Trend Report: The Hamptons Entry-Level Market Is Booming



A home listed for under $2M with Douglas Elliman.This Sag Harbor Home is Listed for Under $2M with Douglas Elliman's Gioia DiPaolo and Melissa Pintauro

 

The Hamptons is known for its big sales, but the entry-level market—homes priced below $2 million—has seen most of the action so far this year. First quarter reports from brokerage firms including Douglas Elliman Real Estate and Corcoran Group Real Estate show an increase in the number of sales and a decrease in average prices. “Properties that are in tune with the market and priced right are selling,” says Douglas Elliman COO Scott Durkin, whose firm reported an 8 percent increase in sales and average prices down nearly 9 percent, to $1.724 million. As for Corcoran, sales were up 18 percent, with an average price of $1.781 million—16 percent lower than the same period last year. A hotbed of activity: Springs and the Northwest Woods, where “entry-level inventory is moving very quickly,” says Corcoran’s Ernest Cervi. Farther west, Corcoran totted up 70 Southampton sales in this bracket during the first quarter of the year—a 40 percent increase over last year—and saw a 48 percent jump in Westhampton and Remsenburg, with 71 sales. Douglas Elliman is also seeing more movement in these areas. “Oceanfront Hampton Bays and Westhampton properties are trading at a fast pace,” says Durkin, “now that buyers are realizing that the trip from the city is quicker and the value is incredible compared against properties farther east.”

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17 Searles Road
Exquisite millwork and architectural details define this light drenched generously scaled home in the heart of the private Tokeneke Association. This gracious stone and clapboard home was designed by renowned architect Nina Cuccio-Peck and built with today's luxury lifestyle in mind. Gourmet eat-in kitchen and spacious family room open to a private stone terrace. MBR suite offers a most serene retreat with stunning lagoon water views. Living in Tokeneke offers an unparalleled lifestyle with its meandering private roads, inlets and stonewalls. It's the perfect place for your family to enjoy association lobster bakes, cocktail parties and holiday gatherings.



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