Beach-side condos boom in the Hamptons

The beach vacation destination was the fastest-selling condo market last quarter

TRD WEEKEND EDITION /
Nov.November 05, 2017 04:09 PM

(Chris Watson, back; Pixabay, front)

People are increasingly interested in buying a condo in the Hamptons instead of the luxurious beach houses the area is known for — and developers are taking note.

New condo developments are cropping up in the area with better amenities on offer to residents and little housekeeping required, which residents love, according to Mansion Global.

“It’s a part of the market out here that people don’t usually think about, but people are starting to think about it,” said Corcoran’s Mary Slattery to Mansion Global.

The data backs her up: the record for fastest condo sales belongs to the Hamptons as of last quarter with time on the market going from five months last year to three months. Overall, the Hamptons’ condo sales increased by 40 percent.

What initially drove condo developments in the area was the relatively low prices of a condo in comparison to the cost of a house, which goes for a median price of about $5.6 million. At the Bishops Pond development, for example, condo units sold for between about $2 to $3 million in 2013, however, now prices are rising as demand increases.

Fairfield Properties’ condos at Southampton Pointe, which opened in 2009, have seen prices increase four times over from $400,000 to around $1.2 million over the past eight years.

“There is this trend in luxury lifestyle, they are trading size for convenience,” Douglas Elliman’s Carl Benincasa told Mansion Global.

[Mansion Global] — E.K. Hudson


Related Articles

arrow_forward_ios

Hamptons builder pleads not guilty to assaulting Andrew Saunders

Kuwaiti royal was defrauded of $160M investment in Mountain of Beverly Hills: lawsuit

California passes landmark rent control law

Real estate bigwigs get into fistfight at Hamptons hotspot

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Millionaires’ fortunes are shrinking. Here’s what that means for real estate

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

Judith and Rudy Giuliani Rudolph and Judith Giuliani are divorcing after 16 years. (Credit: Getty Images, Trulia, Highrises)

Luxury properties at play in Rudy Giuliani’s ugly divorce

arrow_forward_ios