fbpx

What is the real estate market like in the Hamptons?

Like most residential areas outside of big cities, the Hamptons have seen a tremendous influx of home buyers and residences since the beginning of the COVID-19 pandemic. People want to live outside the city more than ever while still remaining somewhat close, and the housing market reflects that.

Like most of the world, the Hamptons has a competitive housing market where buyers enter bidding wars against other buyers to land the house. Because of that, areas of the Hamptons that have been harder to sell in have suddenly become a buyer’s destination. And with some revitalizations of shopping districts and nearby downtowns, those areas have become even more desirable.

About How Many Residences Are on the Market Today?

At the time of writing, over a thousand homes were for sale or rent in the Hamptons, with listing prices ranging from approximately $400,000 on the more inland properties up to $78,000,000 for the oceanfront properties. When considered over the entire year, rental prices start at around $14,000 annually and go up from there.

The listings, as described above, are located throughout the Hamptons, from the westernmost stretch (Westhampton, Westhampton Beach, and Eastport) to the eastern tip (East Hampton, Amagansett, and Montauk).

Where is the best place to live in the Hamptons?

Of course, this leans a little on personal preference: do you like oceanfront properties more than wooded inland ones? Or do you prefer properties closer to restaurants, shops, and museums? But, with that being said, and with so many real estate options in the Hamptons, there is something that will fit within your ideals.

What is the upside to Westhampton?

Of the Hamptons, Westhampton is the closest neighborhood to New York City. By car, it is just under 1 hour and 30 minutes to Midtown Manhattan, making it the ideal location for those who would like to commute to the city frequently. Because of this, Westhampton has seen some upswing in the amount of purchases lately.

Couple that with a revitalized downtown, its proximity to the water, and it’s clear that Westhampton will continue its upward trajectory.

What is the upside to East Hampton?

Montauk

Farther away from New York City is East Hampton, a quieter area in the Hamptons. For reference, by car, it is just under a 2-hour drive from Manhattan (near Central Park). It has a thriving downtown with plenty of charm and accommodations and is perfect for those wanting to experience New York without all of the crowds and business of the big city. It also has incredible views, plenty of parks with hiking trails, and long, scenic beaches.

Of course, with such features and accommodations, East Hampton real estate has seen an uptick in buyers lately and can be competitive.

How competitive is real estate in the Hamptons?

According to the Hamptons Real Estate Report by Hedges, the Hamptons real estate market has declined in terms of the number of sold listings. However, the amount of each sale had increased over the previous year, meaning that even though fewer properties were sold, the amount they sold for was higher.

The reason for the increase in sale prices can be pinpointed to two reasons. The first reason being that it costs construction companies more money to build properties due to the uptick in labor and material costs throughout the world.

The other reason also relates to construction. Again, because of the cost to build (and the material shortage), companies just can’t build new properties as frequently as they had before. And for that reason, there are fewer properties for potential buyers. That means for those that are on the market, the lack of properties make it ultra-competitive, and potential buyers often have to enter bidding wars against other buyers.

Any recommendations for property buying in the Hamptons?

Beautiful brown mansion with a driveway and a fountain.

There are many property and real estate opportunities in the Hamptons despite the decline in the number of sold listings—almost every village, town, and hamlet within the Hamptons has property for sale. It then becomes a matter of where you want to live; or where you can afford to live. For those looking to spend upwards of 10 million dollars, the oceanside properties of East Hampton, Amagansett, or Montauk would be of interest.

Those hoping to spend less than 10 million dollars but still desire an oceanside property should look to Westhampton, Westhampton Beach, Eastport, or the areas around those villages. And for those not wanting to spend a million dollars, looking at the villages and hamlets more inland would lead to desirable options.

What does the future of real estate in the Hamptons look like?

Because of the pandemic, the Hamptons has seen an influx of buyers gobbling up their real estate supply at record rates. Rates which, largely due to material shortages, construction companies and contractors haven’t been able to keep up with. As a result, not only had the Hamptons seen a decrease in the number of sales, but it had also experienced a decrease in supply.

However, with many companies leaning more on remote workers than ever before, several agencies and real estate heads are predicting a more stable and ‘normal’ market for the Hamptons in the future. To check out all the finest luxury listings available, alongside expert advice and guidance, be sure to contact BARNES New York.

