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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23 Remington Road, South Carolina 
23 Remington Road is a 2,759-square-foot home in the River Road neighborhood of Palmetto Bluff. This four-bedroom, four-and-a-half-bathroom home features a living room that effortlessly flows into the kitchen and back porch. Two gas brick fireplaces, custom molding and ample outdoor living space add a layer of charm. Conveniently located, this home is within walking distance of an amenity center and the River Road Preserve, a 120-acre protected maritime forest.



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727 Oenoke Ridge, New Canaan, CTStunning 5-acre estate with carbon-free footprint. Masterful Gardner & Larson home, with attention paid to every detail, is supported by clean renewable energy from its high-efficiency solar array. Sparkling Christopher Peacock kitchen, new Master Bath by DEANE, whole-house entertainment system, home gym, sauna, theater & extensive and meticulously designed gardens, punctuated by a stunning pool with spa. Free yourself of utility costs while enjoying ultimate privacy, location, and luxury.



View more details about this 727 Oenoke Ridge, New Canaan, CT
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