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Yahoo
5 days ago
- Business
- Yahoo
There's doom and gloom about the economy, but million-dollar Hamptons home sales are booming
Hamptons home sales are booming despite stock market volatility and recession fears. Home sales were up about 86% in the first quarter over the same time period in 2024. Prices and sales are soaring in the beach destination despite Wall Street volatility. As Wall Street reels with every twist and turn in President Donald Trump's trade war, there's little sign of economic uncertainty in Manhattan's favorite beach destination just 100 miles east. Demand for luxury real estate in the Hamptons is only growing. Sales and home prices have surged over the last year. Rising prices in the tony enclave are nothing new. The pandemic ushered in a surge of buyers looking to escape the city. The median sales price of homes in the Hamptons in the first quarter of 2025 was more than $2 million, a 13% increase over the previous year and nearly double what it was five years ago, according to a recent Douglas Elliman report. Perhaps more notably, the pace of sales is also soaring this year. Sales were up about 86% in the first quarter over the same time period last year, according to the Douglas Elliman report. That's after home sales fell in the wake of the pandemic buying frenzy, and haven't returned to the highs of 2020. "The tired story of the housing recovery coming out of the pandemic is high prices, low sales," Jonathan Miller, who leads the real estate appraisal and consulting firm Miller Samuel and authored the Douglas Elliman report, told Business Insider. "The Hamptons doesn't fit that pattern. It's high prices and high sales." Miller added that the sharp rise in sales is "unusual and counter to the prevailing trends." This embedded content is not available in your region. Susan Breitenbach, a top Hamptons real estate agent with the Corcoran Group, said she's closed more deals so far this year than in all of 2024. She's sold a slew of luxury homes, including a $17.5 million oceanfront property in Bridgehampton, an Amagansett home for $13 million, a Sag Harbor home on less than an acre for $21 million, and a Southampton house for $5.6 million. "It was really very surprising," Breitenbach, who's been selling property in the Hamptons for more than 30 years, told BI. While some agents like Breitenbach are closing deals at the highest end of the market, the middle of the Hamptons market — homes between $1 million and $5 million — has driven the uptick in sales. These "meat and potatoes" sales, Miller said, are way up. So-called "tangible assets," like luxury real estate in very in-demand markets, can be particularly attractive to certain investors when markets are wobbly. Global stocks plummeted following Trump's "Liberation Day" tariffs announcement, and while they've mostly rebounded since the administration walked back some of their tariffs, markets are on edge. In early June, the Organization for Economic Co-operation and Development cut its forecast for the US economic growth rate in 2025 from 2.8% to 1.6%, citing Trump's trade policies. "Hamptons real estate has a long history of appreciating over time," Andrew Saunders, president of the Hamptons real estate brokerage Saunders & Associates, told BI. Some more cautious buyers "might look at what's happening in the world at large and say, 'You know what, I'm going to wait a month or two and let the world take a few spins and see what happens.' But we're not seeing that occur en masse." Miller credited big Wall Street bonuses in 2024 for some of the spike in sales and agreed that market volatility could be pushing some to diversify their investments. The Hamptons rental market might be more sensitive to economic uncertainty. Breitenbach said rental interest was much higher than usual in January but has since fallen off. Miller, who doesn't track rentals in the Hamptons, added that an increase in sales would naturally lead to a drop in rental demand. Breitenbach recently listed a home on 2.5 acres of oceanfront property in Water Mill, which sits between Southampton and Bridgehampton, for $44.5 million. "It's not about the house, it's about the land," she added. "And that's a deal." Hamptons buyers are from all over. Breitenbach said she's seen an uptick in California buyers this year, and she still has foreign buyers. But a large share of her clients are still Manhattanites. "A lot of it is the high-end New York — Manhattan — buyers, because there aren't many places they can go on the weekends," she said. Breitenbach said Memorial Day weekend this year felt more packed than ever out east, even with cooler-than-normal weather. "It looked like Fourth of July," she said. She doesn't expect market volatility and even threats of a recession to change that. "It's going to be a busy summer in the Hamptons regardless," Breitenbach said. "People keep coming out here no matter what's going on." Read the original article on Business Insider Sign in to access your portfolio
