Hamptons homes in high demand30 May 2013 12:18 PM
The Hamptons has long been one of the most desirable areas to live, especially for people looking for a luxury lifestyle, and as the economy gains traction, that appears to be as much the case as ever. More people are renting and buying Hamptons real estate, according to Bloomberg TV, and the pace has been picking up quickly since the beginning of spring.
Unsurprisingly, many of these new buyers are former Manhattanites - often Wall Street denizens - who are looking for a more relaxed and spacious lifestyle. In an interview with the source, Christina Cuomo, Editor-in-Chief for Beach Magazine, discussed how many people are moving to the Hamptons to "rub elbows" and engage in the region's famously elegant lifestyle full of wine groups and country clubs. These former city dwellers are "buying and renting in droves," she said.
"The Hamptons real estate market is booming right now," she added.
Gains across the board
Cuomo's mostly anecdotal evidence is supported by hard data from various sources. According to Bloomberg, home sales in the region leapt 21 percent during the first quarter of 2013. This is even more impressive knowing that these gains are coming on the heels of one of the biggest quarters in the region's history.
According to the source, the fourth quarter of 2012 featured the sale of 49 Hamptons homes priced at more than $5 million - the most sales of that magnitude in at least the last six years. Naturally, median prices dropped slightly in the next quarter, but not nearly as much as some people expected - only 5.1 percent.
The news that property values continue to increase and that confidence is restoring is good enough on it's own, but it only paints part of the positive picture for Hamptons real estate. The influx of buyers has also helped the market attain a better balance, according to Hamptons Online.
With more market activity, sellers have had to get better at pricing their properties as more homes hit the market to meet the growing demand.
"Unrealistically priced homes are still not being sold," Michael Daly, an Associate Broker for Sotheby's International Realty, told the source. "More sellers have priced their homes at today's value and they are selling well."