While high-end sales continue to lag far behind those of homes under $1 million, the Hamptons luxury market has begun to pick up, according to several brokerages.
Figuring out the state of the real estate market in the Hamptons can be tricky.With far fewer properties being sold and listed than in New York City, two $20 million closings in one town in one quarter could make it seem like housing was humming along, when in fact things might be rather quiet.
Brown Harris Stevens Price averages jumped in East Hampton; a home in the estate section is listed for $6.37 million.Still, the large brokerage firms that issue quarterly market reports say that people who can afford to buy in the Hamptons are clamoring now for information. And although fourth-quarter reports will not be released until the end of the month, there is some consensus based on sales data over the last year that the market has shown signs of recovery.
By Sara Kershaw, Jan. 7, 2011 NYT