“Real Estate Investing in the USA” – Conference with BARNES New York & Miami in France

On June 2nd 2022, BARNES New York and Miami had the pleasure to host a conference on real estate investment in the US at the Riviera Golf Barbossi on the French Riviera, in the south of France. Partnering with French magazine Valeurs Actuelles, it was a unique occasion to present the brand on an exceptional site with lush green scenery and a collection of contemporary sculptures scattered throughout the course.

Yann Rousseau, BARNES New York director along with Enzo Rosani, director of BARNES Miami, introduced the current state, strengths and opportunities of their respective markets and shared their insights on the best ways to invest in real estate in the US for 2022. The unique advantages of the BARNES network were also presented, with its wide range of custom-made solutions and extra services, such as yachting, private aviation, Art Advisory, … The successful event was followed by cocktails on the Club House terrace while watching the breathtaking sunset.

New York is not dead – Real estate market still strong

Read the article here

The COVID-19 pandemic changed the way we behave and had a deep economical and social impact on societies all over the world. It is thus not surprising that the real estate market was impacted, especially in a megalopolis like New York City, where the housing prices can lead people to live close to each other in cramped apartments. It was also a natural reaction to want to move away from the city, to a suburb or even farther where one could rent a spacious house and enjoy fresher air and greenery.

However, New York will always be New York, and despite a decrease in rent and sales prices during year 2020, prices are now back to a pre-pandemic level, and people are ready to move back to the bustling and lively Big Apple. New York real estate market is still strong and resilient, and there are still great opportunities, especially in new developments.

BARNES accompanies you in all your real estate endeavors in New York and abroad thanks to its international and global network, and its 100 offices in the most coveted destinations and world capitals, and with three expansiosn planned: in Greenwich, Connecticut, the Hamptons and New Jersey.

What should you know about luxury real estate in New York?

By Annie Newman

New York City is one of the most unique places in the world. The bustling economy, the award winning theatres, the big city lights and skyline, the top rated fashion industry and the luxury real estate market are all part of the exciting glamor of the Big Apple. Every big city in the world can include luxury real estate but New York takes it to a whole new level. It boasts apartments and condos that are so elevated within the skyscrapers, that some of them can feel like one is living in the clouds. The high value pricing for New York residences is above the national average, and for good reason, since owning or renting a luxury home there is considered quite prestigious.

Why is the cost of living in New York higher than average?

Buyers can own a home in cities across the United States for reasonable prices but a few American cities such as Los Angeles, San Francisco, Miami and New York can dazzle its residents and tourists with a magic touch as these cities offer a lifestyle that cannot be found just anywhere. It’s not every day in smaller towns that one can experience the lively financial, social and cultural way of life that a big metropolis like New York has to offer. It is no wonder that luxury apartments in NYC are in high demand and their incredible views of Manhattan are even priceless. In New York, there is such a variety of neighborhoods and lifestyle options that choosing a place to call one’s home can be a fascinating journey. One has to choose the right neighborhood, the right location and the type of housing that is appropriate. Luxury apartments in NYC are surrounded by charm, history, and a sense of liveliness that is rare to find in most towns nationwide. For example, a New York penthouse can be so much more alluring for buyers that a penthouse in other cities, because they usually offer views that are breathtaking of the big city and are usually found in very high towers that offer far reaching views. Many celebrities or business owners who own homes in other American cities often choose to purchase a second home in New York as it is a source of pride to own a piece of real estate in one of the most attractive places in the world. Those who live there year round feel a great sense of fulfillment to be able to enjoy on a daily basis the bustling life that New York has to offer.

Luxury real estate outside of Manhattan

For those who want to be close to Manhattan but prefer a more serene and suburban lifestyle, there are many boroughs outside of New York City that offer exclusive luxury homes and townhouses for sale across a wide area surrounding the big city. The New York real estate prices vary depending on the areas but usually the condos for sale outside of Manhattan are less expensive than in the City itself. Yet, bigger houses in the suburbs can actually be more expensive than apartments in Manhattan because they are quite large and have more land. New York is a very populated city and therefore choosing a home outside the region can offer more of a spacious and comfortable lifestyle.

