Noted haunt of the rich and famous, the Hamptons is enjoying revitalized real estate activity with the return of jobs to New York’s financial district. The spike in sales to open 2010 reflects restored confidence, dispelling concerns that even upscale Hamptons resort property would suffer from recession fallout. See the following article from Property Wire for more on this.
Sales of properties in the Hamptons, one of the most prestigious areas in the US that is favored by celebrities and rich financiers, more than doubled in the first half of 2010, figures show.
The 15 New York state beachside resorts saw sales rise to 923 from 433, according to figures from property broker the Corcoran Group.
It seems that exclusivity and desire has not hit the area’s property a market which is described as pretty much normal. Prices have risen with the dollar volume of all transactions more than doubling to $1.5 billion, while the median price of homes sold climbed 34$ to $935,000.
‘We’ve returned to a fairly healthy normal market. We’re seeing the seasonality that we usually experience,’ said Rick Hoffman, a Corcoran senior vice president who oversees sales on Long Island’s East End.
It had been thought that the loss of jobs and fall out from the economic crisis would hit even an area like the Hamptons. But a new wave of Wall Street hiring and bonuses means any lost confidence has now returned, Hoffman explained.
New York’s financial companies added 6,800 jobs between the end of February and May, the largest three month increase since 2008. The industry’s year end bonuses gained an estimated 17% to $20.3 billion in 2009.
‘People who had been sitting on the sidelines are now deciding it isn’t the end of the world and are now making the decision to buy,’ said Hoffman.
The number of homes listed for sale in both the Hamptons and North Fork of Long Island rose 9.3% in the second quarter to 7,963, the figures also showed.
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