The high end Hamptons real estate market continues to thrive. For many years, it was normal for houses in our area to increase in value beyond reason. The data backs up the fact that things are quickly returning back to the normal that was never really normal. There were 472 closed home sales in the Hamptons in Q1 2017, an 8 percent increase from the 437 sales in Q1 2016, according to a report from Douglas Elliman
Real Estate and Miller Samuel appraisal firm. The median price of first quarter home sales in the Hamptons was up by 11.2 percent, rising from $895,000 in Q1 2016 to $995,000 in the first quarter of this year.
But, the median sales price of a Sagaponack home isn't the data that I rely upon. More often than ever, high end buyers are coming to us to improve their property in significant ways. New home owners and owners of recently built homes are adding pergolas, spas, outdoor kitchens, pool houses, and building gunite pools (or removing existing vinyl or gunite pools to build larger ones). Getting to know our clients help us fulfill our responsibility to deliver excellence. We present many wonderful options and it leads to highly detailed discussions. Not only is it important to learn what the client wants, why they want it, and when they want it; it can also be incredibly important to find out why the upgrade is taking place at that particular time.
Making the ordinary, extra ordinary. (Photo: CP Complete, Stacy Wickham Photography)
Adding to the amenities that you will enjoy at your home is definitely a smart move at the moment. Renovations, restoration, and upgrades are happening now, as some investors have taken profits from the market and reinvested them in the backyard. A shifting of assets, a wise investment, or the practicality of enjoying the passive increase in the value of your Hamptons home is more than a trend. Of course, there are those that simply have the means to enjoy the fruits of their labor without the deep thought of yet another investment. Sometimes, it's just fun to sit out by your new pool, relax under the pergola's ceiling fan on a warm summer night (without figuring out the ROI).
Landscape architects, interior designers, pool builders, and most of us in the luxury services field, are thrilled to have the privilege of doing something special. We have been working all of our lives to master our craft. The great achievement of imagining, envisioning, enhancing, improving, building, and creating breathtaking backyards comes from a very special partnership we have with our clients.
Chris Hall is a partner at CP Complete, a landscape design and construction company. He has been a luxury gunite pool and landscape consultant for over thirty years and shares his observations and advice each month on Hamptons.com. cpcomplete.com