Forget the Hamptons: Luxury homebuyers flock to LI’s Gold Coast

Pandemic-induced real estate boom spreads to the other Long Island

National Weekend Edition /
Mar.March 20, 2022 03:00 AM
Gold coast (Zillow, iStock)

Gold coast (Zillow, iStock)

A scramble to buy huge homes during the pandemic has spread to Long Island’s north shore from the white-hot Hamptons.

New York City residents seeking homes big enough for hybrid work routines are now hunting in parts of Nassau County, Mansion Global reported. Five homes sold for $10 million or more last year in Long Island suburbs excluding the Hamptons, Mansion Global said, citing a Compass report.

“The ultra-luxury market is really back,” said Compass agent Alana Benjamin. “Everything has been lifted up in the market. These really big, beautiful luxury houses that people thought were maybe too big, now with Covid, we’re seeing a real swing back to them, especially in Nassau County. It’s their time to shine.”

Homes seeking between $2 million and $4 million are also selling quickly, agents say, as a flood of qualified buyers chase limited inventory.
The money heading into the Gold Coast is “more subdued,” agents say. Even so, buyers are seeking the luxurious touches – which come with expensive upkeeps – of mansions that harken back to the opulent Great Gatsby era.

Owners of large properties that might have languished prior to the pandemic are now saying it’s time to sell. Waterfront locations and generous outdoor space, along with outdoor kitchens andswimming pools are especially high on buyers’ wish lists.

Demand is being stoked by white collar workers who recall the advantages of two years of the pandemic spent mostly at home and may now have to work in the office just a few days a week. The Gold Coast is a far closer commute to Manhattan.

Long Island, including Nassau and Suffolk Countiesand excluding the Hamptons and North Fork, had 9,942 home sales from October through December, compared with 7,611 over the same period in 2019. The median price was $525,000.

Along the North Fork close to the Hamptons, sales inventory can’t meet demand.

“People want the pool, the pool house, built-in barbecue, all the outdoor living amenities,” said Nicholas Colombos of the Colombos-Dooley team at Compass on Long Island, pointing to waterfront in Great Neck, Manhasset and parts of Port Washington.”

[Global Mansions]Dana Bartholomew





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