Business Insider
5 days ago
- Business
- Business Insider
There's doom and gloom about the economy, but million-dollar Hamptons home sales are booming
Demand for luxury real estate in the Hamptons is only growing. Sales and home prices have surged over the last year. Rising prices in the tony enclave are nothing new. The pandemic ushered in a surge of buyers looking to escape the city. The median sales price of homes in the Hamptons in the first quarter of 2025 was more than $2 million, a 13% increase over the previous year and nearly double what it was five years ago, according to a recent Douglas Elliman report. Perhaps more notably, the pace of sales is also soaring this year. Sales were up about 86% in the first quarter over the same time period last year, according to the Douglas Elliman report. That's after home sales fell in the wake of the pandemic buying frenzy, and haven't returned to the highs of 2020. "The tired story of the housing recovery coming out of the pandemic is high prices, low sales," Jonathan Miller, who leads the real estate appraisal and consulting firm Miller Samuel and authored the Douglas Elliman report, told Business Insider. "The Hamptons doesn't fit that pattern. It's high prices and high sales." Miller added that the sharp rise in sales is "unusual and counter to the prevailing trends." Susan Breitenbach, a top Hamptons real estate agent with the Corcoran Group, said she's closed more deals so far this year than in all of 2024. She's sold a slew of luxury homes, including a $17.5 million oceanfront property in Bridgehampton, an Amagansett home for $13 million, a Sag Harbor home on less than an acre for $21 million, and a Southampton house for $5.6 million. "It was really very surprising," Breitenbach, who's been selling property in the Hamptons for more than 30 years, told BI. While some agents like Breitenbach are closing deals at the highest end of the market, the middle of the Hamptons market — homes between $1 million and $5 million — has driven the uptick in sales. These "meat and potatoes" sales, Miller said, are way up. So-called "tangible assets," like luxury real estate in very in-demand markets, can be particularly attractive to certain investors when markets are wobbly. Global stocks plummeted following Trump's "Liberation Day" tariffs announcement, and while they've mostly rebounded since the administration walked back some of their tariffs, markets are on edge. In early June, the Organization for Economic Co-operation and Development cut its forecast for the US economic growth rate in 2025 from 2.8% to 1.6%, citing Trump's trade policies. "Hamptons real estate has a long history of appreciating over time," Andrew Saunders, president of the Hamptons real estate brokerage Saunders & Associates, told BI. Some more cautious buyers "might look at what's happening in the world at large and say, 'You know what, I'm going to wait a month or two and let the world take a few spins and see what happens.' But we're not seeing that occur en masse." Miller credited big Wall Street bonuses in 2024 for some of the spike in sales and agreed that market volatility could be pushing some to diversify their investments. The Hamptons rental market might be more sensitive to economic uncertainty. Breitenbach said rental interest was much higher than usual in January but has since fallen off. Miller, who doesn't track rentals in the Hamptons, added that an increase in sales would naturally lead to a drop in rental demand. Breitenbach recently listed a home on 2.5 acres of oceanfront property in Water Mill, which sits between Southampton and Bridgehampton, for $44.5 million. "It's not about the house, it's about the land," she added. "And that's a deal." Hamptons buyers are from all over. Breitenbach said she's seen an uptick in California buyers this year, and she still has foreign buyers. But a large share of her clients are still Manhattanites. "A lot of it is the high-end New York — Manhattan — buyers, because there aren't many places they can go on the weekends," she said. Breitenbach said Memorial Day weekend this year felt more packed than ever out east, even with cooler-than-normal weather. "It looked like Fourth of July," she said. She doesn't expect market volatility and even threats of a recession to change that.
