Hamptons luxury residential market saw ‘lackluster’ past decade: report

The past decade was “lackluster” for luxury real estate in the Hamptons, Mansion Global reported, citing a new Douglas Elliman report. While sales in the fourth quarter of 2019 were up by 7.2 percent compared to the same quarter ten years ago, average closing prices declined by 7 percent during that period, and the median sales price declined by 2.6 percent, according to the report. “As a second-home market, the Hamptons took a back seat in the last decade as a result of a combination of unaffordability, less-robust Wall Street compensation and a peak of uncertainty,” report author Jonathan Miller, of Miller Samuel, said. The dip in prices was caused in part by a “flood of spec homes and ultra-luxurious homes on the market,” the outlet noted. [Mansion Global]