The Hamptons is one of the hottest real estate markets in the country as the exodus from Manhattan has been a boon for local agents.
During the height of the pandemic, major estates traded for eye-popping prices. An estate at 32 Windmill Lane in East Hampton, for example, sold for $37 million. The lot was one of two included in a $45 million deal between the estate of late railroad tycoon James Evans and an unidentified buyer.
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The number of deals in the Hamptons during the second quarter increased 37.3 percent year-over-year, according to data from Redfin and OneKey analyzed by The Real Deal. The OneKey data only encompasses 25.6 percent of all deals made in the Hamptons, but the overall figures are reflective of the total.
“A lot of people who were looking for an opportunity to move out of more densely populated urban areas saw [the Hamptons] as a very attractive place to be,” explained Rory Golod, New York president at Compass. “And I think It motivated a lot of clients who might have been on the sidelines for some time.”
Compass, which had 22 percent of all July contracts in the Hamptons, saw 102 sales and 59 purchases in the first half of 2020, according to data that the company shared with TRD.
Overally, Compass saw sales volume climb 217 percent year-over-year and rental volume soar 227 percent.
For the overall market, the average price of $2 million was up 3.4 percent from the first quarter and 7.7 percent year-over-year. The median price hit $1 million, an increase of 4.7 percent from last year. Deals over $10 million were the main price drivers.
Golod said that Compass has similarly seen an increase in search terms such as “pool” and “home office” as the coronavirus changed buyers’ priorities.
“The concept of having space took on a new meaning because during the pandemic,” Golod said. “When people were confined to their homes, it gave them an opportunity to become more intimately aware of the inadequacies of their current property, more so than any other point in time.”
Contact Sasha Jones at sasha.jones@therealdeal.com