Here’s a few signs that the Hamptons economy is booming

There are roughly 1,200 listings in the Hamptons asking $1 million or more

New York /
Jul.July 06, 2014 03:00 PM

 Rich people. They’re doing well these days! For proof, look no further than the Hamptons, the fancy collection of towns on the Eastern tip of Long Island, where the region’s elite spend their summer weekends. Josh Brown points us to a note from Nick Colas of Convergex which lays out a few facts about how well things are going in the area.

Here’s a few bullets from Nick:

· The newest and nicest hotel in the Hamptons at the moment is the Topping Rose House, refurbished in 2012 after a long period of disrepair and also substantially expanded. Rooms here during the summer go for $2,000/night and often have a 2-3 night minimum. They are sold out this weekend.

· The most popular aspirational real estate site in New York is www.hreo.com – the common listing service for the Hamptons. A few clicks and you’ll find that there are +2,500 entries for houses that will cost you over $1 million. Yes, there are a few dupes, so let’s cut that number in half. That still makes for 1,200 houses out there at $1 million and up. Want to live like an old school Wall Street mogul? The original Merrill house (yes, that Merrill) is on the market for $98 million. Bad news – the property abuts a public beach parking lot. For $100 million…. And yes, the place is rock star amazing.

· Pierre’s in Bridgehampton has had its ups and downs in terms of service quality over the past few years, but the food has always been like a quick trip to Antibes or Cannes. They ship their own special rose wine over from France for the summer season – it’s usually all gone by early August. They have availability for dinner at 5:45 or 6:00 pm, which for many French restaurants is almost lunch hours. So book early, book often, order the blue bottle of rose and wait for the rest of the world to shuffle in at 8 pm…

· There are a total of 16 houses and apartments available from the Shinnecock Canal to the Montauk town line for less than $325,000 – the average price of a home in America. One is a mobile home. The others are condos or small cottages of 700 square feet or so. There are 3,400 listing over this price point on hreo.com.

Good times!


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
From left: Fannie Mae's Hugh Frater and Freddie Mac's Michael DeVito
Government to back home loans over $1M
Government to back home loans over $1M
Hyatt CEO Mark Hoplamazian and Dream Hotel Group founder Sant Singh Chatwal with 355 West 16th Street in Manhattan NYC (Hyatt, Dream Hotel)
Hyatt to acquire Dream Hotel Group for up to $300M
Hyatt to acquire Dream Hotel Group for up to $300M
(Illustration by The Real Deal with Getty)
Developer fires back as Saddle River blocks affordable housing
Developer fires back as Saddle River blocks affordable housing
A photo illustration of John D. Rockefeller and 181 Glenville Road in Greenwich, Connecticut (Getty, Sotheby's International Realty, Published by Scientific American Compiling Dep't, New York. 1907., Public domain, via Wikimedia Commons)
Rockefeller descendants list 54-acre parcel from Greenwich estate
Rockefeller descendants list 54-acre parcel from Greenwich estate
(Getty/Illustration by The Real Deal)
TRD Pro: 7% mortgage rates are not so bad
TRD Pro: 7% mortgage rates are not so bad
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...