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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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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