Hamptons Home Hunting: Uncovering Gems in the Luxury Real Estate Market
The pandemic had a positive effect on the luxury real estate market. As more people chose to work from home, they began to abandon metropolitan life for the suburbs. Homeowners were suddenly more interested in being on large, expansive lands near luxurious amenities and vacation destinations than around noisy cities. If you are considering a similar move, here is how to get in on the Hamptons luxury real estate market.
Hamptons Luxury Real Estate
It can be argued that the Hamptons have one of the world’s most competitive luxury real estate markets. In 2020 Q3, the average selling price of a Hamptons home was $3.3 million in Montauk and $2.4 million in East Hampton.
Buying A Home in The Hamptons: Hidden Gems
For that price tag, it is only prudent to get value for your money, which you do in the Hamptons. Your Hamptons luxury real estate agent can help you explore properties in different neighborhoods to meet your needs and budget. Meanwhile, consider these hidden gems:
East Hampton: The Booming Rental Market
If you are not ready to commit to a purchase, East Hampton is the best place to rent in luxury. Rental prices have been rising lately as more people move to the suburbs. Currently, you can get a winter rental home for about $15,000, but the exact price will depend on the size.
Montauk: The Hip Neighborhood
And if you want to maintain some city vibe while in the Hamptons, Montauk is the place to be. This area has been drawing a crowd of young, wealthy visionaries who are bringing a lot of new construction and community redesigning. In fact, the old ranches and expansive houses that once filled the area are slowly being replaced by modern, more artistic styles. The Montauk market is also very hot, with listings disappearing as soon as they go up.
Georgica Pond: History and Splendor
Yet there are still homebuyers who enjoy some charm and space. If this is you, Georgica Pond may be more your speed. This 290-acre coastal lagoon boasts previous residents of note, including celebrities, fashion icons, business moguls, and ex-presidents. This is probably due to the high levels of privacy, stunning views of the Atlantic, the rolling laws, parklike grounds, and long driveways. If you manage to snag a Georgica Pond home, you can look forward to luxurious amenities like gyms and home theaters.
West of The Canal: A New World
West of the Canal includes Hampton Bays, Westhampton, East Quogue, Quogue, and Remsenburg and is an up-and-coming neighborhood. Homebuyers started noticing it during the pandemic when space became a commodity. Essentially, a 2-bedroom home east of the canal costs the same as a multiple-bedroom mansion in the west, complete with a pool and other amenities. West of the Canal is also more accessible and significantly reduces commute time.
Shelter Island: Unrivaled Privacy
Shelter Island offers just as much privacy as Georgica Pond but with more breathtaking views. Surrounded by the water, residents can enjoy panoramic views of the ocean from their stylish mid-century homes in a private but vibrant neighborhood.
Grab Your Hamptons Home Now
While Hampton home prices are high, the market is desirable, and homes rarely stay listed long. Christopher Covert, an experienced Associate Broker, can help you navigate the low inventory and grab a Hamptons home in your chosen neighborhood. He can also guide you through town codes and other important details concerning Hamptons home purchases. Call him today to learn more.