Home prices in the Hamptons spiked to a 7-Yr high in Q4 2014 with sales of more than $1 million surging as wealthy buyers bolster demand for vacation properties in the resort towns. The median price of all homes sold in the quarter was $975,000, a 27% increase from a year earlier and the highest since 2007, according to report Thursday by brokerage Douglas Elliman Real Estate and appraiser Miller Samuel Inc. The number of transactions jumped 48% to 734. “It’s reflective of a second-home market that is skewing toward wealthier purchasers,” said Jonathan Miller, president of Miller Samuel and a Bloomberg View contributor. “There are more of them coming back into the market.”

Link to article by Oshrat Carmeil, Jan 30, 2015 Bloomberg

Hamptons house for rent: 10,000 sq ft, 10 bdrms/10.5 ba. $450,000 Memorial Day – Labor Day