HAMPTONS MARKETWATCH MAY 2014

After an extreme winter of seemingly endless snowstorms, arctic temperatures, and frigid wind chills, the spring thaw has finally arrived. With the deep freeze behind us, those warm summer beach days are within sight. As the real estate market heats up, now is the time to realize your dream home in the Hamptons.

Judi Desiderio at Town & Country Real Estate exclaims, “T&C has done approximately 38% more deals this winter than last. In fact it was the busiest winter since 2005—which was our record year for the number of sales.” She reflects, “All price ranges from below $1M to over $20M are experiencing healthy activity.” She believes, “It’s a balanced market for the most part.” She notes, “Prices are stable and poised to increase sensibly.” Judi predicts, “2014 will be a heavily populated summer on both Forks and for the first time since the great recession, spending will be up!”

Gene Gilyutin at Hampton Estates Realty reflects, “The summer rental market has been strong.” He also notes, “Sales seem to have increased since last year. It seems that buyers are bullish on the real estate market in the Hamptons as prices and interest rates are still relatively low and buyers are recognizing true values.” He remarks, “We’re seeing good activity across the board with primary homeowners, secondary homeowners, and investors.” Gene observes, “The past couple of months have been extremely busy. There’s a lot of cautious optimism that the market is on the way up.”

Marcia Altman at Brown Harris Stevens remarks, “Sales volume and prices are up in the first quarter of 2014 from the first quarter of last year.” She reflects, “Prices have solidified across the board, with waterfront homes attaining premium prices. Inventory is limited, and new construction is selling at or close to full asking price.” She observes, “Quogue Village is hot and waterfront properties, particularly on the ocean, are setting new price records.” She notes, “The real estate market is healthy and well balanced between sellers and buyers.” Marcia believes, “Confidence is up and buyers are pulling the trigger.”

Laura White at Saunders & Associates exclaims, “High end rentals over $500,000 have been extremely sought after this spring, as well as all waterfronts!” She observes, “It is a healthy market now in which both buyers and sellers are satisfied.” She remarks, “All of the market is enjoying plentiful activity, with the high end once again leading the market.” She notes, “There is enticing product and inventory in all price points, including new homes.” Laura foresees, “With the strength of our market and interest rates remaining favorable, a very active prosperous summer for all business on the East End!”

Angela Boyer-Stump at Sotheby’s International Realty believes, “2014 will prove to be one of our strongest rental seasons.” She notes, “Sales are a touch ahead of last year at this time.” She observes, “New construction and recently built homes ranging from $3M to $10M are moving. East Hampton and Amagansett continue to be trendy with the very high end of the market coming back.” She remarks, “Both buyers and sellers are on a pretty even scale right now.” Angela reflects, “As we head into summer, both buyers and sellers will keep our sales market strong.”

Mary Giaquinto at Plum Builders, Inc. notes, “The summer rental market has been consistent and
strong with demand outstripping supply.” She remarks, “The most active segment of the market is $1M and below and everything of value appears to be going.” She expects, “The costs of building will continue to rise as competition for good subcontractors, building materials, interest rates, necessary green practices, and the cost of a building lot keep rising.” Mary predicts, “The market will increase in strength into the summer as the East End becomes the warm weather destination.”

Mala Sander at Corcoran observes, “It is another great year for sales as the sales market is quite strong. There have even been several multiple bidding situations.” She exclaims, “Sag Harbor continues to be red hot and Amagansett is very active. There is robust activity across the board with waterfront always popular.” She remarks, “The market is quite balanced. Sellers are smart about pricing and buyers are well educated.” Mala anticipates, “Demand will continue to be strong through the summer and things will ramp up substantially in the fall.”

Beau Hulse at Beau Hulse Realty Group, Inc. believes, “The rental season will be better than last year as summer rentals have been brisk. Montauk, Sag Harbor, and Southampton Village are very busy.” He observes, “Sales are better than last year with the most active segment in the $800,000 to $2.5M range. And waterfront is always popular.” He exclaims, “It is a balanced market and both sellers and buyers are more realistic.” He reflects, “The stock market is doing well and as the stock market goes, so goes the Hamptons.” Beau foresees, “A great summer season across the board.”

With spring in full bloom, this a great time for both buyers and sellers to jump into the real estate market and make their dreams come true. Discover the Hamptons in all its magnificent glory.

Ruth Thomas, a freelance writer on the East End enjoys history, music, literature, art, nature, the beach, and her cute dachshund, Clancy. She can be contacted at [email protected]