Escaping to the Hamptons during a hot New York City summer is something of a right of passage for the well-to-do, but the annual pilgrimage has become supercharged since the pandemic, and it shows no signs of slowing down, with rental prices rising up substantially – in some case as much as $30,000.
‘On a business level, as a real estate agent in the Hamptons, it’s been absolutely insane,’ Chris Covert, a realtor with Compass, told the Daily Front Row.
‘Normally, you couldn’t give away a house in March, April, or May. This was now the hottest market we’ve ever seen. I mean, people were taking things site unseen – complete emotional demand. The East and Long Island weren’t set up for a crush in population.’
Houses that may have rented for $50,000 are now going for $80,000, according to a Newsday article that took an in-depth look at the market.
The clamor for homes has been so high in Hamptons, many have turned to less expensive and nearby North Fork. Judi Desiderio, CEO of Town & Country Real Estate, told Newsday that there is ‘no inventory’ there as well.
When the pandemic hit last March, the escape from New York exodus drove many that could afford it to Long Island. The Hamptons and North Fork saw a real estate boom that shows no signs of abating anytime soon. Prices for renting a house for the season, which typically runs from Memorial Day to Labor Day, have increased: What would have cost $50,000 and $650,000 is now at $80,000 and $850,000, according to a Newsday article that took an in-depth look at the market. Above, Deerfield Delight in Sag Harbor for $93,149 a month
With seven bedrooms, nine beds and five bathrooms, the home boosts a swimming pool, pool house and tennis court in a gated community, according to its listing on Airbnb Luxe. ‘Settle into a reviving stay in the Hamptons with this artfully-designed home, secreted away in the wooded heart of this much-loved region.’ Above, the living room
The possibility of working remotely has spurred many to relocate. About one in five adults moved or knew someone who relocated during the pandemic, according to the Pew Research Center last July. The reasons for moving has shifted over time from fear of catching COVID-19 to financial stress, according to a center survey in February. Above, the property’s pool
‘On a business level, as a real estate agent in the Hamptons, it’s been absolutely insane,’ Chris Covert, a realtor with Compass told the Daily Front Row. ‘Normally, you couldn’t give away a house in March, April, or May. This was now the hottest market we’ve ever seen. I mean, people were taking things site unseen – complete emotional demand. The East and Long Island weren’t set up for a crush in population.’ Above, Magnificent Amagansett Oceanfront Property in East Hampton
The palatial property has five bedrooms with six beds and 7.5 baths, according to its Airbnb Luxe listing. ‘The coastal woods of Amagansett embrace this generous Hamptons estate, with a privately accessed path linking to Indian Wells Beach.’ An inside look, above, at part of the home, which rents for $306,000 a month
When New York City shut down in March last year, the season in the Hamptons began earlier. As the pandemic continued, renters turned to buyers, and ‘the median sale price hit $1,202,500, a 40 percent increase from 2019,’ according to a New York Times article that cited a Douglas Elliman report. Above, artwork and a bath as part of the Magnificent Amagansett Oceanfront Property
With nine bedrooms and 8.5 baths, Cobb Road Daydream, above, in Water Mill, New York rents for $388,775 a month, according to its Airbnb Luxe listing
Home sales jumped 37 percent to 2,186 from 1,597 in 2019, according to the article. Jonathan Miller, a real estate appraiser who wrote the report, told the Times that the ‘region is having its day. The East End has, to a large degree, been the beneficiary of the challenges faced in the city.’ Above, the second living room of Cobb Road Daydream
One of the Cobb Road Daydream’s bedrooms, above. The hunt for space extended beyond the Hamptons and spilled into North Fork, which also had its median sale price grow by 24 percent to $805,000, according to the Times article
When New York City shut down in March last year, the season in the Hamptons began earlier. As the pandemic continued, renters turned to buyers, and ‘the median sale price hit $1,202,500, a 40 percent increase from 2019,’ according to a New York Times article that cited a Douglas Elliman report.
Sales jumped 37 percent to 2,186 from 1,597 in 2019, according to the article.
Jonathan Miller, a real estate appraiser who wrote the report, told the Times that the ‘region is having its day. The East End has, to a large degree, been the beneficiary of the challenges faced in the city.’
The East End in Suffolk County includes the Hamptons as well as North and South Fork.
The hunt for space extended beyond the Hamptons and spilled into North Fork, which also had its median sale price grow by 24 percent to $805,000, according to the Times article.
While homes were being snapped up at record levels, demand was also high for rental properties as well. Listings and inventory decreased.
‘There’s very little inventory not just for sale, but also for rentals,’ Marianne Collins, a Brown Harris Stevens real estate agent, told Newsday.
Because properties were sold, already rented or are being used by the owner, Desiderio of Town & Country Real Estate said much of the inventory, around 70 percent, is off the market.
‘But the last 12 months, have been like nothing I’ve ever seen in my 36 years, for rentals,’ she told the Long Island newspaper.
