Key Highlights
- No end in sight to high-flying Hamptons market
- Home sales soared +48% in Q1 2021
No End in Sight for High-Flying Hamptons Real Estate Marke
More than a year has gone by since the first New Yorkers began fleeing to safe luxury in the Hamptons…and city-dwellers are still coming.
Hamptons’ residential properties transitioned from being luxury second homes to co-primary homes and off-season rentals became year-round homes.
Q1 2021 Market Data on the Hamptons
During Q1 2021, according to a report by the appraisal firm Miller Samuel for Douglas Elliman Real Estate, home sales in the Hamptons soared +48% compared to Q1 2020, pre-pandemic, and the median sales price hit $1.3M, a jump of +31%. Bidding wars were the name of the game in nearly 25% of all sales and inventory plummeted by more than -40%.
Within the framework of Hamptons’ home sales, sales priced between the price points of $1M to $5M nearly doubled in Q1.
Blend of Remote and In-Office Work Persisting
Zooming, whether or not people use Zoom or some other video conferencing tool, is, according to Jonathan Miller, president and CEO of Miller Samuel,“is a structural change. It is a fascinating reset of the way we live between home and work.”
Philip O’Connell, executive managing director of the Hamptons for Brown Harris Stevens, said, “Buyers are more desirous of more space both indoor and outdoor as remote work and schooling continues…for the foreseeable future.” O’Connell also believes that a small percentage of international buyers will re-enter the Hamptons market when travel opens up.
Struggle to Find Anything Affordable
Jay Schneiderman, supervisor of Southampton Town,said, “For those who are already struggling to find anything affordable, it has only gotten harder…the entire work force is priced out.”
Dawn Watson, an agent with the Enzo Morabito Teamat Douglass Elliman, could not agree more. “It’s harder than ever for ‘regular people’ (teachers, nurses, etc.) to compete for primary homes…if something on the lower end of the market is good and priced right, it’s scooped up – sometimes in a matter of hours.”
Crystal Ball Gazing
As 9/11 and the global financial crisis drove people out of Manhattan and people relocated to the Hamptons, COVID has done the same, according to Robert Zecher, a developer. Zecher just this year upped his overall budget from $2M to $30M for both multi-family and single-family projects in East Hampton Village and Amagansett.
Additionally, Zecher’s intent is to build 13 “spec houses” on “super prime streets” after already delivering two spec houses last summer.
The Hamptons and spec houses? Yes, according to Zechler. “The uniqueness of the address is never changing…” nor is “…having that escape hatch from Manhattan…going to change…people are emotionally…connected here now…”
Thanks to The New York Times
URGENT: 2021 Results Released. New FREE On-Line Web Event Reveals 17 Surprising Secrets Of The Top 100 Millionaire Agents. Get Your FREE Spot For The On-Line Webinar Now. When You Attend This Event You Will Have A Sense Of Relief Knowing You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money NOW Who Never Thought They Could.
P.S. Limited Space Available. 235 Spots Left.
