Southampton – It comes as absolutely no surprise that the cost to live in the lap of luxury in the Hamptons has once again risen. With the release of the quarterly market reports last week real estate firms are touting that all signs point to a stable market.
Overall home sales are up about 32% in the Hamptons. “It is encouraging to see an increase in the number of sales in the Hamptons. It reflects the improving level of activity we are currently experiencing,” said Peter Turino, President of Brown Harris Stevens of the Hamptons. “It’s important to remember that in the first quarter of 2011, sales were weaker than normal as the pending expiration of the Bush tax cuts led many high-end owners to sell in 2010.”
Talking luxury homes, Jonathan Miller, president of Miller Samuel who compiled the report for Prudential Douglas Elliman, showed that the high-end of the Hamptons real estate market saw an increase in the median home price of 3.8% or $4,775,000, up from $4,600,000 this time last year. The high-end of the spectrum in East Hampton got a little help from the sale of a very hot property with at $20,000,000 price tag in the first quarter.
Associate Broker Phalen Wolf of Brown Harris Stevens notes that, “the market continues to slowly stretch like taffy pulled from both ends, with the high-end edging up, and the low-end creeping down.” Across the board sales are taking longer on average and inventory is down from last year pointing to sellers taking their time getting into the market and then staying firm on price.
Sales are up, prices are up, and mortgage rates are down. Overall, it looks like people are deciding not to negotiate, hope that doesn’t spell disaster for summer traffic with all the merging that occurs on the South Fork.