Busy Summer Expected
The Hamptons real estate market is expected to be very busy this summer. The $2M and under range is quite active as well as high-end properties over $10M+! New construction is popular and waterfront is always in demand. The Villages of Sag Harbor and East Hampton are hot tickets, as are the areas West of the Canal. With the stock market remaining very strong and interest rates continuing low, a steady finish to the year is predicted.
Judi Desiderio of Town & Country Real Estate says, “The first half of 2017 in the Hamptons has been healthy in most specific markets, but not all. Homes up to $3.5M are very active. Buyers for the most part are gravitating to new or newly renovated homes. Inventory is area and price sensitive. In most price ranges we have a balanced market. But certain pockets are experiencing drastic price cuts, frankly to the point of real bargains. This summer there will be more traffic than ever before in the Hamptons.” Judi predicts, “2017 will be a good year, but I don’t suspect we will see any records broken.”
Michael Daly of Douglas Elliman Real Estate says, “The market has been choppy for the first half of 2017 – busy in some areas, quiet in others. Villages have been the most active. Sag Harbor Village is sizzling. East Hampton Springs has been quite active, as have Southampton and Water Mill North. New construction has been selling well recently after a lull in 2015-16. We are seeing quite a few price reductions on existing inventory, though sales prices appear to be holding steady. Inventory is plentiful in many of the outlying markets, but fairly sparse in the villages and on the water.” Michael comments, “With boomers retiring and millennials starting to have families, the homestead as we know it will change.”
The Baris Team of Halstead Property says, “The first half of 2017 has been great! Our business is up considerably from 2016 and we look forward to a vibrant summer. The strong interest in ‘move-in ready’ homes up to $1.5M has created a shortage of solid inventory in this area. East Hampton Village and fringe remain active. New construction and upscale renovations are extremely marketable. It seems everyone wants the next new thing. This is reflected in the surge in demand for raw, buildable land. Also noteworthy is buyer’s desire for homes with good rental potential. Even ultra-luxury homeowners are interested in cashing in on the influx of summer rental dollars.” The Baris Team remarks, “We’ve had a great start and predict it will only get better!”
Sam Kelly of Bespoke Real Estate says, “From a macro perspective, the market is doing well. For Bespoke, it was the most robust first and second quarter that we have had to date. All market indicators point to it being a very active summer season. We’ve had nearly fifteen trades over $10M, with the majority being over $15M. New construction is still a primary driver of our market, and the middle there continues to flourish. Buyers are looking for special and unique, and properties that are priced well are moving. I recently listed and sold a prime piece in Southampton Village for $16M very quickly.” Sam believes, “Pending no major economic volatility, we are poised to see a steady and gratifying second half of the year.”
Terry Cohen of Saunders & Associates says, “The first quarter of 2017 was robust. Most of my deals ranged from $3M-$12M. The Hamptons real estate market under $2M has continued with gusto but the $6M-$10M range also has definitely picked up. Waterfronts in general continue to be strong, with record prices and locations. While there are many newly constructed homes, when you are looking for the perfect house, there seem to be fewer choices than you think!! There has been a correction in pricing in the last quarter of 2016, and now we are seeing consumers pulling the trigger even in the high end.” Terry notes, “The signs are there for a great second half of 2017.”
Marcia Altman of Brown Harris Stevens says, “I think this summer will be a very busy selling season. Typically we see the most activity in July and August, but this year, it seems to be steady. West of the Canal is the hottest ticket. Buyers have come to understand the convenience, the lack of traffic and the more reasonable pricing to be had in the Quogue/Westhampton Beach/Remsenburg area. Prices are steady to rising on new offerings, with stale listings dropping prices daily. There is lots of inventory out there, so buyers have a great selection of properties to choose from.” Marcia believes, “If the world situation stays stable, the sales should soar this year. There was a lot of pent up desire since the election put everyone on hold in early winter.”
Brian Buckhout and Tyler Mattson of Compass say, “For the first half of 2017, the market under $1.5M has been very strong. The summer season appears to be very good. We have seen an uptick in rentals and sales, so we think that it will be on par with previous seasons. Prices appear to be fairly static. Inventory again is fairly normal, unless you are searching for under $1M – that inventory is moving rather quickly. There is a decent amount of new construction inventory.” Brian and Tyler predict “a very strong finish to the year. The stock market is booming and real estate is a tangible asset so we don’t see people pulling back – especially in such an insulated market as the Hamptons.”
Noel Love of Saunders & Associates says, “At Saunders our sales volume and new deal originations increased by over 20% in the first quarter of 2017 over the same period in 2016. The $2M range and below continue to lead the market in properties selling or going into contract along with a surge in high-end properties of $10M+. New construction continues to have a strong impact on the market. While prices remain negotiable, inventory is very strong right now with a definite surge in properties being listed.” Noel observes, “As far as the last half of 2017, I see an extremely positive outlook. The stock market remains very strong and interest rates continue to remain low.”
There is no better place to be than the Hamptons this summer! With July 4th approaching, discover the allure of the Hamptons with its famed villages, pristine beaches, and trendy new restaurants. With prices holding steady and plenty of inventory to choose from, now is the time to make the Hamptons your ideal getaway.