New homebuyers showing increased interest in attractive high-end homes28 Aug 2012 9:51 AM
When it comes to the Hamptons' housing market, recent data shows that more local residents want to keep their homes. This represents a change from the past, when many buyers were acquiring properties in the Hamptons only to flip them in the hopes of earning immediate profits.
According to The New York Times, the market for these properties is quickly rising throughout the Hamptons, as more people are looking for alternatives to the houses in the city. In fact, Harald Grant, a broker at Sotheby’s International Realty, said more homebuyers see high-end homes in the Hamptons as long-term residences.
"The trophy sales aren't really happening any longer," Grant told The New York Times.
Grant said that the most expensive property to sell in the Hamptons this year went for $28.5 million. He completed the closing on the two-acre residence in February, and noted that sales of luxury homes continue to occur more frequently throughout the area.
Located on Eastern Long Island, the Hamptons deliver numerous entertainment, fine dining and recreational options to residents and visitors alike.