Here are a couple of tips for how to find a summer share in New York. Like everything about New York real estate, it competitive and time-sensitive. A little bit of insider knowledge goes a long way.
When Should I Start Looking for a Share?
The best time to shop for a summer share is mid-February to mid-March. Here’s why:
- Leases for houses on the beach from the Hamptons to Fire Island get signed or resigned in the fall. Usually the rent escalates as the spring approaches. This means that although its still winter, owners and share managers are more flexible because they need to get their base group together. As Memorial Day gets closer, they can afford to be more picky, charge more and have less flexible openings.
- At the same time, during February and March, houses that are just forming have the most space, so you have the best chance of getting choice dates locked in.
How Do I Find Good Houses with Shares Available?
- Word of mouth. Ask your friends. Throw out a Facebook status question. You might be surprised how many people know someone or someplace great.
- Search online. Places like Craigslist and Google are full of share listings. Be sure to look for vacation rentals and look for hits that sound like you are talking to a house organizer, not a someone offloading excess rental dates or rooms.
What Should Look For?
- Location. This is most important. If you don’t know what town or beach you want to be near, make a list of the things that you imagine when you think of an east coast summer getaway. If your idea of the perfect place includes you walking into town barefoot, then you should look at less cosmopolitan locations than if your ideal is to have a huge selection of restaurants and shopping in town.
- House Culture. When you meet the people that might be your housemates, consider if you would choose them if the tables were reversed. Does the house seem like it has a profile of who will join? Is that profile well defined? What is the age range of the people you will be spending time with?
- Pro Tip: try asking the house sponsor or organizer to define the what’s most important about the summer experience they are trying to create–they less vague the answer, the better. If you hear, “we’re focused on throwing the best house parties ever” that is a 100x more useful answer than “you know, just hanging out with cool people and having a good time and BBQ and going out and stuff.” With the latter, you have no idea what it might actually be like, whereas with the former, you’re basically assured and can make an informed decision.
- Value. What is included with the money you pay? Are there additional costs? Again, the more specific the better. Make sure the value is in line with the cost. Some things that are a great value can have a dark side while others that seem like turnoff at first may be a blessing.
- Example: “you can bring friends out whenever you want for cheap/free”. Chances are you might end up in a way overcrowded space because the value is out of whack.
- Counter example: “We ask that members sign up to do the dishes on at least one weekend” . Dish duty is a drag, sure, but this means that everyone else is also willing to take that burden at least once meaning you probably have a group of more down to earth compatriots.
Red Flags: What Should Raise an Eyebrow?
- Dates seem too flexible (especially as Memorial Day approaches).
- Summer shares in and around New York occur in houses. Granted, many are big houses, but it not like a 1,000 room resort. If the most popular dates of the season are not at least busy come late spring, the place is either overcrowded or underbooked for some other reason that will bit you in the a** later.
- Willing to accept you and/or your friends without meeting in person
- This should be self explanatory. If they don’t bother to meet you, what other weirdo was not screened.
- Policies are not very clearly defined and strictly adhered to – (bringing friends, assigned beds/rooms, gender ratio, quiet hours, costs of food or booze, pets, etc.)
- There should be a clear list of dates, prices, policies, etc. These should be publicly available. That’s just common good business practice.
- The manager of the house did not spring for the lease out of their own pocket (should not be outsourced as an “easy summer gig”)
- In any house at any time there always has to be one person who is “in charge”. The person who makes sure the place doesn’t burn down. The person who someone runs to get when if the toilet explodes or everyone just expects will talk to the police. If that person has $0 invested in putting this thing together, or worse, is supposed get a cut or just get to stay for free, how much would you trust that person? You pay to stay a a share so you don’t worry. Someone else should do that for you.
- The weekend manager is off-site.
- An extreme case of the above.
- Prices seem too good to be true.
- Just do the math and divide. Things that are truly valuable cost real money. If the per weekend cost is very low, how many people have to take the deal to make it fly? Where are the corners being cut – I guarantee you they are.
- The schedule of dates offered is secret, overly complex, or obviously illogical.
- Secret. Some guy has a “sheet” and just sort of sells you weekends here and there. If the schedule is patched together – everything is patched together with no regard for cohesiveness.
- Overly complex. Sometimes you can sleep on the floor, but other times you don’t have to if you call ahead and its not your “float day” of which you get 2 per summer; moreover, there is no set schedule just a lot of rules that make it seem like its flexible. Planning to be wishy-washy never works out.
- Obviously illogical. Example: “we have 4 quarter shares and all shares get a holiday weekend!” There are only 3 holiday weekends in a summer, how to 4 groups all get one? Example: “Come on whatever weekends you’d like!” Obviously not possible unless you buy the whole summer for a lot of money.
