read above again.  It's actually just the opposite.  I know of agents that won't even tell the agent beside them in their own office about an open listing, you see only the agent that sells the home gets paid, so they don't share the information.  In actuality YOUR HOME IS THE BEST KEPT SECRET IN TOWN.

"But Chad...I know too many agents and that is why I decided to offer my home as an open listing...I don't want to offend anyone."  I can appreciate loyalty that is very admirable....you owe your friends friendship and you owe yourself the best.  Are any of your friends prepared to write you a check every month for the equity you are losing because your home is not selling as an open listing?  REMEMBER THIS MARKET IS NOT ON OUR SIDE.  Interview agents that are not your friends and choose one.

These are just several of the reasons Why it's a myth to believe that an OPEN listing is the way to sell your home in the Hamptons?  If you have any further questions for me please visit the real estate website for Chad Hooper.

Wondering what the High-End Sales in the Hamptons for 2009 were?

In 2009, there were 12 sales over $10,000,000 in the Hamptons, NY...

1. 2080 Meadow Lane, Southampton, NY 11968 Sold for $22,500,000 on 2/13/2009.

2. 120 Meadow Lane, Southampton, NY 11968 Sold for $27,000,000 on 1/2/2009.

3. 1215 Flying Point Road, Water Mill, NY 11976 Sold for $10,000,000 on 12/31/2009.

4. 263 Surfside Drive, Bridgehampton, NY 11963 Sold for $10,125,000 on 12/4/2009.

5. 765 Ocean Road, Bridgehampton, NY 11963 Sold for $10,000,000 on 9/18/2009.

6. 141 Highland Terrace, Bridgehampton, NY 11963 Sold for $11,700,000 on 11/12/2009.

7. 237 Gibson Lane, Sagaponack, NY 11962 Sold for 19,000,000 on 12/17/2009.

8. 461 Parsonage Lane, Sagaponack, NY 11962 Sold for $11,950,000 on 7/10/2009.

9. 42 Highway Behind the Pond, East Hampton, NY 11937 Sold for $19,000,000 on 9/28/2009.

10. 50 Middle Lane, East Hampton, NY 11937 Sold for $11,740,000 on 5/20/2009.

11. 172 Cedar Street, East Hampton, NY 11937 Sold for $11,400,000 on 5/20/2009.

12. 71 Shipwreck Drive, Amagansett, NY Sold for $11,875,000 on 3/4/2009.

Wondering what the High-End Sales in the Hamptons for 2009 were?

So there you have it, in 2009, these 12 sales combined for $176,290,000 in dollar volume.

To view the real estate website for Chad Hooper

I had that same question when a friend invited me to Brooklyn Saturday night, February 6, 2010. What is elemental sustenance & how does it effect Kianjavato, Madagascar? 

To view the website for Elemental Sustenance . It's an innovative collaboration solving global needs.  So, again I asked what does that mean?  So the collaboration initiative in this case is to bring two elemental yet life changing products to Kianjavato, Madagascar. 

The first is a composting toilet, turn one person's river contaminating waste into productive soil for a full year.  

The second is a filtering rain barrel which turns rainwater into clean drinking wate for a school of 150 children.

Approximately, 200 people attended from professors, doctors, volunteers, business professionals, a wide array of people eager to learn how they could help.  It took place at a gorgeous loft beneath the Brooklyn Bridge, DUMBO there was wine, local micro-brew beer (donated by Southampton Publick House...have to give them a shout out), and locally grown and produced food. 

Despite the current recession it was exciting to see so many people come out with a positive, upbeat, and humble attitude...willing to help.  There was a silent auction, I actually had the winning bid on this sweet hand-carved Hear No Evil, Speak No Evil, See No Evil Monkey sculpture.  There was a pay-pal station set up for people to donate towards a bucket or filtering rain barrel.  There was an awesome slide-show describing the area, the culture, and the work happening right now in Madagascar.

What is elemental sustenance & how does it effect Kianjavato, Madagascar?  So, I covered the elemental sustenance part, let me cover the Kianjavato, Madagascar part.  Kianjavato, Madagascar is a community in the midst of change.  The disappearing forests are home to the most endangered lemurs in the world and poverty is threatening species endangerment...both primate and human.  So, again if you are like me...what's a lemur, do you remember Dreamwork's movie Madagascar...that's a lemur.   Despite these challenges, on-the-ground education initiatives are increasing local awareness of Kianjavato's unique global location and the assets that accompany it's uniqueness.

The greatest challenges being clean drinking water, lack of electricity and sanitation, an unsustainable agriculture.  A lack of basic sanitation overloads the rivers with fisces, a water supply that is responsible for bathing, washing of clothes and cookware, and drinking water...this perpetuates the vicious cycle of life threatening parasites.  This is why the composting toilet and filtering rain barrel are needed to encourage clean drinking water and promote an unpolluted water supply.

What is elemental sustenance & how does it effect Kianjavato, Madagascar?

The collective goal for elemental sustenance in Kianjavato is to become the greenest and healthiest community in Madagascar by 2020, view the website for elemental sustenance and to find out how you can get involved.

I am grateful for the opportunity I had to attend this great event and I learned so much about elemental sustenance and how it is making a positive difference in Kianjavato, Madagascar.

