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 Brush Island Road, Darien, CT
Sitting elevated on 1.23 acres with 430 feet of shoreline, with private dock and sandy beach, pool with automatic cover, green roof garden, extensive landscaping and terraces, this custom 7,900 square foot family home exudes warmth and country elegance with water views from nearly every room. With a breathtaking master suite, and incredible architectural and artistic details throughout, Brush Island is a year round oasis where outside spaces integrate seamlessly with unique natural surroundings.



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NO RESERVE AUCTION. Fully Renovated 4 Bedroom Federal Home in
Southport, Connecticut

A coastal gem! Historic home reimagined with no expense spared. Famed architect Jack Franzen and designer Tom Scheerer have created a truly stunning masterpiece of colonial living. Marvelous views of Southport Harbor, Long Island Sound, and the Country Club of Fairfield golf course. Take a stroll to Pequot Yacht Club, shops, restaurants and the train. This seaside home is the ideal New England estate.



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Lake Front Compound in Greenwich
Private compound on 5.7 lakefront acres in the estate section of Greenwich CT. Meticulous attention to detail with luxury finishes and extraordinary workmanship seen throughout this 9 bedroom Georgian Colonial. Guest House with professional recording studio and living quarters. Extensive terraces and gardens, pool, pool pavilion all overlooking lake with its own island.



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53 Myanos Road, New Canaan, CT
The Gratwick House was designed by Mid Century architect Victor Christ-Janer and further enhanced and improved by important architect/owner Harvey Kaufman. Built in 1953, this 3,696 SF 4-Bedroom, 2.5-Bath home sits on a rise with gorgeous views of a stunning oval swimming pool. Large entertaining spaces with floor to ceiling windows look out to a sweeping lawn in back and manicured courtyard to the side. This house is the perfect culmination of architectural significance & livability.



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11 Musket Ridge Road, Wilton CT
Perched at the top of a roaring Silvermine River waterfall on almost 4 acres, the property spreads out into Wilton and New Canaan. Every inch of this home has been perfected to capture the timeless appeal of the river while exuding ultimate refinement and good taste. The architect-designed home captures river views and sounds, and almost every room opens to one of the magnificent decks or to a private balcony. Call Ileana Barns Slavin Associates-William Raveis at (203) 246-7215.

11 Musket Ridge Road

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