Hamptons buying boom spawns new rules, new hot spots

February 07, 2014 04:40PM

Low inventory in the Hamptons has pushed prospective buyers and renters to look for luxury in other locations.

High-demand homes on Long Island are traditionally found south of Montauk Highway. But in some areas, “there are more buyers than sellers,” broker Andrew Saunders of Saunders & Associates told the Wall Street Journal.

Since grabbing a grand estate in East Hampton or pulling one of Wainscott’s rare oceanfront lots could prove challenging this season, Wall Streeters have flocked to rural areas like Sagaponack and Bridgehampton to build their massive mansions, according to the Journal. But they can be pricey — an 8,400-square-foot home in Sagaponack just sold this month at 79 Parsonage Lane, closing $2 million below its asking price at $21 million.

Prices are a little lower in Amagansett, the “Tribeca of the Hamptons,” as Corcoran broker Susan Breitenbach calls the place, if looking for a bargain. A sprawling beachside home in this area listed for $13 million in July just went into contract last month at 183 Marine Boulevard. [WSJ]Angela Hunt