A few weeks back, Montauk's noted absence from the list of recent foreclosures on the East End end surprised many, except the agents that work there. According to a new article in the Pioneer, smart buyers are behind the town's success. The 'six properties sold in the last four weeks' help justify the idea of a turnaround in the market, says local agent John Keeshan, who believes that serious sellers have dropped their prices too. Lynden Restrepo of Atlantic Beach Real Estate says, 'We've noticed a nice flurry of activity which is making us very happy.' (The flurry again - clearly listed in some brokers' talking point memo.) Restrepo continues: 'There are people that have held onto their money for a long time and have been waiting to see what's happening and are now seeing signals to buy.' Smartypants.
Other reasons behind Montauk's foreclosure-avoidance policy include the geographic size of the town (less inventory to work with) and the 'desirability' of available properties. In a flowery conclusion to the article, our writer makes a case for his town.
'Even in places like East Hampton and Southampton, there are a large number of homes that are simply not desirable to any buyer unless the price is much less. Even when the land and size of the house is identical. ...In Montauk however, there are no areas that are not desireable [sic], as every piece of property here is unique and because there is so much protected land and no matter where you stay, you are close to the ocean by the simple geography of the land.'
· Uptick [Mtk Pioneer]
· By the Numbers: Foreclosure Auctions, Now in Map Form! [CH]