With just a little more than two months left until Memorial Day, now seems like a good time to evaluate the 2020 summer rental season.
At the time of this writing, there were approximately 4,100 seasonal Hamptons rentals still available from Memorial Day to Labor Day on the Hamptons Real Estate Association site. That number seems high, which might not be great for owners looking to make some extra cash. But, on the flip side, it potentially means good deals are still to be had for those who are hoping to make some new East End memories this summer.
Ranging from $1.5 million (366 and 376 Gin Lane in Southampton, represented by Harald Grant and Bruce Grant of Sotheby’s) for the entire season on the high end to $12,000 (Montauk studio, listed with Steven Zellman and Lori Lambert of Town & Country) at the lower end, this year’s rentals offer something for everyone — no matter the budget or vacation time allotment.
Scanning through the still-available options, June continues to show as the most affordable of summer rental months. At the time of writing, there were 3,300 available units, ranging from half a million (90 Jule Pond Drive in Water Mill, listed with Bespoke) to $2,800 for a three-bedroom, two-bath beach cottage (Barnes Landing in East Hampton, listed with Steven Zellman of Town & Country).
July heats up, both in price and in availability, as more than 6,100 properties were listed for rent. The most expensive available was perennial boldface rental Sandcastle in Bridgehampton for $1 million (listed with Terry Cohen and Christopher Covert of Saunders). Most affordable, notwithstanding the Barnes Landing cottage mentioned above, was a rustic one-bedroom, one-bath circa-1957 cottage in Hampton Bays for $5,500 (listed with Andrea Imperiale of Corcoran).
As for the most desirable of the longer rental time spans — August through Labor Day — there were a few more available options, just over 6,300, and the expected higher prices. After Sandcastle ($1 million) and Jule Pond ($900,000), the next most expensive rental was a seven-bedroom, 10-bath oceanfront in Bridgehampton for $675,000 (represented by Susan Breitenbach of Corcoran). Excluding the two lowest rentals mentioned above, the next least expensive for the same time frame would be a cozy two-bedroom, one-bath Springs home (represented by Steven Zellman and Roxane Robinson of Town & Country).
What real estate watchers have seen over the past few seasons, however, is a trend toward the shorter rental. The ever-growing American workweek schedule is likely to blame, as the approximate two-week rental (the shortest time period allowed by local law) seems to be the most popular legal rental span at this time.
At $550,000 for two weeks, Sandcastle takes top billing for this time frame. The least expensive is an historic Southampton Village apartment, at $1,500 (represented by Roger Blaugh and Michael Forestano of Corcoran).
Of course these figures do not take into account rentals that could be gotten via other means than through registered brokerages. Homeowners looking to rent out their properties would be wise to ensure that they are complying with the local laws, however, as the penalties for breaking them can be rather severe.
Compass welcomes Tim Morabito and Nicole Weiss to its fold.
Morabito, who has a decade of experience selling high-end properties, is a Hamptons native who is known for his concierge approach to real estate. Always willing “to go much further than the extra mile for his clients,” the surfer, musician and loving husband and father prides himself on his professionalism and integrity.
Weiss, an East End local hailing from Hampton Bays and Westhampton Beach, credits her success in real estate to entrepreneurial roots and a deep desire to help others. Her business is built on the foundation of responsibility, character and trustworthiness.
And The Winners Are…
Honoring the best of the best within its brokerage, this past month Halstead announced that three of its Hamptons agents have been recognized with company-wide awards based on their sales performance in 2019. Those singled out for their successes included: Timothy O’Connor, who earned Agent of the Year for the Hamptons; Janice Hayden, who earned Agent of the Year in Southampton; and William Kuneth, who earned Agent of the Year in East Hampton.
The Corcoran Group recently merged with Citi Habitats. Now operating as one brand, the merger adds significant value to Corcoran’s long-term growth plan, according to Pamela Liebman, President and CEO of The Corcoran Group.
With the official merge, Corcoran gains an additional 700 agents across Manhattan, Brooklyn and Queens and continues to expand its footprint in New York City and other luxury markets.
Corcoran also recently celebrated its top agents during an awards ceremony at Topping Rose in Bridgehampton. For the highest honors, Tim Davis took home the Top East End Producer of the Year and The Top East End Team Award went to The Hamptons Team, comprising Charlie Esposito, Debbie Brenneman, Debbie Loeffler and Michael Esposito.
Other top producers for 2019 included James Peyton and Susan Breitenbach, for the Bridgehampton office; Gary DePersia, for the East Hampton office; Mala Sander, for the Sag Harbor office; Geoff Hull, for the Southampton office; Ashley J. Farrell, for the Westhampton Beach office; Gina Surerus, for the Shelter Island office; and Sheri Winter Parker, for the North Fork.