For years the Hamptons has been a hot summer destination for New York City dwellers to escape to, along with other vacationers from across the country. The recession took its toll on the summer destination spot along with the real estate market, but this summer the Hamptons look to be coming back strong.
The summer of 2007 was the last big boom the Hamptons saw and this summer is shaping up to be even bigger. So far the high-end real estate has seen a remarkable amount of activity as vacationers seek to rent houses during their stay and investors look for investment properties. The colder and longer than normal winter left potential buyers and renters putting off planning for their summer vacations and now they are scrambling to pin down their plans.
Prices have been on the rise and the Corcoran Report cites increased closed sales were up 38% in the first quarter of the year along with sales volume jumping 27%. The lack of available land in some of the hot spots has contributed to higher prices and some recent big home sales in the area have encouraged other homeowners to put their properties on the market while it’s hot.
What is the Hamptons buyer looking for today in a property? Lots of natural light, open floor plans, plenty of square footage and a combination of indoor and outdoor living space.
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