SEEKING A SAFE HAVEN BEYOND THE SUMMER MONTHS
The Hamptons: A Year-Round Destination
In the world of luxury real estate, the Hamptons market traditionally flourishes in summer months and experiences a slight chill in the autumn. This year however, activity on the East End is a year-round affair as top-of-the-market buyers are attracted to some of the nation’s most desirable properties and the unique lifestyle the area offers, as indicated by sales volume spiking 341% from this time last year.
Often portrayed in the media as a secondary home market, the Hamptons more than ever before is seen as an all-season destination for luxury home buyers. With Covid-19 still lingering, buyers are looking to the Hamptons as a place of permanence, free from city stresses. “For the near term, people look at the Hamptons as a safe haven. We live by the ocean – there’s open space, air, and an overall sense of feeling safe and comfortable. It’s a relaxed lifestyle that people are seeking during this evolving time,” notes Evan Kulman, one of the East End’s top real estate brokers.
New family routines seem to be playing a big part in market movement as well. As families reimagine their way of life, some are choosing the Hamptons for its quality schools. When the school year began in September, sales transactions jumped 35 percent from the prior month, signifying that people have found permanence in the area and can envision their lives there year-round. Multiple Hamptons school districts are recognized as some of the best in the country, driving new enrollment requests to the point that educational institutions were forced to cap admittance given overwhelming demand.
Unsurprisingly, home buyers flocking to the Hamptons have driven average sales prices up, with high demand causing an increase of nearly $2M since August. Kulman says,“Part of the reason that home values have appreciated is because of the sheer number of people who are looking for the same product. It’s the demand.”
After a remarkable summer season, the Hamptons continue to be an enticing place to call home as we head toward the winter months. “The summer frenzy may have slowed down a bit, but the market is still extremely active,” notes Kulman. “It’s not always typical for this time of year, but everyone is trying to figure out how to adapt to an ever-changing situation, and the space and lifestyle in the Hamptons are a big lure.” And what better place to gauge an unpredictable future than being surrounded by serenity in the Hamptons?