The Hamptons Marketwatch: Steady Recovery

While Washington struggles to get its “fiscal house” in order, Americans are making progress on their “own houses” as they are finally seeing a steady recovery in the housing market. By all accounts, prices have bottomed out, unemployment is dropping, the economy is picking up, builders are back in business, interest rates are low, new home sales and prices are rising and people are realizing that the time to buy is now. The housing market in 2013 is predicted to come back stronger than ever since the recession of 2008.

Nowhere is this trend more apparent than in the celebrated Hamptons, a luxurious resort area whose spectacular shoreline stretches from Westhampton Beach in the West all the way to Montauk Point on the southeasterly tip of Long Island. Known for its gorgeous sandy beaches, stylish ritzy towns, glamorous stars, classic horse shows, and marvelous events, the Hamptons has always been a fashionable escape for the rich and famous. Thought to be recession proof, the Hamptons experienced some tough times since 2008, but are now slowly coming back to their majestic grandeur once again.
According to Judi Desiderio of Town & Country Real Estate, “The next trend, 2013 has already begun! The floor from which the next rise occurs is firmly in place. For now that means prices stopped their descent in early 2012.” She says, “In the Hamptons, the number of home sales rose by 9% and the total home sales volume was up 5.5%, yet the median home sale price shifted down by 10.5% from 2011 to 2012.” She says “although the buyers are choosing to buy at lower price ranges, there was a significant rise in activity level and for the first time since the crash, 20- and 30-year-olds are entering the market.”
Alice Bell of Sotheby’s International Realty in Southampton says “she had the busiest November through December 2012 in many years and predicts an even better 2013.” She saw “a heavy emphasis on high-end properties of $12 million and above, but also saw a lot of activity in all price ranges and many people looking.” And she says, “Financial people, professionals and foreigners are all coming back into the market again.”

Gene Gilyutin of Hampton Estates Realty in Westhampton Beach saw “an increase in land sales at the end of 2012 with all cash deals.” He says, “Buyers want to build right away and builders are bringing prices down as they get busier.” And he remarks, “Local investors are feeling good again about investing in real estate for the long term, especially compared to the stock market.”
Denise Rosko of Hamptons Realty Associates in Southampton points to another trend, “The market is starting to boom again because the Baby Boomer generation is getting ready to retire!” As she proclaims, “The baby boomers will often buy a home, rent it for a few years or for part of a season, and as soon as they are ready to retire, enjoy it themselves.” And she says, “Waterfront is always desirable.”

Cia Comnas of Brown Harris Stevens “feels very enthusiastic about 2013, as sales were very robust in 2012 and the year ended with quite a burst of activity.” She notes that, “New construction is still very popular with classic shingled traditionals, new sleek barn- style homes, timeless ultra modern homes and even “green” construction setting a trend.” She observes that, “The natural beauty of this area, its proximity to New York City, and rich array of cultural events and social activities have made the Hamptons a world-class resort destination for decades and will keep it so for many years to come.”
The Hamptons will always be a fantasy come true with its magnificent ocean beaches, fantastic restaurants, trendy nightspots, lively entertainment, and breathtaking views, all just a stone’s throw away from New York City and its environs. The Hamptons are back, and 2013 is shaping up to be a fabulous year!

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