Buying in the Hamptons is not exactly a science: Prices don’t obey the regular rules of the market.
Because homes in the Hamptons are often second-homes for summer getaways, the prices don’t always adhere to usual indicators, like size and location. Still, using data from Zillow, Bloomberg looked at sales in six major Long Island vacation destinations from May 2017 to May 2018 — in an attempt to find where the best deals are located. According to the analysis, Sag Harbor was the most expensive of all the areas with a median price per square foot of $1,297. Bridgehampton followed with a median price per square foot of $871, and Southhampton was third with $706. After that was Westhampton Beach with a median price per square foot of $684, Shelter Island with $548 and Hampton Bays with $388.
The high prices in Sag Harbor could be attributed to particularly expensive homes that recently sold along the waterfront. Still, for to $2 to $3 million, a buyer can get a small cottage on maybe a quarter of an acre that needs work, said Mala Sander, a Corcoran broker who’s based in Sag Harbor. On Shutter Island that money can take you much further: “three-quarters of an acre, with about a 6,000-square-foot house in mint condition with a pool, guest cottage, and garage,” said Seth Madore, a broker for Corcoran who is based on Shelter Island.
“I deal in the world of whims and wants, not needs,” he said. “It’s a second, third, fourth home market. The people here don’t need to sell, and the buyers don’t need to buy.” [Bloomberg] — Kathryn Brenzel