Unsold luxury homes are piling up in the Hamptons
April 26, 2019 - East Hampton
Lavish vacation homes are losing their luster in NY's Hamptons, the beachfront retreat favored by financiers and celebrities.
There were 869 luxury properties available at the end of the first quarter -- almost triple the supply from a year earlier and the most in seven years of data-keeping by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate.
While higher-end homes piled up, buyers flocked to deals below $1 million. Those made up 59% of Hamptons sales in the quarter, the firms said in a report Thursday.
The market is resetting following federal tax changes that capped deductions for mortgage interest and property levies and made costly second-home purchases less attractive.
Across all price categories, sales in the Hamptons have declined for five straight quarters. The 297 homes that changed hands in the three months through March was the lowest for a first quarter in seven years, according to the firms.
Read the rest of the story @ bloomberg.com
Photo : Sotheby’s International
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