The sales of luxury property in the Hamptons in New York are on the rise. The increase in luxury real estate transactions in this part of the Empire State is the result of today’s buoyant stock market. In fact, there have been four closings over $20 million during the three months ending in June, compared with no such closings occurring within the same time period in 2016.
The Hamptons, which are where the wealthy in New York often go to spend their weekends, include the villages of Bridgehampton, East Hampton and Southampton on Long Island. Just as the number of $20 million-plus closings has gone up, closings ranging from $10 million to more than $19 million jumped from four to 10 during the second quarter this year. All of the 14 higher-end Hamptons sales except for one that occurred during this period took place in the above mentioned three towns.
Right now, wealthy individuals are removing funds from the stock market and investing in hard assets. These hard assets include not only luxury real estate but also jewels and even art. In terms of real estate, the most expensive home sold recently in the Hamptons cost $31 million. It was purchased back in 1984 for just $175,000.
The Hamptons sales indicate that Wall Street and the economy are going strong and have a potentially bright future. This may naturally encourage more people to engage in residential real estate transactions. An attorney can help those buying or selling in New York to achieve their particular goals in the state’s competitive real estate market.
Source: CNBC, “Luxury home sales jump in New York’s Hamptons”, July 18, 2017