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High-End Luxury Homes Are Having a Hard Time Selling in the Hamptons


Luxury homes are easy to come by in the Hamptons — in fact, they might be a little too easy to come by according to a recent report by Bloomberg. The original report gathered data from the first quarter of the year, demonstrating that high-end luxury homes are saturating the market with more listings of this style than there have been in seven years.

There are a few factors that could be contributing to this. First off, there have been recent “federal tax changes that capped deductions for mortgage interest and property levies [which] made costly second-home purchases less attractive,” and more people are buying less expensive homes, which leads to a saturated market with those high-end and expensive homes for sale.

In fact, the median home sales price in the Hamptons usually hovers around $1 million, but this past quarter that median was at $850,000. Bloomberg estimates that it would take over seven years to sell all of the luxury homes that are available for sale based on the current pace of the market.

Meanwhile, our neighbors on the North Fork saw an increase of 12 percent in sales, where real estate is attractively more affordable but residents won’t have the ocean within a quick driving distance.

Report: Bloomberg

Bridgehampton home asking $50M, photo courtesy of Bespoke

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