I’m out in the world and I tend to talk to a lot of people, and just about everybody I talk to that is in the real estate business says that this summer is going to mark the year that real estate really turns around in a big way. In many ways, I think that it already has.
Let me put it this way, I have a friend who has over $14 million in contracts currently and in the past four years, she was lucky if she was able to pull off ANY deal. Money was very tight for her and now…well, now it’s a little different let’s say.
Is real estate back?
I don’t think that it is back in the sense that homes are going to double in value overnight like it did during the height of the bubble, but it certainly seems like things have steadied out and that buyers and sellers are able to find prices that make sense. That sounds like a healthy thing to me. Nearly everything in the Hamptons, one way or another, is a derivative of real estate in terms of the economy. The government runs off of property taxes, locals fix up and maintain the homes, the media advertises properties, caterers throw parties at them and restaurants enjoy all of the people who have a little extra cash in their pockets.
I’m going to go out on a limb and officially say that I think that not only will this summer be good for the real estate business, it is going to be great.