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Marketwatch – 2015 off to a great start

After a record year for real estate in the Hamptons in 2014, 2015 is already off to a great start. The rental season looks promising. With a strong stock market, low interest rates, new construction booming, and every hamlet in demand, consumer confidence is high. The Hamptons continue to attract people to its world-class beaches, charming villages, and trendy lifestyle.

Judi Desiderio of Town & Country Real Estate remarks, “This year I am receiving reports from all eight T&C offices that appointments are unusually brisk for January. The high end was flying in 2014—shattering new ceilings for pricing. Mid-markets in each hamlet are booming—of course if we had any product at the low end it would fly. $1-$5M is the sweet spot.” She predicts, “2015 should be our best winter in six years if January is the barometer.” Judi observes, “The taste of the great recession remains on everyone’s palate, but we are moving forward with cautious optimism.”

Christine Sullivan Witker of Brown Harris Stevens notes, “If economic stability continues, I anticipate a strong rental season especially for new/renovated houses in the villages or with proximity to bay or ocean beaches. Many buyers have researched market value on the internet and the fit between pricing, location, and comparables matter.” She observes, “New construction everywhere is selling. With the current surge in development, respect for and stewardship of our natural resources will continue to be important.” Christine believes, “As 2014 was a stellar sales year (particularly at the high end and at the $2.5M and under range), 2015 looks promising.”

Enzo Morabito of Douglas Elliman Real Estate observes, “New and returning renters are already locking in rentals. Waterfront and Dune Road always get rented quickly, as do prime village rentals.” He states, “South of the highway remains especially hot. Homes near a village are selling quickly and waterfronts that are FEMA-compliant are especially desirable. Some beautiful new development projects are coming on the market, including a great new and value-priced construction by Talo Builders south of the highway in Wainscott.” Enzo reflects, “We had our best year ever in 2014 and 2015 will set new records. We’re definitely off to a strong start.”

Susan Breitenbach of Corcoran remarks, “The rental season looks promising for 2015 as does the sales market. Sales in 2014 were extremely strong. I had my best year ever, with well over $300M in sales volume. 2015 is starting off amazingly well with almost $100M in contract already.” She observes, “Waterfront and close to ocean is always a hot and quick market along with the larger acreage. With the exception of land, there is still a good amount of inventory. Prices are fairly stable, but will continue to creep up as inventory starts to deplete.” Susan predicts, “All signs point to the rest of the year continuing that momentum.”

Angela Boyer-Stump of Sotheby’s International Realty states, “We are cautiously optimistic that the rental season will be stronger than last year. 2014 was a strong year in sales and 2015 is promising to be equal or better.” She observes, “Bridgehampton and Sagaponack continue to be the hot spots. New construction homes are in demand. The mid-range market ($1 to $3M) will be the strongest with buyers trying to capture realistic price points and low interest rates.” Angela believes, “2015 is going to be a busy year. The market will continue to move because sellers are realistic and buyers are ready.”

Vincent Horcasitas of Saunders & Associates remarks, “The upcoming rental season is very promising and positive. It seems a lot stronger than last year at this time.” He states, “We have $40M currently in contract and anticipate a strong year for 2015. The villages are hot!! South of the highway inventory for spec deals is in great demand. We are seeing very strong trades north of the highway.” Vincent reflects, “All indications are that it will be a very strong market in 2015. With a strong stock market, low interest rates, and strong consumer confidence, we are hoping to hit on all cylinders.”

Kathleen Zappola of Strough Associates remarks, “We are expecting another strong and vibrant rental season with many properties already off the boards.” She observes, “Every hamlet of the Hamptons is in demand. Sag Harbor appears poised to ramp up. Southampton, Water Mill, Bridgehampton, Sagaponack and East Hampton, south of the highway, continue to be blue chip options for purchasers and their investment portfolios.” Kathleen reflects, “2014 was an outstanding year for us and 2015 will be a very busy year. We continue to rely on the strength of the Hamptons world-class beaches, pristine bays, and freshwater lakes and ponds, protected with our stewardship and conservation ideals.”

Marcia Altman of Brown Harris Stevens observes, “The 2015 sales market is exceptionally strong. The momentum of 2014 has carried through with many sales already in 2015.” She remarks, “In 2014, our office alone saw a 58% increase over 2013 in sales transactions in the Quogue/Westhampton Beach/Remsenburg market. Sales in Quogue Village are very, very strong. Inventories are dwindling. With interest rates predicted to go up sometime this year, buyers know it’s time to buy.” Marcia reflects, “The real estate market is cyclical. In over 25 years as a broker, I have seen the market ebb and flow. We are in an upswing right now.”

The Hamptons real estate market in 2015 is poised to be even better than 2014, one of the best years ever. The Hamptons is a spectacular resort area with its gorgeous beaches, fine dining, great shopping, and exciting entertainment. Escape to the Hamptons and experience its enchanting allure.

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