To truly grasp the current state of the real estate market in the Hamptons, we need insights from the experts. Avenue Magazine has exclusive access to these experts, who shed light on the latest trends, the impact of Covid-19, and the allure of magnificent properties with rich historical backgrounds.
Sales: Going, Going, Gone
According to Todd Bourgard, CEO of Long Island, Hamptons, and North Fork at Douglas Elliman, properties that are reasonably priced in the Hamptons are selling like hotcakes. In fact, one in four listings goes above the asking price and often results in multiple bids. Despite the challenges posed by Covid-19, the demand for homes in the Hamptons remains strong.
AMAGANSETT’S ALLURE: An inside view of 74 Cranberry Hole Road, represented by Douglas Elliman broker Adam Hofer.
Nanette Hansen, Brokerage Manager at Sotheby's International Realty, explains that the Hamptons market is unique. It is primarily a luxury resort market, attracting cash buyers who are less affected by fluctuations in interest rates. Although the pandemic has caused some shifts in the market, the overall average and median sales prices have remained significantly higher than in previous years.
The Rental Market: Going Gangbusters
While the rental market in the Hamptons remains strong, there has been a shift in preferences. More people are opting to rent during the peak summer months of July and August, rather than the traditional Labor Day to Memorial Day period. As Todd Bourgard points out, homeowners also want to enjoy their properties during the summer, which adds to the demand for shorter-term rentals.
FARMHOUSE-FABULOUS 213 Old Northwest Road in East Hampton, represented by Sotheby’s International Realty broker Ann Ciardullo
Nanette Hansen emphasizes that the key to successful rentals is offering the right property. High-end rentals should provide a complete experience, from luxurious amenities to impeccable service. Renters want a hassle-free stay, where everything is taken care of, allowing them to simply relax and enjoy their time in the Hamptons.
West of the Canal: The New Frontier
Referred to as "the Brooklyn" of the Hamptons, the area known as "West of the Canal" is experiencing a significant surge in popularity. Locations like Remsenburg, Quogue, East Quogue, Westhampton, and Hampton Bays are attracting buyers who are looking for more space and value for their money. As Nikola Cejic from Douglas Elliman explains, this area offers larger properties at more affordable prices compared to the eastern side of the canal.
GLAMOROUS GRANDEUR: An aerial view of 74-80 Cedar Lane in Remsenburg, represented by Douglas Elliman broker Lauren Spiegel
Quogue, a village established as a summer refuge in 1835, is particularly known for its sophisticated elegance. Homes in Quogue offer a peaceful retreat, with access to stunning beaches and preserved natural areas. Properties like 10 Dune Road, represented by Brown Harris Stevens broker Lillian Holtzclaw, provide the perfect combination of oceanfront luxury and privacy.
Montauk: Still the Spot
Montauk continues to be a popular destination for the young and trendy crowd. As Nanette Hansen explains, Montauk is viewed as a hip and beautiful location with a vibrant arts scene. The demand for properties in Montauk is high, and inventory is extremely limited. Homes in this area often attract multiple bidders as soon as they hit the market.
MONTAUK MANSE: Renderings of 18 Maple Street, represented by Douglas Elliman-Eklund | Gomes broker Kyle Rosko
Shelter Island: The Rise of the Reclusive Retreat
Shelter Island is gaining popularity as the ultimate retreat, offering privacy and panoramic views. This island has become a haven for celebrities, tech giants, and media moguls seeking an escape from the bustling city life. Architecturally renowned for its classic style, Shelter Island also houses exceptional properties like the Snyder House at 2 Charlie's Lane.
GIMME SHELTER: 2 Charlie’s Lane, Shelter Island, the famous “Snyder House” designed by Bertrand Goldberg
You Are Where You Live: Location, Location, Location
Georgica Pond is a coveted location bordering East Hampton and Wainscott. This area is known for its breathtaking views of the Atlantic Ocean and sprawling estates that offer complete privacy. Kyle Rosko of Douglas Elliman has listed an extraordinary property called "Goose Creek" at 30 Matthews Creek. Situated on 14 acres with 827 feet of waterfrontage, this resort-like estate combines modern amenities with old-world elegance.
GLAMOROUS GRANDEUR: The entrance to “Goose Creek” in Wainscott, which has views of Georgica Pond and the Atlantic Ocean.
The Estate Section: Old World Opulence
Southampton remains the epitome of elegance and sophistication in the Hamptons. Susan Harrison of Compass describes Southampton as the "grand dame" of the East End. One exceptional property in this area is 540 Halsey Neck Lane. Built in 2014, this nine-bedroom estate showcases the charm and grace of an English manor house.
OLD WORLD OPULENCE: The elegant 540 Halsey Neck Lane in Southampton.
Amenities Rule: For Those Who Want It All
Modern homebuyers in the Hamptons seek properties that provide more than just the basics. In addition to pools and tennis courts, buyers want amenities that cater to their lifestyle. Properties like 74 Cranberry Hole Road in Amagansett, represented by Douglas Elliman broker Adam Hofer, offer resort-like living with features like indoor spas, gyms, high-end kitchens, and more.
AMAGANSETT HIDEAWAY: 74 Cranberry Hole Road, tucked away in the Amagansett Dunes.
Historical Value
One property that has been making waves in the Hamptons real estate market is "Lasata" at 121 Further Lane in East Hampton. Known as the "Jackie O House," this estate holds historical significance as the childhood summer residence of Jacqueline Kennedy Onassis and her sister, Lee Radziwill. Recently renovated and redesigned by renowned professionals, this iconic property offers a rare opportunity to own a piece of history.
121 Further Lane, East Hampton. The front hall at “Lasata,” the childhood home of Jackie O.
In conclusion, the Hamptons real estate market continues to thrive, with properties selling quickly and demand remaining high. Whether you're looking for a luxury retreat, a trendy location, or a piece of history, the Hamptons offers a wide range of options to suit every taste. So dive into the Hamptons real estate scene and find your perfect slice of paradise.