Types of luxury real estate in New York

New York is a city that has a long history and therefore many buildings and homes were built quite a long time ago. The people who invest in those types of constructions can be surprised to see them listed as luxury properties because of the date in which they were built, but a lot of them have been completely renovated and revived. They are considered luxurious due to the location in NYC as well as the fact that they are built with more space than newer condos or apartments in the City. The other type of luxury residences in New York are the brand new constructions, or new developments, often found in high rises that offer spectacular views and modern amenities. They are well located and are prestigious to live in. They usually have a 24 hour doorman and maybe even a gym or pool. Yet, they are often built much smaller since developers or sponsors want to maximize the expensive land they purchased in New York. Every square foot of space in a city like New York is very precious and often has many people bidding for the same properties. It is one of the reasons why Manhattan is known as a ‘concrete jungle.’ Whenever new land becomes available for building, investors prefer to build high rise buildings instead of parks or green areas to increase revenue. Renting or owning a luxury home in New York is not to be taken for granted as it is a very special opportunity.

Expensive neighborhoods in New York

Hudson Yards, TriBeCa, SoHo, Upper East Side, Central Park, Cobble Hill, DUMBO, Park Slope, Williamsburg and Carroll Gardens, to mention a few, are some of the most expensive neighborhoods in New York City. Some of these are in Brooklyn, while others are in Manhattan. Manhattan is the most expensive of all as it is the heart of New York City and State for economic, cultural and social development. Other boroughs can also be expensive due to their proximity to New York City but can be more affordable than Manhattan itself. They can also include larger properties. Whether you are looking to buy or rent in the New York area, you will be spoiled with a wide variety of luxury properties to choose from in and around the big city.

BARNES New York is the quintessence of luxury real estate in the City and offers its services related to sales, rentals and property management for your real estate projects. Its international clientele and worldwide reputation brings you the most exclusive properties and our team of experts is at your disposal to accompany you in reaching your investment goals in New York.

BARNES International brings the French “Art of Living” to the US

Read the article here

BARNES International is expanding, after being present in the U.S. for more than a decade. With offices in New York and Miami, BARNES is on its way to open a brand new agency in Larchmont, north of New York City.

BARNES, a major player in high-end residential real estate and an ambassador of ‘Art of Living’, supports its clients with all aspects of their lifestyle ambitions. Discover one of the world’s most recognized and trusted International Luxury Real Estate Group, established in the entire New York area, with a prominent presence in Westchester and the Hamptons, as well as Miami. Eventually, BARNES goal will be to expand in the Hamptons and Greenwich, Connecticut.

Established with over 100 offices in about 20 countries, including major international cities and top holiday destinations, BARNES offers an exclusive selection of premium properties in Europe, the US, the Middle-East, the Indian Ocean and the Caribbean. From high-end hotels worldwide, landmarked castlesequestrian propertiesvineyards in France’s top winemaking districts and art collections, BARNES offers a wide range of custom services that will suit the client’s specific need. With a truly international team, we welcome all clients and accommodate them in their native language as much as possible.

The brand provides its clients with global expertise through both consulting services in investment arbitration for international real estate and tailored local support, assisting you in any of your endeavors.

New BARNES Magazine International Edition Spring-Summer 2021

We are pleased to announce the release of BARNES MAGAZINE #29, fresh off the press. This International, Spring-Summer edition features Alain-Dominique Perrin, President of the Cartier Foundation for Contemporary Art. He welcomes us in his home in Verbier, a beautiful chalet overlooking the Swiss Alps valley, and recounts his extraordinary career, strongly marked and defined by the creativity in the world of luxury, a passion for Art and a sensitivity for great wines and heritage symbolized by the acquisition and renovation of the Château de Lagrézette, near Cahors.

Of course, this new edition will also allow you to be completely up to date with the latest news in the fields of design, discovering unique Architect Furniture, architecture, art, wine, eco-yachts, and events, whether you are interested in high French cuisine or golfing, as well as a sample of Real Estate properties from the trendiest locations.

BARNES continues its global adventure by expanding and presenting properties from new offices on Lake Como, in the Principality of Monaco and in Beaulieu-sur-Mer.

Ask your free copy and enjoy your reading!

New edition of the BARNES magazine with the main guest featured on the cover page, and various pictures in the background representing Art and real estate.

Contact Us

«New York City Neighborhoods» : Exploring Turtle Bay

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

BARNES New York invites you in its series of articles untitled “New York City Neighborhoods”, where you can regularly discover the different districts of the city, in the eyes of French speakers who have settled there. They tell us all about their neighborhood, in their words, their tastes, their habits. Today we explore Turtle Bay — a district located in Midtown East, with Lidia Del Pozo, Senior Business Development Officer, VP at Bank of the West BNP Paribas Wealth Management. She tells us about the neighborhood she has lived in for over a year with her family.

