Renters who are hoping to score a Hamptons summer rental may still be in luck, the New York Post reported. There is still some inventory remaining, according to brokers, but only on the very low and high ends.
“There’s a tremendous amount [of inventory] at the high, high end,” Douglas Elliman’s Enzo Morabito told the Post, referring to rentals that ask $350,000 or more for the season. This, he said, was because many former high-end renters decided to take the plunge and buy a home late last year before the fiscal cliff’s higher taxes kicked in. Really inexpensive rentals – below $75,000 for the season – are also still available, he added.
But in general, brokers told the Post, the market has been robust, especially in the middle of the market. “I just had a call today from a renter from Brazil who wanted something for July — an oceanfront rental,” said the Corcoran Group’s Susan Breitenbach. “I don’t even have [something to show].”
Anthony DeVivio, Halstead Property’s managing director in the area, told the Post he had to turn away a Hollywood client who wanted to splash down $150,000 for a Further Lane East Hampton rental. “There was really nothing available,” DeVivio said.
“It’s like going to a sale at Macy’s two hours too late,” Morabito said. “The sale is there, but a lot is gone. Still, there’s some good stuff.” [NYP] – Hiten Samtani