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The Hamptons summer rental market is facing an unexpected chill as inventory piles up and prices come down
CNBC ^
| 5-31-22
| Robert Frank
Posted on 06/04/2022 5:07:59 PM PDT by dynachrome
After two years of strong demand and soaring prices, the supply of rentals in the Hamptons is surging, leading to a wave of last-minute price cuts. Median rental prices in the first quarter fell 26%, according to Jonathan Miller, CEO of Miller Samuel. Brokers say some owners are slashing prices by 30% or more just to fill their properties.
“There is a tremendous amount of inventory and people are not renting it,” said Enzo Morabito of Douglas Elliman. “And it’s across all segments, from the very low to the very top of the market.”
The weakness marks a dramatic and rapid reversal for one of the country’s highest-priced and most sought-after real-estate markets. In 2020 and 2021, renters were scrambling to find summer rentals and paying record prices months before the season for fear of missing out. Now, brokers say there are hundreds of rentals still available for the summer.
Morabito said he represented one waterfront rental that was asking $70,000 a month, but a potential renter offered just $45,000
(Excerpt) Read more at cnbc.com ...
TOPICS: Business/Economy; Chit/Chat; Humor
KEYWORDS: hamptons; realestate; realty; rentalmarket
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$70,000/month asked. $45,000/month offered. Geez.
To: dynachrome
Cheaper than Disneyworld, per day.
2
posted on
06/04/2022 5:11:24 PM PDT
by
Secret Agent Man
(Gone Galt; not averse to Going Bronson.)
To: dynachrome
Now that’s a bargain! I’ll take it for both July AND August.
If you want to mow the lawn for us, I’ll let you stay in the garden shed.
3
posted on
06/04/2022 5:11:48 PM PDT
by
ProtectOurFreedom
(Wanting to make America great isn’t an insult unless you’re trying to make it worse! ULTRAMAGA!!)
To: dynachrome
(Morabito said he represented one waterfront rental that was asking $70,000 a month, but a potential renter offered just $45,000)
3 months $135,000 instead of $210,000.
I had to spend the other $75,000 on food and gasoline. 😜
4
posted on
06/04/2022 5:12:46 PM PDT
by
SaveFerris
(The Lord, The Christ and The Messiah: Jesus Christ of Nazareth - http://www.BiblicalJesusChrist.Com/)
To: Larry Lucido; SaveFerris; mylife; PROCON
Falling prices have not affected the topless sunbathing at the Hamptons.
5
posted on
06/04/2022 5:13:09 PM PDT
by
Rebelbase
To: dynachrome
The kind of people who pay that kind of money for a vacation rental are experiencing seeing their investments take a dive, Carter-era inflation, etc.
6
posted on
06/04/2022 5:15:09 PM PDT
by
SauronOfMordor
(A Leftist can't enjoy life unless they are controlling, hurting, or destroying others)
To: Rebelbase
My house there has a solarium.
Two, actually.
I keep my horses there, too.
7
posted on
06/04/2022 5:16:24 PM PDT
by
SaveFerris
(The Lord, The Christ and The Messiah: Jesus Christ of Nazareth - http://www.BiblicalJesusChrist.Com/)
To: SauronOfMordor
Stock and/or bitcoin rich is not working out so well right now.
8
posted on
06/04/2022 5:16:42 PM PDT
by
dynachrome
(“We cannot save Ukraine by dooming the US economy.” Rand Paul)
To: dynachrome
Maybe the turds are leaving the s-hole.
9
posted on
06/04/2022 5:19:02 PM PDT
by
bigbob
To: dynachrome
$70,000/month asked. $45,000/month offered. Geez.Not to mention the current price of polo pony feed. My God, a travesty!!!
10
posted on
06/04/2022 5:20:10 PM PDT
by
llevrok
(Pronouns: Me/myself/& I)
To: dynachrome
Joe will fill them with refugees
11
posted on
06/04/2022 5:26:06 PM PDT
by
inchworm
(al )
To: llevrok
They taste like chicken, I hear.
12
posted on
06/04/2022 5:26:13 PM PDT
by
dynachrome
(“We cannot save Ukraine by dooming the US economy.” Rand Paul)
To: dynachrome
I live in a town that serves a large recreational vacationing populous.
I thought the price of fuel would cause a slump in visitors but instead things seem to be busier than ever.
To: Rebelbase; SaveFerris; mylife; PROCON
I see the Hampton tomatoes are ripe.
14
posted on
06/04/2022 5:31:23 PM PDT
by
Larry Lucido
(Donate! Don't just post clickbait!)
To: just Grace
15
posted on
06/04/2022 5:32:00 PM PDT
by
wally_bert
(I cannot be sure for certain, but in my personal opinion I am certain that I am not sure.)
To: Rebelbase
LOL...my first thought too when I saw the thread title.
That episode was just on this past week.
16
posted on
06/04/2022 5:32:17 PM PDT
by
newfreep
(“Leftism, under all of its brand names, is a severe, violent & evil mental disorder.”)
To: dynachrome
I like to do the Hampton Beach up in New Hampshire for a week or two in July or August.
Sort of a low rent place but excellent beach and waves with public rest rooms about a mile apart - with showers. Lots of clam shacks, pizza joints and dive bars where you can cool off with $5 pitchers of cheap beer.
Perfect New England beach experience. But you can only do it during July and August. Rest of the year, it's just too cold.
17
posted on
06/04/2022 5:36:54 PM PDT
by
SamAdams76
(3,189,421 active users on Truth Social)
To: dynachrome
18
posted on
06/04/2022 5:37:41 PM PDT
by
blam
To: dynachrome
I cant find crap in Tuscany.
19
posted on
06/04/2022 5:38:47 PM PDT
by
mylife
(It looks just like a telefunken U47... (===)
To: SaveFerris
20
posted on
06/04/2022 5:43:44 PM PDT
by
mylife
(It looks just like a telefunken U47... (===)
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