It’s a remarkable time. Ten months into a global pandemic, we have numbers that show significant expansion in Hamptons real estate sales and rentals for both the North and South Fork markets. We caught up with Todd Bourgard, Douglas Elliman’s Senior Executive Regional Manager of Sales for the Hamptons to explain the firm’s report, authored by Jonathan Miller of Miller Samuel Real Estate Appraisers and Consultants.
Going over the Market Report, it must be so exciting to see such growth in the East End sector. Do you think it was solely the COVID-19 pandemic that pulled the market forward to such a degree?
2020 certainly was a year for re-evaluations. Once COVID-19 hit and people adapted to the ability to work from home, they really began to rethink where they want to live and what kind of amenities their homes should offer to accommodate that new lifestyle. The priority really became about quality of life, and certainly that drew buyers to the East End, which has always offered the lifestyle that so many have now realized they truly desired.
It seems the $2M-$4M price-point was most dramatically increased on the South Fork. The increase on the North Fork as well saw dramatic growth, especially in the $1M-$2M price-point. These are traditionally seasonal communities. Is there any feedback currently to suggest that they will become year-round residents or seasonal?
Yes, one big indicator of this shift is that East End school district enrollments were up substantially from 2019. Our shops and restaurants are open and are doing business well after typical seasonal closures. Together, these certainly signal that the East End is now a thriving year-round community for most of its residents.
How is inventory looking?
We are steadily seeing homes hitting the market daily, and we anticipate more inventory as early spring approaches.
How has the pandemic affected the New York City real estate market? If it isn’t a positive numbers game there, does the East End market make up for it?
New York City real estate was of course affected during the shutdown beginning in mid-March, but as Manhattan has historically proven time and time again, it has an incredible resiliency, and the market is making a strong comeback with many notable sales. During that shutdown period, our Douglas Elliman Hampton agents were pleased to work diligently and accommodate the buyers requests and needs during that unprecedented time.
Are you making any predictions for when the pandemic has ended?
We feel that the Hamptons will retain its desirability into 2021 and beyond, as it’s always been a wonderful place to live and invest. We’re entering the new year with great momentum and expect to see that continue.
Why is Elliman the agency to go to for selling homes on the East End?
With eight offices throughout the Hamptons, we have an incredible reach and breadth of expertise as a firm. You’ll find a Douglas Elliman agent that specializes in each town, offering an abundance of knowledge and experience that is second to none. Our team of industry leaders handle it all from record breaking transactions to quaint co-ops and everything in between, and the exceptional service every client is met with is what makes us the go-to brokerage.
Bourgard is also a licensed real estate agent with Douglas Elliman with many closed deals. On his profile, it says: “Excelsior” – no word better encapsulates Todd’s vision for future possibilities. Never one to rest on past successes, he continues “onwards and upwards” to the next series of successes. With numbers that he presented, there is no doubt about it.
