Luxury home deals soar in Hamptons, New York, South Florida
More houses over $10M sold in 2021 over 2020
This year is chock-full of luxury deals across the Hamptons, New York City and South Florida, according to a new report by Bespoke.
The Hamptons has had 87 deals at or above $10 million so far this year, totaling $1.6 billion. New York City counted 173 transactions making up $2.9 billion. Meanwhile in South Florida, there were as many as 279 deals, totaling $5.4 billion.
“The big takeaway is that 2021 is outperforming 2020, which is sort of hard to imagine,” Bespoke Managing Director Joseph De Sane said.
In the third quarter, The Hamptons saw 24 trades, slightly higher than the 20 listings during the same period in 2020. However, there was a 24 percent decrease in average sale price, from about $20 million to $15 million.
New York City, which struggled with sales last year with the pandemic putting the city on lockdown, marked a 192 percent increase in sales volume. The third quarter had 68 sales totalling over $1 billion. In the third quarter of last year there were just 23 sales.
Twenty-nine percent of all the city’s third-quarter deals came from the Upper East Side.
“When the city is on, and all the lights are on and we see this type of transacting, that’s indicative to me of an environment and a city that is ready to get back to work,” De Sane said.
South Florida saw a similarly booming market. In the third quarter, the region had a 25 percent increase in sales compared to the year before. There were 60 properties sold, compared to 48 the previous year. Still, the second quarter counted a massive 140 transactions.
Waterfront properties were particularly popular among buyers. Sixty-two percent of Miami-Dade trades were waterfront and in Palm Beach County, there was a 83 percent increase in waterfront trades year over year.