The Hamptons Marketwatch – Strong and Steady in 2014

Although 2014 started out with a “polar vortex” over much of the country, the housing market is warming up as it continues to make a steady recovery. With low inventory, rising home prices, new construction, fewer foreclosures, and a strong stock market, the housing market is predicted to be very dynamic in 2014. That story holds especially true for the Hamptons.

Harald Grant of Sotheby’s International Realty in Southampton says, “The high-end rentals, such as prime oceanfronts and estate section properties, are already getting re-rented.” He observes, “2013 proved to be a remarkable year. 2014 certainly has the potential to meet the same sales levels.” Harald reflects, “We have the privilege of living and working in one of the most beautiful and desirable locations in the world, and the draw to visit and own property here is timeless.”

Judi Desiderio of  Town & Country Real Estate says “T&C has written quite a few leases already for the 2014 season.” But she believes, “The strong sales market may actually ‘dent’ the rental market when we are looking at the summer in our rearview mirror.” She predicts, “This year will be the strongest year since the crash.” Judi exclaims, “When you’re talking Hamptons real estate—there will always be more demand than product since we are surrounded on three sides by water.”

Geoff Gifkins of Nest Seekers International in Southampton says, “Rentals for the 2014 season are already moving well. Many of the high end waterfronts have already rented.” He remarks, “Sales will continue to be strong this year. With inventory coming down and more buyers entering the market, we will see a shift from a buyer’s market to a seller’s market.” He notes, “Land prices are rising as more developers and builders have entered the market.” Geoff observes, “New construction, key location, and waterfront property will always be in high demand.”

Andrew Saunders of Saunders & Associates says, “The 2014 rental season is starting off strong, with over 100 rentals rolling in already since October 2013!” He remarks, “2013 was the busiest year for sales in the Hamptons with the critical mass of transactions at $2M and under.” He observes, “The market is starting to favor the seller, as inventory is tightening and prices are starting to rise.” Andrew predicts, “With low interest rates, a strong stock market, and quantitative easing firmly in place, the dynamic will continue into 2014.”

Enzo Morabito of Douglas Elliman Real Estate says, “The 2014 rental market is extraordinary—the best year we’ve ever had!” He remarks, “Sales listings are very active with bidding wars already.” He notes, “The high end is coming back fueled by a rising stock market.” He observes, “Prices are increasing because of supply and demand and interest rates will tick up a bit.” He states, “New construction is hot and oceanfront property on Dune Road is very popular.” He exclaims, “It is a realistic market now, with speculators removed.” Enzo predicts, “2014 will be a great year!”

Cia Comnas of Brown Harris Stevens says, “The 2014 rental season started early last fall with many tenants immediately re-renting the same properties from the past summer.” She remarks, “Sales in 2013 were robust and the outlook for 2014 is quite positive.” She observes, “New construction throughout the Hamptons is selling—whether new traditionals, new modern homes, or new modern barns.” She hopes, “to see a steadily improving market rather than a spike.” Cia exclaims, “We all know where we have been. Confidence in our market comes from gradual and steady growth over wild fluctuations.”

Tim Davis of Corcoran in Southampton foresees, “a strong rental season since we are already seeing some early bookings.” He expects, “some exciting ‘new construction’ homes to be listed for sale.” He notes, “Demand is up and we sold through quite a bit of inventory. Supply is certainly down so we expect in some areas the prices to be up.” He reflects, “Anything on water anywhere is HOT.” He exclaims, “We’ve come off of a very strong year. My sales volume for 2013 was over $400M!” Tim predicts, “2014 will be strong and steady.”

Joe Farrell of Farrell Building Company thinks, “2014 will probably be one of the best rental season’s ever.” He says, “2013 was the best year for sales we’ve ever seen and 2014 will be even better.” He observes, “There is a shortage of quality high-end homes and new construction is sought after more than older homes.” He reflects, “Land inventory is tighter than we’ve ever seen and land prices are higher than pre-meltdown pricing!” Joe believes, “With a strong stock market and the economy doing well, 2014 is going to be great!”

The Hamptons are back stronger than ever having weathered the turbulent storms of “Super Storm Sandy” and the great recession of 2008. Now is the time to discover the Hamptons and secure your piece of paradise!

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]