The Hamptons Marketwatch: Sales Continue to Surge

By all signs, the housing market is bouncing back in 2013. With tighter spring inventory, rising home prices, increased building, and a decline in foreclosures, housing is making a steady recovery. With summer rentals at an all time high and housing sales back to their pre-recession norms, 2013 is shaping up to be a great year.

This is particularly true in the Hamptons, where the long-awaited beach days have finally arrived.  After a brutal winter beginning with Super Storm Sandy and ending with a blizzard named “Nemo,” the Hamptons have finally thawed out. With hyper Spring fever, the Hamptons rental and sales market has exploded, and buyers are becoming aware that the days of a bargain are long gone, and the time to act is now.

Judi Desiderio, of Town & Country Real Estate says, “The Hamptons market established a firm floor in the fourth quarter of 2012 and 2013 is a balanced market thus far.” She says, “rentals are off the charts and full season rentals are back in fashion!” She predicts, “sales are going to post big gains in all price categories in 2013.” She remarks, “Westhampton Beach is seeing a big surge in activity due to the Westhampton Beach Performing Arts Center and its proximity to New York City. And the surf’s always up in Montauk!”

Vicky Reynolds, of Norma Reynolds Sotheby’s International Realty says, “the market has been strengthening since 2012, and in 2013 there is greater activity in both rentals and sales. With less inventory available, the value of properties has increased.” Also, “ocean and bayfront properties are always favorites, with Remsenburg becoming more popular due to its close proximity to western Long Island and New York City.” She advises, “Now is the time to ‘jump into’ the real estate market and take advantage of great prices before being left with the hanging question, ‘why didn’t I buy then?”

Enzo Morabito, of Douglas Elliman Real Estate says, “there was a huge surge in activity at the end of 2012, when buyers and sellers were motivated by the tax changes. That momentum continued into 2013 when buyers who were on the ‘fence’ jumped off, due to low mortgage rates and the realization that inventory was rapidly shrinking.” He says, “rentals out east have been through the roof this year.” And “waterfront in the Hamptons is always hot with 2013 shaping up to be a spectacular year.”

Andrew Saunders, of Saunders Realty says, “2013 is the busiest market in many years, in every price range. Both rentals and sales are very strong as it is all about the supply and demand equation. Now there is a balance in supply and demand and things are orderly, with the high-end market getting tighter. And investors are back in the market again.” He says, “there is a tremendous strength in Sagaponack South and Bridgehampton South. But the critical mass is at $1M and under, where there is much activity.”

Steve Pryzby, of Farrell Building Company says, “the first quarter of 2013 was much stronger than the first quarter of 2012 in new home construction.” He observes, “banks are lending again and more construction sites are popping up. Last year at this time, only major builders were in the market, now there is a host of new builders. With more buyers and investors coming back into the market, custom homes and spec houses are being built again.” He says, “there is lots of activity just North of the Highway in Bridgehampton.” He predicts “a good summer ahead.”

Spring is a time when the gorgeous sandy beaches of the Hamptons lay beckoning. Those long summer days by the ocean or bay are like the ebb and flow of the tides, forever renewing the hopes and dreams of a glorious time spent in paradise. With the housing market surging back, now is the time to make those dreams a reality.

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].
~Ruth Thomas