Everything You Need to Know About Hamptons Real Estate Right Now



Everything You Need to Know About Hamptons Real Estate Right Now

Finding a home in the Hamptons is a difficult dance right now, with limited housing stock breeding competition among eager buyers. “We’re starting to see the inventory get swept up,” says broker Gary DePersia of the Corcoran Group. “A lot of the properties that have been on the market for a year or more are now in contract.” Corcoran reports that the number of sales on the South Fork increased 34 percent from the fourth quarter of 2016 to the fourth quarter of 2017. Meanwhile, the median price barely changed, dropping one percent, to $985,000. Inventory also moved on the North Fork, where the number of year-over-year sales rose 11 percent and the median price increased seven percent, to $533,000. 

Agents have been carefully watching the area west of the Shinnecock Canal—particularly Quogue and Westhampton Beach, which have recently experienced price bumps. “It’s unusual to see a house above $10 million west of the canal,” says Enzo Morabito of Douglas Elliman Real Estate, “but there are currently two homes on Dune Road listed for more than $20 million.” Rose Alfano, a Daniel Gale Sotheby’s International Realty agent in Westhampton Beach, adds, “Last year was a very big year, and it looks like the buying frenzy will continue. People are scooping up whatever comes onto the market. And Westhampton and Quogue are a hop, skip, and a jump to Manhattan.” According to a report from her agency, the number of sales in Quogue increased 49 percent from 2016 to 2017, with the median price growing 53 percent, to $1.85 million, and the highest price nearly doubling to $16 million.

Everything You Need to Know About Hamptons Real Estate Right Now

Another under-the-radar area that’s seeing more action is Springs. “It never developed as a high-end market, so it’s a wonderful place for someone looking for a deal or a renovation project,” says DePersia, who claims that buyers don’t feel the need to be near the ocean like they once did. “There are so many possibilities when you move away from the beach, and more people are using their homes all year long.”

As for rentals, websites such as Airbnb continue to pose stiff competition on the lower end, says DePersia, but “landlords whose seasonal rentals range from $100,000 to $1 million aren’t listing in an environment where they have no idea who’s living in their house.” That said, the demand for luxury rentals has also surged, making it even more difficult for prospective tenants with deep pockets to get a piece of the Hamptons this summer. 

To snap up stellar properties that are still for sale, make sure to check our coverage of recent Hamptons listings

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WORLD CLASS NEW SOUTHAMPTON VILLAGE HOME WITH POOL
Located close to ocean beaches in a very popular section of Southampton Village, this top-to-bottom thoroughly-renovated, transitional/modern residence is done and move-in ready. Light-toned wide-plank flooring, dark-toned accents, wide horizontal wainscoting, superb modern bathrooms, and a brand new ultra- modern kitchen with top appliances have all been installed. The six-bedroom, six-bath home includes a finished lower level, covered patio, back yard with 30'x12' heated Gunite pool, and pool house with attached garage.



View more details about 21 Old Town Crossing, Southampton NY

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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.



View more details about 53 Myanos Road
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