Real Estate

Home prices in Hamptons hit record as wealthy New Yorkers flee

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A beachfront residence is seen in East Hampton, New York.

Jeffrey Basinger | Reuters

Home prices in the Hamptons hit new records as wealthy New Yorkers fled the Covid-19 troubles of the city for the beach, according to a new report.

The median price of a single-family home in the Hamptons reached $1.1 million in the second quarter, marking a new record and an increase of 25% over last year’s second quarter, according to a report from Miller Samuel and Douglas Elliman. The average sale price hit $2.1 million, as the sale of several eight-figure mansions drove up the average.

The rebound in the Hamptons, after nearly two years of weakness in 2018 and 2019, shows how the coronavirus is remaking the real-estate landscape, as the wealthy and affluent flee big cities for the suburbs and vacation communities. While the Hamptons has long been the summer playground of the Manhattan elite, brokers say the current wave of buyers are buying to make the Hamptons their main home, returning only occasionally to the city for meetings or events.

“These aren’t weekenders, or people just here from Memorial Day to Labor Day,” said Gary DePersia, a top broker in…



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https://www.cnbc.com/2020/07/23/coronavirus-home-prices-in-hamptons-hit-record-as-wealthy-new-yorkers-flee.html

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