Business Insider
5 days ago
- Business
- Business Insider
There's doom and gloom about the economy, but million-dollar Hamptons home sales are booming
As Wall Street reels with every twist and turn in President Donald Trump's trade war, there's little sign of economic uncertainty in Manhattan's favorite beach destination just 100 miles east. Demand for luxury real estate in the Hamptons is only growing. Sales and home prices have surged over the last year. Rising prices in the tony enclave are nothing new. The pandemic ushered in a surge of buyers looking to escape the city. The median sales price of homes in the Hamptons in the first quarter of 2025 was more than $2 million, a 13% increase over the previous year and nearly double what it was five years ago, according to a recent Douglas Elliman report. Perhaps more notably, the pace of sales is also soaring this year. Sales were up about 86% in the first quarter over the same time period last year, according to the Douglas Elliman report. That's after home sales fell in the wake of the pandemic buying frenzy, and haven't returned to the highs of 2020. "The tired story of the housing recovery coming out of the pandemic is high prices, low sales," Jonathan Miller, who leads the real estate appraisal and consulting firm Miller Samuel and authored the Douglas Elliman report, told Business Insider. "The Hamptons doesn't fit that pattern. It's high prices and high sales." Miller added that the sharp rise in sales is "unusual and counter to the prevailing trends." Susan Breitenbach, a top Hamptons real estate agent with the Corcoran Group, said she's closed more deals so far this year than in all of 2024. She's sold a slew of luxury homes, including a $17.5 million oceanfront property in Bridgehampton, an Amagansett home for $13 million, a Sag Harbor home on less than an acre for $21 million, and a Southampton house for $5.6 million. "It was really very surprising," Breitenbach, who's been selling property in the Hamptons for more than 30 years, told BI. While some agents like Breitenbach are closing deals at the highest end of the market, the middle of the Hamptons market — homes between $1 million and $5 million — has driven the uptick in sales. These "meat and potatoes" sales, Miller said, are way up. So-called "tangible assets," like luxury real estate in very in-demand markets, can be particularly attractive to certain investors when markets are wobbly. Global stocks plummeted following Trump's "Liberation Day" tariffs announcement, and while they've mostly rebounded since the administration walked back some of their tariffs, markets are on edge. In early June, the Organization for Economic Co-operation and Development cut its forecast for the US economic growth rate in 2025 from 2.8% to 1.6%, citing Trump's trade policies. "Hamptons real estate has a long history of appreciating over time," Andrew Saunders, president of the Hamptons real estate brokerage Saunders & Associates, told BI. Some more cautious buyers "might look at what's happening in the world at large and say, 'You know what, I'm going to wait a month or two and let the world take a few spins and see what happens.' But we're not seeing that occur en masse." Miller credited big Wall Street bonuses in 2024 for some of the spike in sales and agreed that market volatility could be pushing some to diversify their investments. The Hamptons rental market might be more sensitive to economic uncertainty. Breitenbach said rental interest was much higher than usual in January but has since fallen off. Miller, who doesn't track rentals in the Hamptons, added that an increase in sales would naturally lead to a drop in rental demand. Breitenbach recently listed a home on 2.5 acres of oceanfront property in Water Mill, which sits between Southampton and Bridgehampton, for $44.5 million. "It's not about the house, it's about the land," she added. "And that's a deal." Hamptons buyers are from all over. Breitenbach said she's seen an uptick in California buyers this year, and she still has foreign buyers. But a large share of her clients are still Manhattanites. "A lot of it is the high-end New York — Manhattan — buyers, because there aren't many places they can go on the weekends," she said. Breitenbach said Memorial Day weekend this year felt more packed than ever out east, even with cooler-than-normal weather. "It looked like Fourth of July," she said. She doesn't expect market volatility and even threats of a recession to change that. "It's going to be a busy summer in the Hamptons regardless," Breitenbach said. "People keep coming out here no matter what's going on."
