Southampton - According to the third quarter market report for the East End of Long Island released by
Brown Harris Stevens, the average residential sale price in the South Fork of $1,810,978 was up 21 precent when compared to the third quarter of 2010. At $905,000, the median price rose 20 percent over that same period. A major factor was a 45 percent increase in sales of homes priced at $2.5 million or more since last year.
"While the current market remains challenging in many respects, it is encouraging to see a return of investor confidence in high-end Hamptons properties" said
Cia Comnas, executive managing director of Brown Harris Stevens of the Hamptons. "Our report reflects 250 reported single-family home sales in the third quarter, six percent more than a year ago."
Report Highlights Include:
• Activity fell at the low end, as sales under $1 million accounted for 57 percent of the market, compared to 67 percent a year ago.
• In the Amagansett market, the average and median price rose 26 percent and 24 percent, respectively, with sales for $1 million or more accounting for 46 percent of all transactions, compared to just 25 percent a year ago.
• The median price of homes in the Bridgehampton market rose 81 percent from an abnormally low level a year ago.
• In East Hampton, the median price, which measures the middle of the market and is less impacted by high-end sales, rose 31 percent since the third quarter of 2010 to $850,000.
• A high number of closings over $10 million brought both the average and median sale prices up substantially in the Southampton market over the last year.
About Brown Harris Stevens
Brown Harris Stevens, established in 1873, is the premiere provider of residential real estate services in New York. The company has offices throughout New York City, the Hamptons, North Fork and Palm Beach. Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie's International Real Estate, Inc., a subsidiary of Christie's International PLC, the world's oldest fine arts auctioneer.
Guest (james belcher) from port vue, pa. says:
I am a army veteran who use to make around 1500. month. I now have a house that i struggle to keep with a mortage of 547. month. What the super rich pay in just taxes on the mansions probably would pay my house off in one month! Bought my house for 56500 and been paying on it for 10 years and still owe 43600. What the rich spend on a good suit and tie with shoes probably would pay my mortage for a year! If anyone would like to contact me and hear what it is to stuggle please e-mail me. Appreciate the concern of what the little guy does to survive. thabk you. godbless. mr.belcher08@yahoo.com PS. Anyone have suggestions on how i can make a few bucks on the side for xmas for my kid's i would appreciate the advice or help. once again godbless you all.