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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Property of Note

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80 Brookwood Drive, Briarcliff Manor, NY
Architecture and setting blend to stunning effect at this sensational Colonial featuring panoramic views of the Hudson River. Convenient to Manhattan, the renovated 5-BR residence offers spectacular living spaces perfectly designed for today’s lifestyle. Expansive formal rooms opening to grand terraces, a sparkling pool, outdoor kitchen and an entire lower level devoted to fun are ideal for entertaining. Especially alluring is the inviting front porch, the perfect spot to enjoy the spectacular sunsets and water views.



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Property of Note

6 Bluewater Lane, Westport, CT
Exquisite Westport Compo Beach residence in the Bluewater Association offers a unique and masterfully executed blend of custom elegance with sophisticated architectural details for an extraordinary LI Sound waterfront experience. Enjoy endless waterviews from the abundance of floor to ceiling windows, French doors and balconies which span the entire length of the house and open to expansive outdoor spaces with terraces, lawns, an al fresco kitchen and a wrap-around infinity pool with spa.



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Property of Note

235 McCagg Road, Kinderhook, NY
Just like a fine Swiss watch, this exceptional property is masterfully designed, precisely constructed, and meticulously cared for. Neatly nestled on 95 acres of rolling fields and woodlands, architect Clark and Green created a structure of glass, stone, and wood, which is elegant, warm, and lighthearted. Absolute privacy, with stunning views and pristine landscaping create a country retreat with a zen like atmosphere. Life will be that much sweeter enjoying the bounty of the Hudson Valley from this extraordinary property.



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Property of Note

12 Sunnyside Lane, Westport, CT
This sublime Colonial captivates with its New England charm and dazzling 2.7-acre setting featuring beautiful plantings, a formal English garden and bluestone pool. Offering approximately 8600fs of living space, the home hosts spectacular formal rooms, a paneled library, recreation room with a projector screen, sunroom, 6 bedrooms and 7.5 baths. Front and back patios add further allure to this ADA-compliant home which also offers double railings on stairs as well as elevator service to all 3 floors.



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