Category Archives: Trends

Apr 30

Hamptons Designer Housing Market Update

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200px-Cuckoo_clock_by_Pascal_Tarabay1Last week, 27East reported how Hamptons Cottages & Gardens magazine hosted a panel discussion that featured discussions by a variety of professionals related to the real estate industry in the Hamptons and, with regard to creativity and real estate, the situation is a bit paradoxical. In one sense, it’s a designer’s market:

“Mr. Collé, who said that today’s buyers are “less interested in cookie-cutter houses” and more passionate about custom-designed homes, said that he has been seeing more and more demand for “bigger and better” residences. That means more and more teardowns of existing older homes on ideally located properties, he reported.”

And yet, in another sense, the population of creative artists and designers that helped to give the Hamptons a sense of mystique seems to be on the wain:

“The artists and writers are being squeezed out by the hedge fund managers, she paused. “And the people clipping the hedges.”

Like SOHO in NYC and Red Hook in Brooklyn, the Hamptons seems to be following a similar pattern for artists and writers.

In March, Deal Book reported how hedge fund titan Steven A. Cohen paid $60 million for an oceanfront home on Further Lane in East Hampton. But this is chump change. The day before the home purchase news has it that he purchased Picasso’s “Le Rêve” for $155 million from the casino owner Stephen A. Wynn. This was apparently one of the priciest private art deals ever transacted. The art of the deal.

The HC & G Hamptons real estate update and forum included Builder Jeffrey Collé, NYC&G features editor Carmela Ciuraru, HC&G contributing editor Heather Buchanan and author Steven Gaines joined HC&G publisher Pamela Eldridge.

Image of designer cuckoo clock by Pascal Tarabay is courtesy of Creative Commons.

Post originally published at Warren’s Nursery

Tags: art and real estate, Hamptons designers, Hampton real estate update, buy designer home Hamptons NY

Feb 22

Hurricane Sandy Wiped Out Most Low NY Insurance Rates

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It used to be that places like Florida and Louisiana stood out as high risk locations with higher insurance rates. Add a few Northeast Frankenstorms into the mix, however, and that’s bound to change. What does this new storm trend signify for the real estate industry? Well, for one thing, higher homeowner insurance rates in the Northeast and ikely a negative affect on the sales market.

The Insurance Information Institute has come out with a remarkable prognosis that Hurricane Sandy caused more insurance costs than the historic 9/11 destruction did. Insured losses from Hurricane Sandy are expected to be in the range of $25 billion, according to global reinsurance firm Munich Re. If this ends up to be true, then that would surpass the $24.6 billion that private insurers paid following the destruction of the World Trade Center, outlined Robert Hartwig, president and economist at the Insurance Information Institute. But, that’s not all. This will also have a dramatic effect on New York’s historically low insurance rates.

Northeast insurance rates to rise

In a video interview, Robert Hartwig explained how one storm alone would not increase rates. However, the fact that three serious storms that have effected the Northeast in the last 14 months will definitely have consequences with regard to present relatively low insurance rates.

“Insurers are not allowed by law to recoup past losses, but what they are allowed to do and what they need to do to obviously remain financially strong and so that they’re there for the next time an event like this strikes is to charge a rate that reflects the risk.”

Home inspectors don’t have much work when people can’t afford houses and don’t buy them. High insurance costs are certainly a factor in this equation. People often choose companies like Geico because they draw from a pool of low cost insurance providers in order to find the best possible insurance rates. It definitely pays to shop around for the best possible insurance rates before you make your choice. Though costs are rising, some rates are a lot lower than others. One thing is certain, check to see how well the company handles actual claims before committing.

Tags: Robert Hartwig insurance, Robert Hartwig quotes, Insurance Information Institute, III, find best insurance rates in NY, difficult afford a house, Long Island insurance