Log In   ·   Become A Member
http://www.hamptons.com/gallery/ads/2372.gif

The "Hamptons Middle" Remains Desirable

Nicole Barylski

26 and 30 Short Beach in Sag Harbor, which was represented exclusively by Brenda Giufurta of Douglas Elliman, closed in September.

"Overall, we're seeing great improvement with year-to-date volume, up more than 10 percent over 3Q 2016," remarked Carl Benincasa, Regional Vice President of Sales for the Hamptons at Douglas Elliman Real Estate, about The Elliman Report: Hamptons 3Q17. "While indicators point to a soft high-end market, Elliman has been able to boost overall performance with double-digit gains in both sales price and closings in mid-tier listings such as condos, along with a historically high presence in the high-end market, this year claiming the bulk of the top sales in the region."

This marks the ninth consecutive quarter where inventory declined in the overall market. However, while inventory is disappearing, the "Hamptons middle" ($1 million to $5 million) was the only segment that saw a sales gain. While bidding wars for the overall market increased, that was not the case for the luxury market, but Q3 was the quickest condo marketing time ever recorded.

"Q4 promises to bring more good news with one of our biggest deals having already closed in the quarter and more top-ten-level deals in contract," he noted.

The median sales price in the Hamptons grew 7.9 percent to $890,000, while the average sales price dropped 4 percent to $1,675,998. Properties were on the market for a shorter period of time, from 142 to 132 days and listing inventory declined by 4.4 percent to 1,465.

"The luxury market has seen rising absorption rates and increasing inventory compared with the mid-tier market which has seen close to a 30-percent drop in absorption rate and a 30-percent increase in average sales price," Benincasa said. "This indicates that Hamptons buyers are showing more interest in smaller, more manageable homes."

But, Benincasa believes there's still plenty of sales in the luxury market to be seen. "The market however still seems to have plenty of opportunity for the high end, with more than ten sales over $20 million before the end of Q3," he concluded.


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:*
What color is a banana?
(For spam prevention, thanks)
 
 
 
http://www.hamptons.com/gallery/ads/2362.gif
http://www.hamptons.com/gallery/ads/2003.gif
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.

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.

New York Title Abstract Services, Inc.
We are a title insurance services company dedicated to promptly delivering fully compliant and accurate reports, and title insurance, for residential and commercial real estate throughout New York State. Headquartered in the Hamptons, our professional team has extensive real estate experience and understands the business from all sides including title insurance, legal, sales, governmental, banking, and lending regulations.

Aimee Fitzpatrick Martin, Licensed Associate Real Estate Broker
Considered a West of the Shinnecock Canal expert with a 5-star Zillow ranking, Aimee specializes in the luxury and waterfront markets in Quogue, Westhampton Beach, Remsenburg, East Quogue and Hampton Bays. With exceptional communication skills and a buttoned-up approach to every deal, she is highly skilled in the art of the negotiation process. Understanding the nuances of buying and selling waterfront homes, especially on Dune Road, is a specialty.

Hamilton Hoge
As the owner’s representative our practice encompasses all aspects of a project from pre-purchase property due diligence, program development iterations, advisement on systems, analyze contracts/vendors, critical path analysis, feasibility and schedule. The strength of our approach is in facilitating organized communication. We strongly analyze all representations and warranties for the protection and benefit of our client.