It looks like homebuyers are buying up property out east, once again. While Hamptons homes took their biggest price cut in four years, there was an 11% jump of beach houses purchases in the fourth quarter (compared to the year prior) -- the first annual increase since 2017.
“This confirms that the buyers are there but they’re waiting for the sellers,” said Jonathan Miller, the president of brokerage firm Miller Samuel.
Sales have been stagnant in the Hamptons, as shoppers have been deterred by perceived overpricing and lack of capital.
“Wall Street jobs and bonuses – the pillars of demand in the area – are on the decline,” reads Crain’s New York. “And federal law changes that limit the tax benefits of ownership have further dented buyers’ willingness to shoulder high carrying costs.”
Crain’s also claims that 87% of all deals were closed under the asking price, up from 81%. But listings have dropped some 13% -- the first decline in more than a year.
Though brokers are seeing some better numbers, the market is still weak. “With 400 deals, it was the second-weakest fourth quarter in 11 years,” notes Crain’s.
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To read the full Crain’s report, click here: https://www.crainsnewyork.com/real-estate/hamptons-homebuyers-come-back-lured-deep-seller-discounts
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