The Hamptons, the area northeast of Long Island, New York, a short drive from Manhattan, is a favorite spot during the summer and boasts a great real estate market. It is New Yorkers’ favorite place to escape the chaos of the “Big Apple” and relax in the sun, or party in the hippest spots of Hampton Bays, Southampton, East Hampton and Montauk…
The Hamptons have been very popular for years. Its villages provide an ideal mix for New Yorkers: oceanfront, rural atmosphere, historic and exclusive charm, all within a convenient distance from the City. Indeed, from Manhattan, it is easy to get there by train, car, bus, or even helicopter. If the people and the local atmosphere are reminiscent of New York City, the area is much more laid back and pleasant for the summer (or all year long!).
Many famous people own vacation homes or houses there, and the privacy (and relative absence of paparazzi) makes the place conducive to lounging and relaxation. For others, the Hamptons are characterized by world-class beaches, renowned restaurants, and a very lively atmosphere, with luxury properties and condos offering easy accommodation next to the beach.
HOW TO GET TO THE HAMPTONS?
The easiest way from New York is to drive. This is a 2-3 hour drive from Midtown to East Hampton Village, depending on traffic. Many visitors also get there by bus, via the famous “Hampton Jitney” or the “Hampton Luxury Liner” which stops in major hamlets and villages.
Another option is to take the LIRR “Long Island Rail Road” train. Local trains can take up to 3 hours to get to Montauk from Penn Station. There is, however, an express train serving the Hamptons every Friday afternoon in the summer.
The quickest option is to get there by helicopter from Manhattan, avoiding traffic jams and reaching the Hamptons in less than half-hour; well, for those who can afford it…
There is more than just vacation in the Hamptons
The real estate market in the Hamptons is strong and features among the most beautiful properties, with celebrities villas and manors. But it is also possible to find middle-range condos and single family homes, backed up by a robust market with rising sales and prices. The number of sales surged 48.4% during the first quarter of 2021, the highest first-quarter total in six years. As a result of those surging sales, the Hamptons is also enjoying a very fast-paced market, precisely a 59.8% faster market pace than the prior year quarter.*
*Miller Samuel Report: Q1-2021 Hamptons, NY Sales
What kind of properties are on the market in the Hamptons, NY?
The Hamptons market is resourceful, but 95% of the market sales from the first quarter of 2021 was single family homes. Since the beginning of the pandemic, demand changed and many are now looking for less density and more space when looking for a home. The Hamptons offer many off-season rentals and properties in beautiful beachfront towns and villages on the East End of Long Island. Instead of just considering the location as a secondary-home market, the trendy place is becoming more of a co-primary market, where people prefer to buy homes instead of spending in highly priced, luxury summer rentals.
Of course, this means the choice is yours, and your project in the Hamptons can take many different forms depending on your budget and expectations. BARNES New York is available to help you in your real estate project, property management or investment in the Hamptons, with a strong team of experts to assist you.