MarketWatch: Busy Fall Season Predicted
By: Ruth Thomas
Source: Hamptons Real Estate Showcase
As the summer winds down, a slow down is nowhere in sight for the real estate market in the Hamptops. With interest rates low, prices increasing, and even some bidding wars~ the fall season is predicted to be very busy in the Hamptons!
Tim Davis of The Corcoran Group observes, "We have been unusually busy with sales in June, July, and August." He remarks, "In general the market is active across the board. There are some excellent re-sale buying opportunities above $10M and below $20M for inland non-waterfront properties." He notes, "The majority of our buyers come from the Tri-State Area, however this year there is interest from the West Coast, Europe and even the Middle East."Tim reflects, "New inventory often comes on the market during August setting the tone for our fall selling season. September is generally the quieter month. October is traditionally the kick-off to the fall selling season."
Ginger Thoerner of The Corcoran Group observes, "The market has been robust." She exclaims "I haven't seen such a busy July and August since I started in the business ten years ago." She remarks, "The low end seems to be highly busy right now, but unique properties - either good design, waterfront location, or shrewdly priced - are moving quickly across all price points, with a lull in the $8M-$15M range inland." She reflects, "For these unique or properly positioned properties, the prices have been exceeding expectation. There have been several full priced sales and bidding war situations which yielded higher than dreamed of prices." Ginger predicts, "If things continue at this pace, the fall is sure to be busy."
Fall is a great time of year to be in the Hamptons. From the fantastic shopping and dining, to the Hamptons International Film Festival, to the gorgeous Indian summer weather, autumn is a wonderful season to discover your dream home in the Hamptons.