Last week, we asked you for your thoughts on next year's real estate market. Here are some of the best. One commenter pointed out that mortgage interest rates don't necessarily matter that much in the Hamptons, as rich folks tend to be cash buyers. Also, "Expect the 4 million plus range to go through the roof this year. There's no land left."
Another said, "To the moon, Alice. It's the start of a major move upward. Dow and Nasdaq poised to break all time highs, and this will mean that the '09 - '12 buying dip will have everyone looking back in regret for not getting long as much real estate as possible. People have to park their money somewhere, and real estate is looking incrementally safer. Get long and prosper." (Hmm, Honeymooners and Star Trek references in one comment?)
EHHouseHunter wrote, "Only the really, really great properties will command good prices (i.e. unique, irreplaceable estate area parcels)" and that "people will continue to choose the convenience and charm of living in villages (EH Village, SH, Amag) in smaller homes with much less land over the temptation of living 'North' in a McMansion on 3 acres."
Of course, after the serious comments were made, then the wags started weighing in.
Montauk will be flooded this summer. Not from a weather event but from the unrelenting hipster hotel invasion. Drunks peeing in the bushes will raise the level of Fort Pond so high the Surf Lodge will sink. Real estate values will top out as Montauk becomes Coney Island East. Amagansett: In the wake of the failure of the 555 a pop-up trailer park will appear at the site. It will be temporary and thereby not regulated. All trailers will be leased vis Craiglist and AirBnB.
Southampton: Condomania will continue. It will become indistiguishable from Peconic Landing. The estate area will continue to produce record sales as the predator class circle the wagons.
Hampton Bays: the Boardy Barn will be inducted into the National Register of Historic Places.
Flanders will see its 25th consecutive year as "the next hot place."
Riverhead will continue to develop downtown into "poor hipster heaven."
Westhampton will annex Mastic Beach and Shirley. Enzo Morabito will claim to have brokered the deal.
Finally, before the comments devolved into bickering, one made a thoughtful comment.
Not one positive person... Sounds like the same chirping we heard in the depths of 2010. In any event, as a Manhattanite (and a first time poster), I can tell you, you are starting to see more and more buyers do the 'relative' value trade - forego buying in NYC (which is back at the heights + of 2006/7) and buying out East. In more than a few cases, those same people that owned in NYC and Hamptons are selling out of NYC and moving to the Hamptons - cashing in on NYC/schools & general cost of living is cheaper. Inventory is down, the land grab of the 80s & 90s is done, township finances are stabilized, more restaurants are open year round and finally when I look at the cost of owning beach property anywhere else in the Western world the Hamptons looks like a steal. And btw, in many cases homes in the Hamptons are still selling at 30% below the high watermark levels from 5 years ago. Theres no telling where the general housing market goes but I feel fundamentals are in place out East. And yes, I own more than a couple places myself.