Dan's Papers - June 26, 2009

To take an accurate temperature of the Amagansett Real Estate market, I spoke with Htun Han of Garnham and Han Real Estate, part of the Hamptons Realty Group. In real estate for over 30 years in the Hamptons, and for the last 28 years in Amagansett, Han knows his market well.

Born in what was then Burma, Han finished his education in England before coming to the East End in the 1970s. Schooled as a marine biologist, he is a detail-oriented man whose command of the facts of Amagansett's real estate history, sales and trends is impressive. A little over six years ago, Han, along with J.R. Siwicki Jr. and Stan Esposito, formed the Hamptons Realty Group (HRG) that presently has 50 agents in one office in Water Mill and two in Amagansett.

Han seen many sales cycles come and go and he remains extremely bullish on Amagansett. Why? First, he points out the obvious. Amagansett is the one village of the Hamptons where you can walk from the beach to town or the train. It's family friendly with an emphasis on walking - not driving. It's a neighbor friendly village and always has been.

In the real estate market in that town, Han sees activity picking up - especially in the last four weeks. He believes a house priced correctly will sell in less than three months in Amagansett. He believes the time to buy is when the buyer feels comfortable with the property, the price, and his ability to purchase the property - not market conditions.

However, he also believes the downward pressure in pricing has come to an end. With the inventories of homes giving prospective buyers a nice choice, Han didn't kid around about the mortgage situation today, saying only well qualified buyers with triple A credit and "pristine backgrounds," are getting approved for mortgages during these times. If you are such a buyer, Han believes it may be a smart time to act. Using what he called his stable perspective based on long experience and expertise, he gave me a brief history lesson on Amagansett real estate.

In the late 1970s homes in the lanes - Hedges, Gansett and Hand, for example - which are south of Route 27 between the ocean (Bluff Road) and the village, had median values between $80,000 and $100,000. These were well-built historically-styled homes that, even today even with the market as it is, are worth between $2.5 and $6 million. Han said that over that period of time, land in Amagansett went up about an average of 6-8% a year, while homes went up about 8-10% per year. He put the sales cycle of homes in Amagansett in an eight to 15 year cycle, where the homeowners usually move due to life stage.

Han has sold the same customers homes when they wanted to move up, or down in size, and has helped some sell when it was time to perhaps retire elsewhere. Han's passion for the Amagansett real estate market is as strong today as it has ever been. He takes pride in being part of HRG because of the long time experience he and the other two principals have. "J.R. Siricki has been in Water Mill for over 28 years, and Stan Esposito has been in Amagansett for over 38 years," said Han. "I'm proud to be associated with J.R. and Stan."

Because of their longevity in each territory, Han says he and the other principals know the territory - meaning the homes, the history of the owners and the trends on the specific lanes where the homes are located. They know the neighbors, what they paid for the homes and when they bought them. All this knowledge is useful when explaining to a buyer why the property they're interested in purchasing is the right action to take.

A successful agent, tested over a lifetime of achievements, Han isn't out to make a quick dollar but to share his love of Amagansett by placing potential buyers into the right situations so they too can add to the Amagansett community. He is also ready to help sellers get the proper equity from their sales of the homes when the time comes. He's old school, and strives to bring honor to a profession that has taken a hit in reputation in recent years in the Hamptons.