The Real Deal New York

High demand for entry-level homes leads to bidding wars on South Fork

July 17, 2018 01:15PM

Inventory for lower-income affordable homes on the South Fork is low and lagging behind the demand for them, experts said. “When we take buyers out looking for properties under $1 million, they often go away discouraged at the lack of selection or must find ways to increase their budgets,” John F. Wines, a broker with Compass in Southampton told 27East. The average worker simply can’t afford a home in Southampton, Wines said, adding that the concern is spreading to Sag Harbor, Hampton Bays, East Hampton and elsewhere. The Corcoran Group reported slow sales in the lower end of the market during the first quarter of 2018 with brisk activity at the higher end. Experts noted “strong demand and limited supply led to fast turnover and bidding wars.” [27East]