Despite the uncertain economic condition of the housing market across the United States, it seems that luxury home sales have yet again proven to defy the full effect. Reports from the Hamptons, particularly East Hampton, display a possible revival in sales of the more expensive listings over the rest of the market. In the priciest area, the Village of East Hampton, sales rose from 2010, as did the actual number of available listings. Buyers have also become more interested and active in sales, as the number of sellers increases. The increase in confidence in sellers is clearly sprouting demand for homes in the Hamptons. So far, there has not necessarily been a dramatic increase in prices since the continuation of the 2009/2010 recession, yet this newfound pursuit for real estate would certainly bring an eventual rise in prices following simple market economic demand. All this combined with current qualified buyer interest rates hovering around just 3.5 percent this could be the “perfect storm” to precipitate a complete luxury market turnaround.
SOURCE (The New York Times)