The Hamptons: On Its Way To Recovery
The Hamptons show promise for the luxury real estate market as the number of new deals put into contract rose to 156 in August, up from 62 in July, according to the Wall Street Journal.
The lower prices and changes on Wall Street, whose workers account for a large amount of buyers, partially reflect the sales jump. Many workers are expecting big bonuses and Mala Sander of Corcoran Group says she thinks this gives them confidence to buy.
Even though sales are increasing, the Hamptons have a long way to go before they fully recover.
The median sales price of a home on Long Island’s east end was $560,000 in the spring of this year and inventory still remains high, according to StreetEasy, a New York-based online listing service, with 4,900 homes for sale in August in the Hamptons. This is about three years of inventory.
Because of this, ultra-high end sales are rare. The 25-acre Southampton estate of Carl Spielvogel and wife Barbaralee is still on the market for $28 million and a 5-acre estate on Southampton’s Meadow Lane with a pool and tennis court is listed for $25.9 million.
However, the Montauk home of Bernard Madoff received four bids and went into contract for more than its $8.75 million asking price in just two weeks on the market.
Everyone is looking for a good deal and the new pricing in the Hamptons is enticing other buyers from other fields as well. To read more, click here.
For more on the recovery in the Hamptons, see these articles from Bloomberg and UPI:
—Kimberly Turner
