At least three brokerage reports showed that home prices in the Hamptons plunged in the fourth quarter of last year.
The luxury-real-estate company Brown Harris Stevens said prices fell 23.1%, to $1.87 million, year-over-year. The Corcoran Group put the decline in the South Fork's median price at 11%.
Ernie Cervi, Corcoran's regional senior vice president, told the New York Post that the slump in activity late last year was related to uncertainty about the election. Consumer confidence has spiked since the election outcome became clear, which could revive the market this year, Cervi said.
Housing market activity in the Hamptons this year could also be tied to how Wall Street professionals perform, as it's a prime location for buying vacation homes. After Hamptons home sales fell in the third quarter, Jonathan Miller, CEO of the real-estate appraisal firm Miller Samuel, tied the drop to weak hedge-fund performance.
The fourth-quarter report prepared by Miller's firm showed a 7.2% drop in the median sales price of Hamptons homes compared with last year. The number of sales closed fell by nearly 15%, and it took longer for sales deals to close — about four extra days, compared with the same time last year.
At the luxury end of the Hamptons market, the median sales price fell 29.5%, to $5.85 million, year-on-year, according to Miller Samuel. But this did not deter developers from putting more homes up for sale, as inventory increased 21% in the same period.
The opposite is happening about 100 miles away in Manhattan, where fewer homes with overzealous prices are being offered for sale as more buyers push back.
Credits: BusinessInsider
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://vivalasgidi.com/home-prices-in-the-hamptons-are-collapsing/
that's interesting, thanks for sharing this report
Not indicating that the content you copy/paste is not your original work could be seen as plagiarism.
Some tips to share content and add value:
Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.
Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.
If you are actually the original author, please do reply to let us know!
Thank You!
I did put Credits Note at the bottom of the each post please do look at the bottom. I am not stealing or what. Just sharing what I saw and putting them through social network to let others read.