Beach-side condos boom in the Hamptons

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

New York Weekend Edition /
Nov.November 05, 2017 04:09 PM

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
(Illustration by The Real Deal with Getty)
TRD Pro: Is homebuilding really down?
TRD Pro: Is homebuilding really down?
From left: 290 Park Place and 28 Willow Street in Brooklyn (Getty, Google Maps)
Historic townhouses top Brooklyn’s luxury market
Historic townhouses top Brooklyn’s luxury market
50 West 66th Street and the One57 building at 157 West 57th Street (Extell Development, One57)
Extell properties top Manhattan’s luxury contracts
Extell properties top Manhattan’s luxury contracts
2801 Riverton Road in Cinnaminson, NJ (Redfin, Getty)
Mansion listed for $25M sets South Jersey record
Mansion listed for $25M sets South Jersey record
A roughly 450-acre estate in Colorado has sold for $40 million (360 Productions, Getty)
Developer pays $40M for Colorado estate with two shooting ranges
Developer pays $40M for Colorado estate with two shooting ranges
(Illustration by The Real Deal with Getty)
Contracts for Hamptons, North Fork homes fall 50%
Contracts for Hamptons, North Fork homes fall 50%
Kent Companies' Bill Kent and the late T. Boone Pickens with Mesa Vista Ranch at 2050 Reynolds Ranch Road (Kent Companies, Getty, Hall and Hall)
T. Boone Pickens’ panhandle ranch has sold for $170M
T. Boone Pickens’ panhandle ranch has sold for $170M
From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
arrow_forward_ios

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

Loading...