Both Hamptons sales activity and sales prices are down. Ok.

The looming Memorial Day weekend – summer, beaches, vacations, getaways – made The Hamptons a favorite topic.

Hamptons Homes Drop Most Since Realtors Kept Records [Bloomberg]

The Hamptons: Economic Downturn or Killer Tornado? [CityFile]

Bargains abound for well-heeled in the Hamptons [AP]

Trivial background stuff to ignore – down to the wire via remote

Thursday night I got a call from Bloomberg TV asking if I could come to their studios to do a segment and I begged off. I had opted to work from home on Friday because one of my kids was getting an award at school in the morning and I wanted work at home…plus it was the Friday before Memorial Day weekend. Wait, why am I justifying this? 😉

They offered to set up a remote interview (third party company) in CT so I didn’t have to commute into NYC. Easy enough. Google maps said the remote studio was 10 minutes away – I gave myself 25 minutes. The address wasn’t on my GPS unit so I used my iphone, following the pulsating blue dot.

15 minutes before air time
Forgot about heavy Memorial Day traffic.

10 minutes before air time
I got to the street, but there were no numbers on the building I was ultimately looking for but I ran out of street. There was a security booth at the end of the street and a woman without teeth in the booth grunted to go around the corner.

7 minutes before air time
I enter the parking garage, which connected multiple buildings, and of course none were identified with numbers. I guessed it was the farthest building away. I was right.

5 minutes before air time
The lobby security guard had no idea where a TV studio was, so I called the contact number and they told me what floor to go to.

3 minutes before air time
I took the elevator to the floor and no one is there – just a series of glass doors in 3 directions. I picked one and started walking around trying to find the studio. Nothing was labeled.

1 minute before air time
Some came out of an unmark door, took me to the remote studio, mic’ed me up with a minute to go. And then anchor Peter Cook in DC started speaking to me to get acquainted.

air time
We went live and the TV feed was Fox News for the first 30 seconds instead of Bloomberg – a bit confusing. But somehow it worked out.

And I made it to my son’s award ceremony.

Listen to the segment.

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3 Responses to “[In The Media] Bloomberg TV 5-23-09”

  1. Jon Groden says:

    Jonathan, I follow your site all the time for relevant information and data- thanks. Do you know of any resource(s) to obtain current residential capitalization rates?

  2. Edd Gillespie says:

    I’m not Jonathan, but my understanding about cap rates for residential properties is that your question comes up in an investment context, which usually involves “hard money” to preferred customers. There is a band of equity that may apply when a bank lends on investment property. In speaking with investors here in the boonies I am told they are having to satisfy themselves with cash-on-cash of 10% if they can rent the house and reversion. Local banks are lending 70-75% at 2.5 over prime. That means currently Ro is in the range of 6.9-7.5%. CBRE and Cushman Wakefiled may have something for you. CBRE quotes Fannie/Freddie and HUD.

  3. Jonathan, it seems the Hamptons held up longer, as did NYC and only gave into the lack of credit and the wall street smash. In Bergen County, a New Jersey Suburb of NYC, we had peaked as much as 3 years ago and really accelerated down in 2008. We are now running good activity and a lot of bids this spring. I am not saying it is a great market, but among all the short sales and declined prices, there is a market now again. We do have mortgages although not like it uses to be.

    I am an Elliott Wave Theory follower for over 27 years. AS you may know, the concept foresaw this credit crisis. I should feel, by the wave theory that the market will resume a downturn. In talking to buyers I see different. Buyers are in the game and want to buy. The only fly in the ointment is interest rates. I fear they have been pressing up for a while now. This could short circuit the recovery.