M A R K E T W AT C H
T H E H A M P T O N S M A R K E T WAT C H S T E A DY
While Washington struggles to get its “fiscal house” in order, Americans are making progress on their “own houses” as they are finally seeing a steady recovery in the housing market. By all accounts, prices have bottomed out, unemployment is dropping, the economy is picking up, builders are back in business, interest rates are low, new home sales and prices are rising and people are realizing that the time to buy is now.The housing market in 2013 is predicted to come back stronger than ever since the recession of 2008. Nowhere is this trend more apparent than in the celebrated Hamptons, a luxurious resort area whose spectacular shoreline stretches
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from Westhampton Beach in the West all the way to Montauk Point on the southeasterly tip of Long Island. Known for its gorgeous sandy beaches, stylish ritzy towns, glamorous stars, classic horse shows, and marvelous events, the Hamptons has always been a fashionable escape for the rich and famous.Thought to be recession proof, the Hamptons experienced some tough times since 2008, but are now slowly coming back to their majestic grandeur once again. According to Judi Desiderio of Town & Country Real Estate, “The next trend, 2013 has already begun! The floor from which the next rise occurs is firmly in place. For now
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that means prices stopped their descent in early 2012.” She says, “In the Hamptons, the number of home sales rose by 9% and the total home sales volume was up 5.5%, yet the median home sale price shifted down by 10.5% from 2011 to 2012.” She says “although the buyers are choosing to buy at lower price ranges, there was a significant rise in activity level and for the first time since the crash, 20and 30-year-olds are entering the market.” Alice Bell of Sotheby’s International Realty in Southampton says “she had the busiest November through December 2012 in many years and predicts an even better 2013.” She saw “a heavy emphasis on high-end properties
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