Bidding Wars in a Time Of COVID-19 with the Demand for Immediate Occupancy
June 11, 2020
Courtesy of Town & Country Real Estate
SOUTHAMPTON, NY - A mint, move-in-ready Contemporary in East Hampton was the center of Hamptons real estate activity over the last few weeks. Listed at $1,695,000 just before the stay-at-home order was put into effect in New York state, the property enjoyed a flurry of attention from interested parties eager for a piece of the Hamptons to call home. In short order multiple buyers were interested. Then the lock down order pumped the breaks on everything. But about a month later city dwellers needed a way out of the city. Showings with the doors open and no one inside prevailed. In a short time, a bidding war ensued with the final price coming in over asking. The house went to contract and closed within 10 days.
“We positioned the price to be spot on when we listed it at $1,695,000 mid-February,” says Geraldine Vitale, RE Salesperson and listing agent. “From the first open houses we had lots of activity. Then things changed and we had the stay-at home order and business all over came to a screeching halt. We had to get creative with showing the house. I’d put on my mask and gloves then go through the house and open the doors, turn on the lights and sit in my car with my mask and gloves still on while prospective buyers came. I took short videos of the listing to post on social media. The offers began to flow in within three months we had fully executed contracts. Then two days later we had over-list offers. Contracts were signed and a check in hand on Mother’s Day on May 10th. Talk about a Happy Mother’s Day to all involved. By May 21st it was closed.”
Geri says that, “Buyers vie for new, stunning, well-appointed modern homes. This buyer required immediate occupancy and a quick closing.”
The buyer, Elizabeth Ahmed from Oyster Bay Cove, NY remarked, “We just closed on 133 Swamp Road, East Hampton May 21. We closed 12 days after signing the contract on Mother’s Day! Geri Vitale went above and beyond providing original and updated surveys including the guarantees to our title company, along with the previous title search report. As the seller/owner she handled all of the last-minute details Immediately. The transaction was handled in the most professional and efficient way I have ever experienced. I highly recommend Geri Vitale and Town & Country!”