In a recent roundtable discussion, leading local real estate brokers shared their insights on areas of growth and shifting buyer preferences on the East End.
Susan Harrison, Compass
There are a couple of popular areas this season. Sag Harbor, especially homes on the waterfront, remains very popular. Additionally, there has been a lot of interest from clients in Southampton Village this year. People love being able to bike or walk into town. Southampton Village is the original and oldest “Summer Colony” in the Hamptons. I’ve been hearing people say that they want to be closer to the city because the traffic has gotten more intense in recent years. The charm and elegance of the town are simply the best, and the beaches are my favorite.
Dominic Couzens. Hedgerow Exclusive
As much as one may think they know the market and could “maybe” find their purchase on their own, don’t sell (no pun intended) yourself short. Work with an excellent agent and/or team! Hands down, that is always my top advice. When buying, you are building a team, so take a little time to build it. I would suggest working with someone dynamic, collaborative, and knowledgeable of the region. This is essential to securing the best asset while making the best use of one’s time in our ultra-competitive and highly nuanced market.
Stacey Cohen, Saunders & Associates
Well, obviously, Shelter Island, but that’s not just me seeing it. We’re all seeing how much there is to offer on the Island and how integrated it is in the Hamptons community. Restaurants, bars, and Sunset Beach are still the undisputed sunset capital of the East End.
Why? When you get off the ferry, it’s instant. It’s another world within the Hamptons — still, very much what people are looking for on the East End. I have clients who have moved from Sag Harbor to Shelter Island to get some of that serenity without having to leave the Hamptons.
I recently had the experience of bringing a Shelter Island waterfront property to market for over $10M, and the property went into contract in less than 30 days. It’s not just me, there have been lots of trades on Shelter Island.
Mary Slattery, Corcoran
There is tremendous growth in areas where prices are relatively low for the Hamptons like Springs, North Sea, and Hampton Bays. In general, the areas of interest to purchasers are determined primarily by their budget. As our prices have risen across the board over the last few years and inventory is still at a historic low, a correctly priced property finds a buyer quickly, regardless of the area. The Villages of East Hampton, Southampton, and Sag Harbor are always interesting to buyers, but pricing may be high for some buyers. We see those buyers gravitate to other areas near their target location. The Hamptons is still a highly desirable area for purchasers and many buyers are happy to get a foot in the market with the hopes of trading up in a few years. I have had many buyers over the years trade up and it is a very gratifying process for me as a broker.
Jennifer Friedberg, Compass
Villages, waterfront properties, and areas south of the highway are consistently seeing strong interest in the Hamptons. These areas are highly sought after because opportunities are limited, and properties in these locations tend to hold their value exceptionally well. The charm of the villages, combined with the desirability of waterfront access and proximity to beaches, makes them perennial favorites for buyers looking for both investment potential and lifestyle. Regarding growth, there are pockets of transactions occurring in areas where lower-priced options are available, offering opportunities for a broader range of buyers to enter the Hamptons market.
