Hamptons mansions pile up as buyers fight over smaller homes

New York

BUYERS of Hamptons homes in the third quarter didn't want to splurge on something too costly, but they were willing to bid up cheaper properties in their search for a vacation retreat.

Purchasers agreed to pay more than the asking price in 10 per cent of deals for properties under US$3.3 million - this quarter's definition of "non-luxury" homes, making up the bottom 90 per cent of the market, according to a report on Thursday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. It was the biggest share of transactions with bidding wars since the firms began tracking the data in the second quarter of 2016.