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

TRD 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
Rihanna has joined in the mayhem that is the Hamptons rental market. She’s reportedly looking to buy, but first wants to rent. (Getty, iStock)

Rihanna is on the hunt for a Hamptons getaway. And she “doesn’t have a budget”

Rihanna is on the hunt for a Hamptons getaway. And she “doesn’t have a budget”
Marriott CEO Arne Sorenson (center) with StayMarquis co-founders Alex Goldstein and Bryan Fedner (Credit: StayMarquis)

Marriott jumps into Hamptons rental market

Marriott jumps into Hamptons rental market
317 Murray Place (Credit: Bespoke Real Estate)

Southampton compound trades for $58M

Southampton compound trades for $58M
Hamptons market so tight, even landlords seek rentals

Hamptons market so tight, even landlords seek rentals

Hamptons market so tight, even landlords seek rentals
Tonight on TRD Talks Live: Heavyweight brokers on the Hamptons frenzy

Tonight on TRD Talks Live: Heavyweight brokers on the Hamptons frenzy

Tonight on TRD Talks Live: Heavyweight brokers on the Hamptons frenzy
Barry Rosenstein and his Hamptons home (Credit: Aurora Rose/Patrick McMullan via Getty Images, Bespoke Real Estate) 

Hedge funder sells Hamptons home for $37M

Hedge funder sells Hamptons home for $37M
26 Windmill Lane (Credit: Douglas Elliman)

Hamptons compound sells for $45M in area’s biggest sale of the year

Hamptons compound sells for $45M in area’s biggest sale of the year
arrow_forward_ios

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

Loading...