Demand for luxury properties drops while mid-tier homes make gains

New York /
Jul.July 27, 2016 04:35 PM

Hamptons sellers beware. The East End saw its fourth straight double-digit sales drop in the second quarter as year-over-year sales plummeted 21 percent for a total of 561 transactions, according to a Douglas Elliman report. Jonathan Miller, the report’s author, attributed that decline to softening at the top of the market. Miller noted, however, that this slower stretch followed an extraordinary three-year period marked by a growing global appetite for luxury properties. “The pent up demand has been satiated,” Miller said. Now, he said, volatility in stock markets from Britain to China, and uncertainty about the outcome of the U.S. presidential election, are contributing to slower sales. Meanwhile, the market share of residential properties valued in the $1 million-to-$5 million price range has grown on the East End in recent years. Bur experts say that stock market jitters could reverse that because buyers in that price range often rely on Wall Street bonuses and robust financial markets to make purchases. [TRD] & [TRD] 


Related Articles

arrow_forward_ios
Robert Futterman charged with DUI in Hamptons car crash
Robert Futterman charged with DUI in Hamptons car crash
Robert Futterman charged with DUI in Hamptons car crash
Yorgos Tsibiridis
Hamptons agent Yorgos Tsibiridis jumps to Compass
Hamptons agent Yorgos Tsibiridis jumps to Compass
(Getty)
Summer camps can reopen, but much remains unknown
Summer camps can reopen, but much remains unknown
Philip Falcone with his wife Lisa Marie Falcone and their Manhattan home. (Getty, Christie's Real Estate)
Hedge funder Philip Falcone may lose UES, Hamptons homes
Hedge funder Philip Falcone may lose UES, Hamptons homes
Chris Whittle and his East Hampton estate (Photos via Trulia and Meridian)
Education entrepreneur relists East Hampton estate for $95M
Education entrepreneur relists East Hampton estate for $95M
The lack of inventory has caused prices to skyrocket.  (Getty)
Suburban home inventory is depleted, but demand rages
Suburban home inventory is depleted, but demand rages
Long Island homes are flying off the market. (Getty)
Long Island home sales spike in Q4
Long Island home sales spike in Q4
Lewis Road Residential Planned Development (Pine Barrens, iStock)
Big golf, resi project in East Quogue approved
Big golf, resi project in East Quogue approved
arrow_forward_ios

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

Loading...