As the Hamptons real estate scene emerges from the effects of the pandemic, Bespoke Real Estate specialists and experts weigh in on the noteworthy trends and what to expect as flocks return to the city.
Mylestone at Meadow Lane in Southampton, listed by Bespoke at $175 million
Reflecting on the atypical season as a result of the pandemic and looking toward the ever-adapting future, resilience is one eminent component that has totally infiltrated the Hamptons real estate scene. “While we may be experiencing some tail winds based on the market response from the COVID pandemic, the Hamptons real estate market has remained strong, with a shortage of good inventory and very high consumer demand,” shares Cody Vichinsky, co-founder of Bespoke Real Estate. “Properties are coming to the market for premiums, and sellers are getting their prices.”
This market durability and eventual turn of the tides that Vichinsky hints at is evident in a $10 million-plus market report from Bespoke, which unveils that the Hamptons saw a 128% increase in $10 million sales quantity in Q2 2021 compared to Q2 2020, along with a 93% increase in sales volume in Q2 2021 compared to Q2 2020. In addition, 25.4% of total $10 million sales volume came from Southampton, the village with the most trades.
These trends can be attributed to the shaping of a strong sellers market, which Bespoke Real Estate Managing Director Joe De Sane outlines as “shorter time periods for properties to be on market, new benchmarks for selling prices and a shortage of premium inventory.” De Sane also elucidates that these facets have resulted in less opportunity for highly selective buyers, urging them to stay aware and focused on swiftly securing interesting and desirable properties.
Besides this rush, Bespoke Real Estate senior portfolio manager Sam Kelly shares that with a little bit of patience, buyers—who continue to house hunt with spaciousness and boundless amenities in mind—can expect more to choose from in the coming months. “While we have achieved new market highs and currently sit at new pricing plateaus, if buyers can remain poised and be patient, they will likely have more optionality as the fall and winter approaches,” Kelly says.
It’s also important to note that similar trends are playing out in other markets across the country. “The Upper East Side is one of the bestselling and most profitable areas, and the huge 280% jump in $10 million sales between Q1 and Q2 suggests a prosperous market over the next several months,” shares Kristin Lukic, portfolio manager at Bespoke NYC. Similar to the Manhattan market, Bespoke South Florida’s Senior Managing Director Harlan Goldberg echoes the same positive sentiment, as South Florida saw a 233% increase in $10 million-plus sales quantity in Q2 2021 compared to Q2 2020.
As the shock of the pandemic simmers, we’re reminded that city dwellers are, indeed, coming back. In Vichinsky’s words, “The city is alive and well.”
Photography by: PHOTO COURTESY OF BESPOKE REAL ESTATE