To view where Kianjavato, Madagascar is located, check out the map below:

4 bedrooms, 2.5 bath Traditional For Sale in East Moriches, NY MLS # 2257279 $625,000

For more information, please call my cell 631.946.3330 or visit the real estate website for Chad Hooper

This gorgeous 4 bedrooms, 2.5 bath Traditional For Sale in East Moriches, NY is situated just steps from Moriches Bay with terrific water views. Enjoy over 2,800Sf of quality craftsmanship in every direction with raised panels, high ceilings, plus intricate moldings, you will really appreciate the detail found throughout. Oak floors lead you through this tremendous layout, including formal dining room and great room complete with wood-burning fireplace. Gourmet eat-in-kitchen boasts granite counter tops and professional grade appliances, including custom center island with additional sink.

The master suite in this 4 bedrooms, 2.5 bath Traditional For Sale in East Moriches, NY boasts sitting room with amazing water views, and a master bath complete with subway-tiled shower with body-sprays and jacuzzi with his and her vanities. Bonus features include detached 1-car garage, huge wrap-around front porch, and unfinished basement. Walk to bay beach and boating from this 4 bedrooms, 2.5 bath Traditional For Sale in East Moriches, NY.

The owners really enjoy morning coffee on the front porch, preparing great meals in the huge eat-in-kitchen and entertaining all the family in the large dining room.  The water views from the upstairs master are impressive and they spend a lot of time enjoying them.  The owners invested a lot of time and energy designing this truly custom-built home, sure to impress you!  The time is right to make your move now on this 4 bedrooms, 2.5 bath Traditional For Sale in East Moriches, NY.

Check out this great location, just steps from Moriches Bay:

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Almost six years ago, I met a man who talked about a predictable and duplicatable business.  Up to that point, my first six months in the business, I had been successful, but definitely did not have a predictable and duplicatable business.  I wanted what he was talking about, so I hired him immediately to coach me.  Since meeting Mike Ferry, I have learned the following:

Real Estate is a business just like any other sales business, and I am the Chad Hooper Sales Corporation.  I operate from a business plan everyday that is based on my annual income goal.  I know exactly how many people I need to talk to each day in order to achieve my goals.  I know that I have to spend 75% of my day on income producing activities like prospecting, lead follow-up, pre-qualifying, going on appointments, presenting, and negotiating contracts.

To that extent I operate from a daily schedule which is a blueprint for how my day will go.  I take the pro-active approach I go and find new business everyday, that's why it's called prospecting...I am not passive, waiting for the business to find me.  I play to WIN, rather than play to LOSE.

I work everyday on improving my skills, knowing what to say and how to say it is crucial to my success.  I maintain a high-level of energy & enthusiasm throughout my work day by working out and eating a healthy diet. 

Keeping a positive mindset is very important, so I belong to mastermind group, read inspiring books, listen to positive CDs, and I have daily affirmation partners that I speak to every morning...and it's early.  I need daily discipline, so I have my coach that I speak with at least once a week, he looks at what I am doing, checks my numbers, encourages me, and helps me solve any problems I'm having and keeps me on track to achieve the goals I have set for myself.

95% of people don't have goals, that's why their so negative and never really accomplish much.  An important part of really going for it, is thinking BIG! 

A dream with a deadline is a goal.  So all my goals have deadlines and are in writing...just thinking about them gets be excited about working my plan and keeps my mindset positive.  People hire me because I have the ability to keep my wits about me, Mike told me once keep your emotions between the lines, and keep the lines very narrow.  I am the calming force in all my transactions.  I know that the income I earn is in direct proportion to the customer service I deliver...outstanding service equals and outstanding income. 

Finally, I have learned not to be attached to the outcome, to have fun, and to start everyday at zero, these are a few of the reasons why I am successful.  To view the real estate website for Chad Hooper .

What's happening with real estate values in the Hamptons?

Are you confused with what you are hearing on the news and reading in the newspaper and the Internet?  Check out my latest video as I describe my 3 most recent sales and how I was able to get my sellers the most money possible. 

To find out What's happening with real estate values in the Hamptons? check out the video below:

Click here to view the real estate website for Chad Hooper.

14th Annual Snowball "Winter Doldrum's Extravaganza" In Westhampton Beach

This past Saturday I attended the 14th Annual Snowball "Winter Doldrum's Extravaganza" In Westhampton Beach.  It was my first time attending, so I will help you out...as to what a SNOWBALL is?  It's Westhampton Beach's Annual "Winter Doldrums" celebration with heavy hors d'oeuvres, lots of dancing, DJ and their was a guy named Jim Vignato singing sporadically...very entertaining.  Besides a great reason to get out on a Saturday night in the middle of the Winter in the Hamptons...it was all for a good cause.

There were raffles and prizes and it really was a lot of fun to attend 14th Annual Snowball "Winter Doldrum's Extravaganza" In Westhampton Beach.  Over 300 people showed up to one of my favorite restaurant's Starr Bogg's in Westhampton Beach, NY.  The dress was semi-formal, a few people wore black tie...a little over the top. It was sponsored by Westhampton Associated Merchants (WHAM) and benefited the Wounded Warrior Project.

14th Annual Snowball "Winter Doldrum's Extravaganza" In Westhampton Beach benefited the Wounded Warrior Project began with several individuals took small, inspired actions to help others in need. After watching the evening news, one night, a group of veterans and brothers were moved by the difficult stories of the first service members returning home wounded from Afghanistan and Iraq. They realized that something needed to be done for these brave individuals beyond the brass bands and ticker tape parades immediately. The resulting objective was simple to provide tangible support for the severely wounded to help them on the road to healing, both physically and mentally.

It was great to see a lot of friends that I normally don't see until the summer.  It was very refreshing to see so many people come out and support a great charity like the Wounded Warrior Project.  I look forward to next year's SNOWBALL...see you there.  If you would like more information contact Chad Hooper.