Hamptons Home Prices Hit Seven-Year High in Luxury Surge
February 03, 2015 - East Hampton
Real estate prices in Long Island’s premiere region have jumped to a seven-year high according to Bloomberg Business, with sales north of $1 million becoming more numerous, as wealthy out of towners scramble to snatch up vacation homes.
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. 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 Inc. “There are more of them coming back into the market.”
Luxury-home buyers who aren’t sensitive to tight credit and overseas purchasers seeking a haven for cash are helping to fuel demand in the towns and hamlets on Long Island’s East End.
About 48 percent of Hamptons residences that sold in the quarter were for more than $1 million, the highest share in the three years that Miller Samuel has been tracking the metric.
Sales of properties priced at $5 million or greater climbed 78 percent to 57, the highest in data going back to 2006, Miller said.
The median price of all luxury transactions, defined as those in the top 10% other market, climbed 16% to $6.98 million.
Read the rest of the story @ Bloomberg
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