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Hamptons Market Heats Up

Hamptons Market Heats Up

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Published by: news4691 on Apr 29, 2012
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The BulleTin Board

Hamptons market heats up
Compiled by Russell Steinberg

Hamptons’ sales bounce Renters’ early start
With the economy steadily improving, vacation-home buyers have returned to Long Island’s East End. According to Town & Country, sales in the Hamptons during 2012’s first quarter were up 18 percent from a year ago, and the median sales price increased to $817,500 from $775,000.

No Parking

The rental record

Back in 2010, developer Joe Farrell made headlines when he rented his Sandcastle estate for two weeks for nearly $500,000. That’s roughly $35,000 per night. At the time, the Bridgehampton estate was also listed for sale at $49.5 million. It’s currently on the market for $43.5 million.

The Hamptons rental season also got off to an early start. The Corcoran Group’s Bridgehampton office said it rented 58 PERCENT more properties in December 2011 than in December 2010, and 49 PERCENT more in January 2012 than January 2011. Meanwhile, Town & Country had rented out half of its available homes by Presidents’ Day. (NY Post)

East Hampton officials have sold out their 2,900 nonresident beach parking permits in record time this year, with the last pass being issued in late March. Race car driver Jeff Gordon, actress Gwyneth Paltrow and singer Jimmy Buffett were all lucky enough to reserve a $325 parking sticker. (New York Post)

The Sandcastle estate isn’t the only blockbuster rental. This year, Sotheby’s International Realty has a listing for a seven-bedroom Southampton home for a whopping $1 million from Memorial Day to Labor Day. The oceanfront estate has a pool and tennis court, according to the listing.

More jaw-droppers

Shrinking inventory

A cheaper option

Celebrity sightings

The number of homes listed by seven top East End brokerages dropped by almost 3 PERCENT during the last week of March. That included an almost 5 percent drop by Corcoran, which rented 77 properties in that one week. (Curbed)

The North Fork is, of course, a cheaper alternative to the Hamptons. The New York Post reported that high-end summer rentals there generally go for $30,000 to $65,000 for the summer, while a cheaper rental can be found for around $12,000 to $15,000 for July and August.

The Hamptons, of course, has never had a shortage of star power. Dallas Mavericks guard Jason Kidd recently closed on a $5 million home in Water Mill, while “Today” show host Matt Lauer bought 40 acres near his Water Mill estate to build a horse farm. (Reuters)

20 May 2012 www.TheRealDeal.com

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