Hamptons: Do you think we've hit the bottom of the market? What kind of activity have you seen in the past 3 months?

Asked by Atlantic Team, East Hampton, NY Thu Feb 2, 2012

Please be specific to price range and locations. Thank you!

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Pierson Alum, , Sag Harbor, NY
Fri Feb 10, 2012
It certainly looks like the bottom of the market. Inventory is dropping for the first time in half a decade. There are bidding wars again on the best properties. When in doubt, talk with the Atlantic Group in the East Hampton office of Prudential Douglas Elliman. They are the best team in the business.
1 vote
Atlantic Team, Agent, East Hampton, NY
Thu Feb 2, 2012
Timing the bottom of the market is nearly impossible and every price range is different. Some segments of the Hamptons market has certainly seen rock bottom while others may have a few percent to go. There is no way to determine it perfectly. Each seller has his or her own unique reasons for selling and we are seeing some of the best deals in over 10 years. Mortgage rates are at rock bottom with only one direction to go; why wait and miss out? Home prices have stabilized, mortgages are at record lows and the inventory is dropping. The past 60 days in the Hamptons Real Estate market may prove to be the hottest market we have seen in the last 5 years. The past three months have been gaining momentum on a daily basis. We are seeing sellers and buyers making great deals and closing on properties with smiles on their faces. Buyers are once again happy to invest in the Hamptons knowing that in the long term it has proven to be a win win. All cash buyers are common, but also banks now have good comparables and have “loosened up” compared to a few years ago. Once again people are comfortable investing in a lifestyle. We look forward to the best summer season yet!!

For more information please click on the link below for the 4Q 2011 Hamptons Market Report.
0 votes
Martha Vazqu…, , New York, NY
Thu Feb 2, 2012
We have definitely and there has been alot of activity recently. Don't stay on the sidelines to buy now go ahead and buy!
0 votes
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