By Jeff Louderback
Demand continued to climb for houses in the Hamptons as home prices there climbed 22 percent in the third quarter compared to the previous year, Bloomberg Businessweek reported. The median price of homes sold in the quarter rose from $696,000 in the third quarter last year to $850,000 during the same period this year, according to a report from New York appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate.
The report also showed the number of houses that sold for $5 million or more almost tripled in the Hamptons and North Fork areas on Long Island’s East End, Bloomberg Businessweek wrote.
Wealthy home buyers see homes in the Hamptons as relatively safe investments, Jonathan Miller, president of Miller Samuel, told Bloomberg Businessweek.
“Despite all the economic turmoil, the high end of the market was extremely active,” he said. “If you remove the high end of the market, I’d characterize prices as stable with a modest uptick in sales activity.”
Overall, home sales in the Hamptons climbed 12 percent to 398 homes, according to Miller Samuel and Prudential. In the North Fork, transactions rose 22 percent to 140 properties, Bloomberg Businessweek reported.
Thirty homes sold for $5 million or more compared to 11 homes that sold for $5 million or above a year ago in the third quarter.
Miller told Bloomberg Businessweek that the most expensive home to change hands during the third quarter was a seven-bedroom, 4,500-square-foot home in Sagaponack, which sold for $24 million in September.
[The home in Sagaponack shown above is listed for $14.995 million]
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Read more: Hamptons Home Prices Surge As Luxury Properties Lead Jump | REALTOR.com® Blogs
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