Bigger isn't better for rich Hamptons buyers
A younger, less-showy buying set have snapped up 48 smaller mansions in Q2 priced from US$5 million
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US rents climbed 1.5 times faster than wages in last four years
Australian budget to target housing woes with more construction workers
UK construction growth hits 14-month high in April, PMI survey shows
KKR buys 14 hotels in Japan, converts them to midscale Sheraton properties
Abu Dhabi developer Aldar picks banks for 10-year green sukuk
UK house prices stagnate in April as higher mortgage costs bite