Yahoo
19-05-2025
- Business
- Yahoo
Hamptons Home Sales Soar to Record Highs, With Median Price Surpassing $2 Million — Wall Street Profits and Housing Market 'Joined At The Hip'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. As if the Hamptons weren't expensive enough, home prices in New York's wealthy Long Island enclave have risen to record highs, reaching a median price of $2 million for the first time. Although some Hamptons homes can cost over $100 million, the sweet spot for buyers, according to appraiser Miller Samuel's quarterly report is between $1 million and $5 million. Almost 55% of sales fall into this category. According to the report, Q1 sales were nearly double those of the same time last year, with 420 deals closed compared with 230 in 2024, and a median price of slightly over $2 million. Don't Miss: Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – With Point, you can Report author Jonathan Miller said that these homes were so popular because buyers felt comfortable taking out a mortgage for them. Hamptons house prices and Wall Street profits are intrinsically bound, with Miller telling the New York Post that they are "joined at the hip." However, that hasn't been the case for pricier properties, which saw a drop in sales last year and have not recovered this year. Homes at the top 10% of the Hamptons sales spectrum saw average prices fall by 11.8% year-over-year, according to the Elliman report. The price drop is not strictly due to the lack of demand, though, but rather an increase in inventory, the report stated. The housing stock increased by 9.7% in the first part of 2024, which reduced bidding wars. "A couple of years ago, inventory was almost non-existent," Miller told The Real Deal. "But demand remained in place, and it's just enabling more sales," he said. Trending: , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Brokerage William Raveis Hampton's & North Fork Q1 market reports stated that 64 homes sold in the Hamptons for between $5 million and $19.99 million in the first quarter, marking an increase of 46% from the 44 homes sold in that price range at the same time the previous year. There were 49 homes sold between $3.5 million and $4.99 million — an increase of 63% from a year earlier. Over the past few months, there have been several high-end listings and sales in the Hamptons. These have included a $25 million East Hampton home that Sylvester Stallone purchased for his daughters and a Sag Harbor mansion "The View" host, Joy Behar listed for $10.95 million, according to of a former executive at the global management consulting firm McKinsey recently listed the family home for $41.9 million, according to The Wall Street Journal. The property sits on 4.4 acres with 260 feet of Hook Pond front—quite an increase from the $170,000 the former owner, Greg O'Block, paid for it in the 1970s. In May 2024, Billy Joel spent $10.7 million on an East Hampton home in an off-market transaction, the Post reported. The legendary musician also listed his Oyster Bay home for $49 million, although not in the Hamptons. Read Next: Invest Where It Hurts — And Help Millions Heal: This Jeff Bezos-backed startup will allow you to . Image: Shutterstock Send To MSN: 0 This article Hamptons Home Sales Soar to Record Highs, With Median Price Surpassing $2 Million — Wall Street Profits and Housing Market 'Joined At The Hip' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
15-05-2025
- Business
- Business Times
Manhattan rents at record highs hint at more increases to come
[NEW YORK] Manhattan's apartment market is heading into its most competitive months of the year with rents already at record highs. They are only likely to continue rising through the summer. The US$4,500 median monthly rate for April's new leases ties the level first reached in February and missed by just US$5 in March, according to appraiser Miller Samuel and brokerage Douglas Elliman. The prices many apartment hunters agreed to pay last month were even higher than what landlords were asking. On average, new leases commanded 2.4 per cent more than the listed price, the largest premium that Miller Samuel has seen in decades of monitoring. Nearly 26 per cent of deals were signed after a bidding war, just short of another high hit in February. Taken together, the measures show a market under severe pressure, where renter demand remains high and very few new units are under construction across the city, especially in Manhattan. Though rents have eased in other parts of the country as US President Donald Trump's tariff wars stir up economic uncertainty, New Yorkers have not hit a ceiling on what they are able to pay each month. 'There aren't any clear signs of relief in the short to medium term,' said Jonathan Miller, president of Miller Samuel. 'There's no endgame to the housing affordability crisis.' Before the pandemic scrambled the Manhattan apartment market, rents were typically 1 to 2 per cent below the asking price and bidding wars were infrequent. Last month, units ranging from studios to three bedrooms all had average lease prices that were 2 to 3 per cent above ask. 'The pricing pressure is broad-based,' Miller said. 'This is not something where we can say it's skewed by the high-end or larger apartments or something like that.' The dynamics in the outer boroughs, which historically have drawn many people priced out of Manhattan, were mixed. In northwest Queens, including Astoria and Long Island City, the median rent jumped 9.4 per cent annually to US$3,550. The median price in Brooklyn was US$3,600, the same as it was a year earlier. BLOOMBERG
