NEW YORK – HOW THE HAMPTONS HAVE FLOURISHED IN OUR CURRENT CLIMATE
WITH CHRISTOPHER COVERT
Surrounded by pristine beaches and high hedges, it’s no surprise that many New Yorkers venture out east to find an exclusive escape. With an atmosphere unlike any other in the summer months, the Hamptons have always been a go-to getaway for luxury homeowners.
Earlier than usual this year, the Hamptons experienced extremely high demand in homes across the region due to COVID-19. Hamptons real estate expert Christopher Covert spoke on the impact this has on luxury real estate: “With contracts up 300% from last year, there’s a sense of urgency in the market, and it’s reflecting in listings being sold at and over asking price.” As may be expected in any low-inventory, high-demand situation, pricing has become even more competitive, with average sale prices in the Hamptons increasing nearly 30% from 2019.
In addition, sales volume is up 11% from last year, and increased activity is by no means limited to home ownership. The region's rental market transactions were up 192% month-over-month in May – indicating an early acceleration in summer rentals as well. It’s clear that in this climate people are looking to move out of densely populated areas and into larger, private homes with more rooms and ample outdoor space. Covert commented on the Hamptons’ latest recognition as a year-round destination, stating, “People can work from home and commute to the city easily if need be, the school districts are some of the best in the state, and there’s much more room here – you can have a private office, a backyard with a pool, ocean views. You can have it all.”
With a change in buyer priorities, a home in The Hamptons has transformed from a luxury item to a functional necessity. Homebuyers, mostly hailing from New York City, are searching for permanence in a world filled with uncertainty. “They know things are not going to go back to normal for some time. And because of this,” Covert notes, “there’s a frenetic energy in the Hamptons market, and there are very little signs of it stopping.”