Log In   ·   Become A Member
http://www.hamptons.com/gallery/ads/2325.gif

The Hamptons Luxury Real Estate Market Is Heating Up

Nicole Barylski

59 Hither Lane in East Hampton Village. (Courtesy Photo)

"The Second Quarter of 2017 showed a strong demand for luxury properties, which is a very healthy indicator for our markets across all price points," shared Ernest Cervi, Regional Senior Vice President of the East End at the Corcoran Group.

An increase in South Fork high-end sales over the Second Quarter of 2017 drove Hamptons quarterly sales volume up by 4 percent, while average prices were up 11 percent and median prices saw a 5 percent increase, according to The Corcoran Report 2Q17 East End.

"The demand for luxury properties always exists, but this year, a lot of demand took place in the second quarter for high-end properties," Cervi explained.

Compared to the Second Quarter of 2016, nearly twice the amount of $10 million sales transpired. Both Southampton Village and Water Mill were especially desirable in the Second Quarter of 2017, with the average Water Mill sales price jumping to $4.848 million, a 64 percent increase, and the median price rose to $3.725 million, a whopping 86 percent increase. The number of sales was also up showing a 60 percent increase to 24 (from 15). In Southampton Village, average sales price grew by 82 percent to $5.446 million. The median price also rose, showing a 40 percent increase to $2.8 million. Even with the rising prices, the number of sales was also up by 32 percent to 29 (from 22).

"People are settling in and making decisions to purchase," noted Cervi. "While people were sitting out before, we now know that interest rates are going one way, and that would be up!"


Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com NicoleBarylski NicoleBarylski




Related Articles:

Be the first to comment on this article. (Just fill out the form below)
 

Submit Your Comment

Please note, you are not currently logged in. Your comment will be submitted as a guest.
To submit your comment as a member, please click here.
Your Name:
Location:*
Comments:*
* Comments will be reviewed and posted in a timely fashion
* All fields are required
Question:*
Please type the word 'water'
(For spam prevention, thanks)
 
 
 
http://www.hamptons.com/gallery/ads/2363.gif
http://www.hamptons.com/gallery/ads/1824.gif
http://www.hamptons.com/gallery/ads/2003.gif
http://www.hamptons.com/gallery/ads/2328.gif
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Hamptons Carpet One Floor & Home
We pay less,and so do you.With over 1,000 stores in our buying group, we can get the lowest prices from the best flooring manufacturers — and pass the savings on to you.Visit our other locations: Hamptons Carpet One Floor & Home, 675 North Sea Road,Southampton, NY 11968

Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff. Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.

Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field.
Hamptons luxury real estate specialist for 34 years, Andrea Ackerman offers outstanding expertise in the field. Trusted, experienced and successful, Andrea has solidified herself as the go-to broker of the Hamptons and a wholehearted advocate for her clients. A pioneer in the real estate industry on the East End of Long Island, she is driven by her passion for the business. Andrea is based in the Bridgehampton office of Brown Harris Stevens as a licensed real estate associate broker and consultant. Formerly, a principal partner and Senior Director at Brown Harris Stevens, Andrea now assists in developing their corporate strategy for the Hamptons region, advising other brokers and sales associates, as well as being one of the top producers and listors.

Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.

Burner Law Group, P.C.
Burner Law Group, P.C. are full service elder law attorneys concentrating in the areas of Estate Planning, Trust and Estate Administration and Litigation, Special Needs Planning, Guardianship and Elder Law. Offices in East Setauket‚ NY, Westhampton Beach, NY, and New York, NY.

WordHampton Public Relations
We build client revenues and reputations. Our reputation is built on delivering a strong media presence and, as a result, demand for our clients' offerings, resulting in a positive impact on sales. Successful campaigns start with understanding the goals of our clients and developing a customized strategy that will achieve those objectives.

SGF Acupuncture, PLLC. Is owned and operated By Sandra Geehreng Foster.
SGF Acupuncture, PLLC. Is owned and operated By Sandra Geehreng Foster. Her treatments are based on five element acupuncture. She also offers Far Infrared Sauna treatments. PEMF cellular excerise.

Spanish Maven was founded by Marisa Ramirez.
Spanish Maven was founded by Marisa Ramirez after she experienced learning English as a second language upon relocating to New York.

Top Hat Home Services - Manhattan Luxury Home Care & Management
For the past 14 years, Top Hat has managed Manhattan luxury properties for clients in and out of residence. We currently manage and maintain over 160 Manhattan brownstones, condos and townhomes. Our team of experts at Top Hat serves as your proactive and dedicated Manhattan property management team. We manage, beautify and maintain each client’s home with the highest standards of quality, care and precision. Fully bonded, licensed and insured.