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Michael’s dynamic and exciting career in the real estate industry is multifaceted, bringing valuable insights and expertise when collaborating with clients. Since 1997, Michael has been prominent in Hamptons real estate. From custom luxury home design and development to representing clients as a real-estate broker, Michael is committed to this prestigious and idyllic community, one he has called home for several decades. 

Michael’s commitment, integrity, and transparency reflect strong principles in his professional approach. These qualities contribute significantly to the positive relationships he has built with his clients over the years, fostering reliability and satisfaction in the real estate transactions he facilitates. Much of Michael’s business is rooted in clientele referrals– with trust being the cornerstone of his philosophy.

Michael’s down-to-earth nature, visionary ideas, and sharp negotiation skills have exceeded his clients’ expectations when buying or selling properties. Understanding individual needs while expertly navigating the Hamptons real estate landscape ensures the best results for those who trust Michael with their real estate aspirations.

Meet Michael Longo

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Michael’s History in the Hamptons

Custom luxury home design and development

The project in Southampton was a comprehensive transformation from a small Cape-style home into something more expansive and customized. I managed  everything from the design to landscaping and interior finishes. This was a meticulous approach to creating a cohesive and personalized living space. I am very proud of this project and the results were nothing but a spectacularly modest home. 
Home before Michael Longo renovation
Before and After
Michael Longo Custom Designed Home
Michael Longo Custom Home
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FAQ

We Are Here To Help You With Any Questions You May Have

Determine if the property will serve as a vacation home, rental investment, or both. This will influence your choice of location, amenities, and budget.

Familiarize yourself with zoning laws, building codes, rental restrictions, and any community regulations that may impact property use and renovations.

Evaluate your budget, including the purchase price, property taxes, insurance, maintenance costs, and potential rental income. Consider consulting with a financial advisor to ensure your investment aligns with your long-term financial goals.

Stay updated on the Hamptons real estate market to identify favorable buying conditions, such as pricing trends, inventory levels, and demand dynamics.

Decide whether you’ll manage the property yourself or hire a professional management company to handle maintenance, rental bookings, and guest services.

Choose a location within the Hamptons that meets your preferences in terms of proximity to amenities, beach access, privacy, and potential for appreciation.

Conduct a thorough inspection of the property to identify any issues or necessary repairs before finalizing the purchase.

Consider hiring a real estate attorney to review contracts, negotiate terms, and ensure a smooth transaction process.

Closing Costs on The East End

FOR THE SELLER

New York State Real Property Transfer Tax

(“Deed Stamps”):

0.4% of purchase price (54 per $1.000 of purchase price)

Other closing costs to the seller include: attorney fees, brokerage commission and if necessary, costs to remedy non-compliance issues.

FOR THE PURCHASER

Peconic Transfer Tax (East Hampton, Southampton and Shelter Island)

2% on the consideration of improved property over $250,000.

2% on the consideration of unimproved (vacant) property over $100,000.

(An exemption may apply for certain first-time home buyers and certain primary residences. Please consult your attorney).

Mortgage Recording Tax – 1.05% of mortgage, paid by mortgagor (.25% of mortgage recording tax is generally paid by the lending institution resulting in a cost to mortgagor of .8% of the amount of Title Insurance

Additional New York State Real Property (“Mansion”) Tax

1% of consideration paid for residential property (including 1-3 family dwellings or a single Cooperative Apartment or Condominium Unit) sold for $1,000,000 or more. Paid by purchaser.

5510001659900-3301054000

$1,000,000 to $1,999,999: $4,001 to $7.100

Title insurance for financed (i.e. mortgage loan) transactions will cost approximately

12% over the above rates.

Other costs to purchaser at closing may include: legal fees, survey, applications for certificate of occupancy, fuel adjustments, inspections, credit to seller for property taxes and if there is a mortgage, additional fees such as application, appraisal, credit. legal, points, property insurance, mortgage insurance, prepayment of property tax as well as a mortgage payment. If there is a mortgage involved, the lender will provide a written estimate of closing costs. If there is not a lender, it is recommended that the purchasers ask their attorney for such an estimate prior to signing a contract of sale.

(Tax and title costs described are for informational purposes only: actual tax and title costs may vary so please consult your attorney.)