Lidia Del Pozo in her apartment in Turtle Bay, LePetitJournal.com

Lepetitjournal.com New York : You live in Turtle Bay. What attracted you to this neighborhood?

The reason I decided to live here is not for the neighborhood itself, but especially for its location in Manhattan. Before moving to New York with my husband and daughter, we took just five days to decide on the neighborhood and apartment we would live in. The Turtle Bay neighborhood stood out for us because of its central location in the city. We thought that it would be the best way to be close to all the city’s points of interest. The other reason, which confirmed our choice, was the proximity of my workplace. Indeed, I work for BNP Paribas Wealth Management which is also located in Midtown, and therefore a few blocks away from home.

Can you tell us about life in this neighborhood, the atmosphere? What makes it live, what drives it?

I would say that this neighborhood doesn’t have just one identity. I would be unable to say if this is a residential area only or an office district or an embassy district. Turtle Bay is a bit of everything at the same time: there is simultaneously a neighborhood life, with its small local shops, its small bars and restaurants, nurseries, playgrounds, but also an office district, therefore very lively Monday to Friday, with a lot of people in the streets very early in the morning and during lunch breaks. And in this mixed landscape sits the headquarters of the United Nations and a few embassies that revolve around this majestic building, the most beautiful in the city, in my opinion. Obviously, when General Assemblies take place, the district takes on a new face. The district is then under very strict protection and becomes a little locked down and paralyzed. These few days are not very pleasant but not unlivable either. The organization is quite impressive!

And it’s exciting! That’s what makes this district extremely lively and international.

A street in Turtle Bay, LePetitJournal.com

You live near the United Nations Headquarters, where French is one of the official working languages. Do we hear Molière’s language a lot in the streets of Turtle Bay?

Yes, indeed, French is a language that’s heard very regularly on the sidewalks, between two colleagues who go to their office at the United Nations, who we can easily identify in the street because they very often wear their access badge to the building around their neck; or the families I meet when I go to the playground with my daughter, for example. There are a lot of francophones in Turtle Bay. To give a fairly representative example, at the nursery my daughter attends, in her class, out of 10 students, 4 come from French-speaking families! Being able to speak French is of course very practical, especially at first, and always a good way to create new relationships very quickly, although it makes me practice my English less.

Your favorite places in Turtle Bay?

One of my favorite places in my neighborhood is probably the Grand Central Market, which is located on the grounds of Grand Central Station itself. It is a single alley where we find a succession of small stands who offer fresh and good quality products. Despite the fact that it is indoor, the atmosphere is close to that of a traditional market and the merchants are very nice. What I love most about this neighborhood is the fact that it is right on the East River. I am lucky to have a nice river view from my apartment and to be able to witness some really beautiful sunrises. Simple walks along the river are very pleasant and a bit of a change of scenery from the urban, city life.

Is this a neighborhood that you recommend for those who want to buy or rent?

I am not an expert in the real estate market, however what I can say intuitively when it comes to renting, yes it is a neighborhood that I recommend, because it is good to live and as I already have mentioned, it is ideally located in Manhattan to discover the city. Among the other reasons, the proximity to the river, the security and safety brought by the presence of the United Nations headquarters and finally, the very cosmopolitan aspect of the neighborhood. Regarding the purchase of a property, I would evoke the same motivations with the addition of the fact that it is a neighborhood quite popular with expats working at the United Nations, therefore with a certain demand on the market.

If you had to describe Turtle Bay in three words? 

If I had to describe Turtle Bay in three words, I would say that it is lively district, a very cosmopolitan district and therefore conducive to meetings and a multi-faceted district where personal and professional lives mingle.

acheter-appartement-luxe-vue-manhattan
Aerial view of Manhattan skyline at sunset, New York City

Experts Discuss – Turtle Bay

Rental market:

In March 2021, the median rent for an apartment in Turtle Bay was $ 2,200 for a studio (-40% over one year), $ 3,200 for one bedroom (flat), $ 4,000 for two bedrooms (-20%) and $ 6,200 for three bedrooms (+ 24%).

Sales market:

At the end of Q4 2020, across Turtle Bay as a whole, the median asking asking price of sellers stood at $ 950k (when the Manhattan average is $ 1M) showing a significant increase in the order of 20% over one year with $ 1,207 / square foot and around sixty transactions over the quarter.

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

Read the article in Le Petit Journal New York

WhatsApp
en_USEnglish
Cookie Consent with Real Cookie Banner