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 ...
Oh yes.
Why, I moved to the Hamptons just last year.
I’m the mayor there.
Yeah, that’s the ticket! 😜
thought it was a nick caraway post. Gatsby’s neighbor?
Lol!!!! So true and you don’t get groped by Goofy!
Difference being that the market actually did fairly well in Carter’s final year in August . . . didn’t keep pace with hyperinflation, but came close.
Couldn’t be because Obama owns a home there ,LOL
George Costanza
So where is everybody? First weekend in a while with two nice days and the whole burg empties out.
Exactly!
Porsche market is finally cooling off too for the same reason
Missing out on what, exactly? Elon Musk has been tweeting that sometimes recessions are needed
Why do you keep your horses in the solariums? You don't have a barn for them?
Put the tent dwellers in the Hamptons
(Why do you keep your horses in the solariums?)
The horses like to read books in there.
With iced tea as a refreshment. All I do is cut up lemons and bring them more, more, more tea.
Better than when they take over the TV room
Constant reruns of “Mr. Ed” and braying all night like wild donkeys.
Then they watch reruns of “Deadliest Catch” for some reason.
“Pardon me. Do you have any French’s Mustard?”
These property renters should have known demand would fall once NYC came off its hard lock down.
South-East end of Long Island.
The names: Westhampton, Hampton Bays, Southampton, Watermill, Bridgehampton, Easthampton, Amagansett, and finally “The End”, Montauk.
Spent quite a bit of time out there as a teenager with a 4x4 on various beaches between Westhampton and Southampton. Would head out there at any point in the day/night, winter/summer. Westhampton includes the continuation of Fire Island, but FI ends before getting to Southampton. Crazy times & parties in Westhampton. But east of that, just amazing beaches with unbelievable estates. We (kids) knew where the beach access points were that allowed 4x4s. During the winter months, miles of beach to cruise without any cops. But knowing the tides mattered. Good times.
Property values increase significantly eastward of Westhampton, especially heading towards Easthampton. Serious money between Southampton and Amagansett. I’m talking about old wealth prior to the release of the movie, Wall St. The years following that movie, things began to change given the popularity. The major highways that converged to local routes became insanely backed up. Sucked to have the Hollywood & political Rats pollute the area. Oh well.
BTW these areas are in Suffolk County, Long Island New York. Voted for Trump in 2016 & 2020.
Is one horse named Prickly Pete?
There is NOTHING in Tuscany. NOTHING. They are all gone.
Yes!
And Snoopy is the other one.
It was so nice of the Ross’s to buy me a housewarming gift.
I was trying to save money on the wedding invitations...
Unfortunately the beach is changing. When I came up here it was a nice historic beach community but they have been slapping up 700000$ condos like crazy. They even bulldozed the Kentville for condos. They are turning the beach into Revere or heaven forbid Lynn
Florida looking better all the time
The beaches here in Connecticut are pitiful because you have the Sound right across the way and there is little wave action. I also find the beaches much dirtier and harder to get to because of all the parking restrictions.
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