As if the East End property market wasn’t competitive enough, a growing number of residents are buying second homes there, according to the New York Post.
Most aren’t looking for investment properties, they shop for something of a [short] getaway from their main homes, according to the report.
“One client was looking in Amagansett Dunes — to have a small cottage by the beach, which is different from their main home. They’ll want a cottage in the dunes or a trailer in Montauk,” said Compass agent Yorgos Tsibiridis.
Tsibiridis himself lives outside Sag Harbor and this year bought a small second home closer to the center of the village so he could walk to work.
While Tsibiridis wanted to shorten his short commute to “downtown,” George Holley and Phairot Iamnaita wanted to get a bit farther away.
In 2013 they bought a home in Sag Harbor near the harbor itself, the report noted. A few years later their broker pointed them to a beachfront property in Southampton, which they bought for $2.5 million.
”I couldn’t describe a better lifestyle than the two locations we’re enjoying,” Iamnaita said.
Brand consultant Michael Burns moved to Sagaponack from New York City with his family five years ago but not long after found it isolating.
The family bought a two-bedroom beach house in the Montauk Shores Condominium community, where a unit can sell for half a million to upwards of $1.6 million.
“It’s like vacation, it’s so different,” Burns told the Post. “Everything changes.”
[NYP] — Dennis Lynch