Renting for the season usually starts during President’s Day week in February, according to the article.
‘People started renting houses even before Christmas, whereas last year they started renting houses once COVID-19 lockdowns hit, and that was initially for the spring – and that, of course, blew up for the summer as well,’ Corcoran Group real estate broker Gary DePersia told Newsday.
Whereas before, there were different lengths of times, such as weekly, available to rent, ‘the big push right now is mostly for full season rentals,’ he said.
‘If the prices are too high, sometimes they won’t get rented. But some of the finer rentals, people are stepping up for: that’s at every price range.’
And as summer approaches, the market remains strong.
‘In the first 15 days of March alone, we have already doubled the number of signed contracts from all of March 2020, Todd Bourgard, a senior executive at Douglas Elliman Real Estate, told the East Hampton Star.
Compass realtor Covert said that for several years, it was a buyer’s market. ‘And within weeks, that was out the door. It was emotional buying, people had to have it, they had to have it now,’ he told the Daily Front Row.
‘So the lack of supply, even with reduced demand, is keeping those prices strong. I think people are realizing that they’re not getting on a cruise, they’re not flying to Ibiza to party. We’re not anywhere near done with this.’
For $240,000 a month, the Egypt Lane Estate, above, in East Hampton has five bedrooms with six beds and 6.5 baths, according to its Airbnb Luxe listing. The inside was recently renovated, according to the listing, and it is situated on 2.5 acres
While homes were being snapped up at record levels, demand was also high for rental properties as well. Listings and inventory decreased. ‘There’s very little inventory not just for sale, but also for rentals,’ Marianne Collins, a Brown Harris Stevens real estate agent, told Newsday. Above, the estate’s full kitchen
Because properties were sold, already rented or are being used by the owner, Judi Desiderio, CEO of Town & Country Real Estatesaid much of the inventory, around 70 percent, is off the market. ‘But the last 12 months, have been like nothing I’ve ever seen in my 36 years, for rentals,’ she told the Long Island newspaper. Above, Egypt Lane Estate’s pool
Renting for the season usually starts during President’s Day week in February, according to the article. ‘People started renting houses even before Christmas, whereas last year they started renting houses once COVID-19 lockdowns hit, and that was initially for the spring – and that, of course, blew up for the summer as well,’ Corcoran Group real estate broker Gary DePersia told Newsday. Above, Chic & Spacious Designer Home, Saltwater Pool/Spa in East Hampton
Above, the kitchen of the home that boosts three bedrooms with four beds and 2.5 baths, and rents for $57,728 a month, according to its Airbnb Luxe listing. It was ‘designed as a year-round getaway,’ according to the listing
Whereas before, there were different lengths of times, such as weekly, available to rent, ‘the big push right now is mostly for full season rentals,’ he said. ‘If the prices are too high, sometimes they won’t get rented. But some of the finer rentals, people are stepping up for: that’s at every price range.’ Above, the property’s pool
Above, the North Fork Retreat in East Marion that rents for $68,850 a month. ‘The house is surrounded by magnificent and lush vineyards for a great wine tasting experience,’ according to its Aibnb Luxe listing
And as summer approaches, the market remains strong. ‘In the first 15 days of March alone, we have already doubled the number of signed contracts from all of March 2020, Todd Bourgard, a senior executive at Douglas Elliman Real Estate told the East Hampton Star. Above, the retreat’s living room
Like the Hamptons, North Fork has seen its real estate heat up because of the pandemic. Above, the retreat’s pool area
During pre-pandemic times, it was a familiar sight in parts of the city to see people line up for the Hamptons Jitney. During what is typically the season from Memorial Day to Labor Day, high-end New York City restaurants open outposts in the Hamptons and there is a thriving nightlife scene as well. Above, the Bay Beach Farmhouse in East Marion
The Bay Beach Farmhouse, which has a stunning view of the bay, rents for $34,425 a month and has three bedrooms with 2.5 baths, according to its Airbnb Luxe listing
Choice and flexibility is limited this year in both the Hamptons and North Fork because of a red hot real estate market fueled by the pandemic. Above, the Bay Beach Farmhouse in East Marion
Above, the Secluded Water Mill Hideaway in Water Mill has five bedrooms with nine beds and 4.5 baths, according to its Aibnb Luxe listing. The home was recently renovated, according to the listing, and has a ‘super private backyard.’ It rents for $50,514 a month
Compass realtor Covert said that for several years, it was a buyer’s market. ‘And within weeks, that was out the door. It was emotional buying, people had to have it, they had to have it now,’ he told the Daily Front Row. ‘So the lack of supply, even with reduced demand, is keeping those prices strong. I think people are realizing that they’re not getting on a cruise, they’re not flying to Ibiza to party. We’re not anywhere near done with this.’ Above, the Secluded Water Mill Hideaway’s pool area
