Montauk is Hot
As July 4th nears, the real estate market in Montauk is heating up. The rental season has been active with many shorter-term rentals, while sales are picking up. The under $1M price range is very strong. Inventory is low and prices are going up. New construction is in demand and teardowns are popular. Montauk continues to attract fun-seeking folks to its laidback lifestyle, cool beach town, scenic cliffs, and world-class waves.
Martha Gundersen of Brown Harris Stevens says, “Rentals in Montauk are in great demand and sales are even better. There have been 30 sales so far this year totaling $46,156,581. The highest price was an oceanfront house for $8.75M. The most active part of the market is under $1M and then under $2M. The prices in Montauk have been going up and will continue to do so. New construction is very busy. With the expansion of Gurney’s buying the Montauk Yacht Club, and the wonderful new restaurants and shops, Montauk will be very busy indeed.” Martha remarks, “Summer in Montauk will be amazing. The informal nature of the town and surrounding natural environment allows one to enjoy biking, hiking, swimming, sunbathing, surfing, boating, and relaxing.”
Lois and Peter Moore of The Corcoran Group say, “Rentals in Montauk are active. The trend of renters moving towards shorter terms continues. Sales are picking up. The sub-million-dollar market is particularly strong. Inventory levels are quite low and demand is good, so prices are edging up. There are cases where multiple buyers are bidding on homes. With so few vacant lots for new construction, quite a few older homes are being razed to make way for new larger homes.” Lois and Peter observe, “The demand never seems to wane for one of the most desirable beach communities on the entire eastern seaboard. Each year more and more people want to own, rent or visit this wonderful place we call Montauk.”
Chris Coleman of Saunders & Associates says, “The 2018 rental season in Montauk has been decent. It seems the rentals are for shorter lengths of time this summer. Sales so far this year have been off a little bit compared to last year at this time. The most active segment of the market now are homes under $1.2M and new construction. Prices have been on a steady rise the past few years. We have a normal to a little higher amount of inventory at the moment with some amazing first-time offerings on the market! New construction is going well and there are exciting projects happening in all parts of the market.” Chris predicts, “We will have a busy summer season that will continue into the fall.”
Joan Hegner of The Corcoran Group says, “The Montauk rental market has been a bit subdued due to the recent rental registry rule, as well as a tendency for shorter term stays. But overall Montauk is still a strong rental market, with the higher end homes of particular interest. As for sales, the lower end of the market – $1M and under – is incredibly busy, and we could use more inventory. The higher-end market, $4M-$10M+ has been less robust, although my listing in Hither Hills just closed for $6.3M. There are a lot of sales of older, more modest homes which are then torn down to build new homes.” “Montauk is hotter than ever,” says Joan. “Many folks are moving out here for the diverse waterfront options, excellent restaurants, and truly laidback lifestyle.”
Montauk is the perfect summer beach town. Browse in the hip boutiques, dine at the local eateries, listen to the many talented musicians, and watch the surfers as they ride Montauk’s legendary waves. Montauk has something for everyone, so make it your fantasy dream come true.