Bigger isn't better for rich Hamptons buyers

New York

AFTER what felt like an endless stagnant market, mansion sales in the Hamptons have finally shown signs of life. "We're coming out of a really down market," said Beate Moore, a broker for Sotheby's International Realty. "It was very frustrating. But the market has picked up, and we've seen a surge of huge sales." The numbers, as reported last month, back it up - this year's second quarter saw 48 home sales priced at US$5 million or higher, the most activity in almost a year and a half, according to a report by Miller Samuel Inc and Douglas Elliman Real Estate.

Now that wealthy second-home buyers are returning to the southern tip of Long Island, they have noticeably different criteria than their predecessors of 10 or even five years ago. Prices might be the same or even higher than before, brokers said, but the needs of an often younger, less-showy buying set have changed.