Many wealthy New Yorkers who rented Hamptons real estate to escape the city during the coronavirus pandemic now appear to be putting down permanent roots, according to a new report.
Nearly $1 billion worth of Hamptons property has been sold in the span of only three months, according to Brown Harris Stevens' market report. Nearly 450 single-family homes having been purchased during this year's third quarter. With an increase from $483 million to $973 million in just a year, the real estate market's profitability has risen by 51 percent.
Boasting fresh air, plenty of space, and a slower-paced lifestyle, the Hamptons is particularly inviting for families with young children. Real estate expert Dolly Lenz, points out to the New York Post many of the New Yorkers that just moved had never visited the Hamptons before. Among her recent clients, is a married hedgefunder with four kids who just moved into a $500,000 Hamptons rental in June. They are looking to buy now.
"The pace was frenetic once we moved into late spring, early summer, but I wasn’t expecting to see the volume double. It’s striking," Philip O’Connell, BHS managing director in the Hamptons, told the Post. “Once the COVID regulations started to ease off and people could get into homes and have showings one at a time, with masks and gloves, it just took off. There was so much pent-up demand.”
This year's most expensive home sale thusfar was designer Calvin Klein's property in Southampton; the oceanfront villa at 650 Meadow Lane was sold for $84 million in an off-market deal in March. Notorious spender Ken Griffin is rumored to be the buyer, but reports remain unconfirmed.