Condos in the Hamptons sold faster than they have in the past 14 years in the third quarter of 2017 according to market reports, reports Mansion Global. Not only are condo sales up by 40 percent, but the average condo is on the market for much less time than they have been in the past.
Last year, a condo in the Hamptons would be on the market for an average of about five months before selling, whereas last quarter, the average length of time on the market was just three months.
While many people tend to characterize the Hamptons real estate market by private estates, these new reports show that buyers might just be changing their priorities. Maybe the Hamptons isn’t necessarily all about private escapes, and more about simply having access to the area.
Condos also feature amenities that even the most upscale private estates wouldn’t have in the purchase alone. The purchase of a condo will often come with a clubhouse and concierge services or similar. In Montauk, residents of Gurney’s are offered daily maid service, a butler service, home maintenance, and access to the spa, beach nannies, personal training, and the on-site fitness facilities, among other amenities.
Luxury condos on the East End are often much less expensive than private estates, and while residents will have the additional services offered, the sacrifice is privacy and the freedom of having one’s own property with more opportunities to customize, build, or expand.
There are pros and cons to owning a luxury condo in the Hamptons, just as there are pros and cons to owning a private property. But we want to know what readers think—are buyers in the near future going to lean more towards condos, or will the priority remain private estates?
- The Hamptons Condo Wave [Mansion Global]
- Gurney’s Residences