Sales and Rentals Are Strong Going into Summer Season
As July 4th nears, all signs point to a very busy summer for Hamptons real estate. The rental season has been active and sales are strong. The $1M-$3M price range is popular. Prices are holding steady, while inventory under $1M is slim. New construction is in demand and land values are rising. South of the Highway is hot as is waterfront. The Hamptons will always be known for its pristine beaches, chic villages, gourmet dining, and trendy lifestyle.
Judi Desiderio of Town & Country Real Estate says, “Town & Country is on par with the number of rental leases written in each of our 8 offices compared to prior years – but the term – length of stay – seems a bit curtailed. Sales are strong for 2018! At Town & Country we are finding the $1M-$5M price range to be the greatest number of closings – that said, the number of home sales $10M and up are greater than in previous years. Under a million is sorely lacking in inventory – so is great waterfront! New construction is amazing!! I predict the next level to be discovered is the roof – rooftop pools, spas, observatories!” Judi expects, “2018 will be the most crowded year yet!”
Susan Breitenbach of The Corcoran Group says, “The rental season in the high-end market is the best in years! In the middle market, there is still some inventory, so it’s not too late! Sales are starting to really pick up! South of the Highway continues to be most popular, but any waterfront or water view, even if north is selling. Many properties in north Bridgehampton ‘horse country’ have sold. Not too many oceanfront properties left! New construction continues to be the most requested and usually sells pretty quickly.” Susan believes, “It is going to be a great summer for Hamptons real estate! Prices are attractive and the best in years, there is quite a lot to choose from, making it a perfect time to purchase!”
Mary Giaquinto of Plum Builders says, “Properties that come to the market and are priced around one million are pounced upon – it’s a sweet spot. Waterfront is always active, and walking distance to a bathing beach are continually popular with families. Prestigious locations South of the Highway, homes close to bodies of water, and village properties are in demand locations for all second-home buyers. With the strong price of construction materials and land, prices are headed higher for new construction. Inventory of good properties, realistically priced, are in short supply in these locations. New construction homes are desirable.” Mary predicts, “The summer will be bustling, and there will be interested buyers, and hopefully buyers and sellers can make a satisfactory deal!”
Deirdre DeVita of Brown Harris Stevens says, “So far this year, we have done many fewer leases than last year. The sales season is off to quite a good start and inventory has slimmed. The most active segment of the market is our bread-and-butter bracket: up to $1.5M. This is still the range where 70%-85% of business is done, west of the canal. Prices are headed up. Quality inventory under $3M is selling. Land values are rising. New construction continues to fare very well west of the canal. New houses are breaking price boundaries.” Deirdre thinks, “We will have a lively start to the season, as any buyers who stayed away during the rainy spring hasten to secure their Hampton homes.”
Beate Moore of Sotheby’s International Realty says, “The rental season has been pretty good and still ongoing for partial season rentals. We are now seeing a pickup in sales activity. The most transactions are in the low ranges ($1M-$3M) although Sotheby’s International Realty already brokered 4 deals in the high double digits above $20M and the highest sale in 2017 was my exclusive in Southampton trading at $31M. The prices seem to be holding for now and there is a lot of inventory. New construction is of great interest provided it’s priced within reason.” Beate feels, “very optimistic about another successful and enjoyable summer season. We live in the most beautiful place with unspoiled beaches and NYC nearby.”
Erica Grossman of Douglas Elliman Real Estate says, “The rental market in 2018 has been very strong. There has definitely been lots of steady activity, with continued demand this season. Sales are continuing apace. Deals are getting done as long as properties are priced right and expectations are managed. All segments are active, as there is continued demand for Hamptons real estate. We are seeing a continued boom in new construction. There are currently a lot of active new projects across the South Fork. There is considerable demand for turnkey homes with luxury amenities across the mid and upper ranges.” Erica observes, “It’s a very competitive market for those properties that bring value for both sides of the transaction.”
Brian Buckhout and Tyler Mattson of Compass say, “Rentals have been very busy this season, across all price levels. Sales have been a bit sluggish at certain price levels. High and low end have been good but the middle has been challenging. The most active segment of the market are starter homes. The Springs has seen a lot of sales. Also, higher end properties near the village or in an open farm field setting. We have a pretty solid inventory right now, but under $1M is very slim pickings. Buyers are gravitating heavily towards new construction.” Brian and Tyler think, “It’s going to be a very busy summer season as usual. We should see deals coming together in August and September.”
Angela Boyer-Stump of Sotheby’s International Realty says, “We are seeing more rental activity now that the weather is breaking. There is increased sales activity in all price ranges and the forecast for summer is very bullish. Most active areas are South of the Highway in East Hampton and Amagansett. Northwest Woods seems to have an increasing amount of inventory, while South of the Highway in Bridgehampton and close to the ocean under $6M have the least amount. New construction sales continue to remain strong.” Angela says, “There is no place in the world like the Hamptons. The combination of beautiful beaches, amazing restaurants and more, all in close proximity to New York City, keeps property values at a premium.”
Summer is the peak time on the East End. Visit the charming villages, go strawberry picking and winetasting, dine at the best restaurants, and enjoy the ocean and bay beaches. The Hamptons is the place to be in the summer and now is the time to make it your ideal dream destination.