Hamptons Real Estate Heating Up in 2013

The real estate market is on the rise, despite the new capital gains laws that were put into effect this past January specifically targeting those who fall into the higher income tax bracket. There are many variables to consider when becoming involved in any real estate transaction—staying focused, motivated and patient will help you achieve your goals. Americans have become better consumers due to the fact that we’re much more educated and realistic about the current market and the state of our economic situation.

Real estate is a smart way to safely invest your money when the price is right. With mortgage rates continuing to remain at an all-time low, buyers have a wealth of opportunities.

On the East End, we’re fortunate to have the support of some of the most elite and top-ranked real estate firms and agents in the world. Each seasoned realtor has his or her own set of unique skills and experiences to bring to the table.

I recently had the privilege to catch up with a few top producers to hear what they anticipate for this upcoming season.

“Sotheby’s International Realty Hamptons offices had a banner year in 2012, with 2013 following suit both in sales and rentals. This is in all price categories-—from $1 to 2 million and including the over $10 to $20 million range. Correctly priced properties are selling. One of my listings, sold by Sotheby’s in two parts totaling $35,000,000—one of the highest in the country last year. Buyers are recognizing value, have confidence in real estate and financial markets and mortgage rates are at record lows. Our buyers come to us from all over the US and the world through Sotheby’s international reach,” Barbara Bornstein, Sotheby’s International.

“I believe our real estate market will continue to see improvements. There is still a great deal of inventory and prices continue to be stable or even lower then they have been. Of course, with low interest rates, purchasing that second home or retirement home makes the most sense. I am finding that the people that are preparing for retirement are purchasing real estate and renting their properties until they are ready to use them. The rental market continues to be very strong here in the Hamptons and I believe will continue, especially with the devastation Hurricane Sandy created in other resort communities,” Denise Rosko, Hamptons Realty Associates LLC.

“We are optimistic with the surge in 2013. Sales continue to stack up with consistent transfers weekly. The inventory is strong again and we are seeing things go for slightly under ask with properties that are well priced and positioned. Southampton Village and Bridgehampton South continue to be strong areas as well as East Hampton Village and Springs. I think that now that the election is over that people can move forward and make those larger purchases without having the uncertain looming overhead.” Jeff Steinhorst, Nest Seekers International.

“I believe the Hamptons real estate market will continue to heat up compared to the last few years. You’ll see keen interest in appropriately priced homes, especially those that need some moderate renovation, with inventory beginning to thin out,” Robert Florio, Hamptons Realty Associates LLC.

Top producers are at the top for a reason and we are fortunate enough to select from the best of the best. If you’re in the market to buy or sell, contact one of the above realtors, they will help guide you in the right direction. Barbara Bornstein, Sotheby’s International, Main Street, Bridgehampton, Barbara.Bornstein@Sothebyshomes.com, 631-613-7312 or 516-526-2498, Denise Rosko, Hamptons Realty Associates, 528 County Road 39, Southampton, drosko@hamptonsrealtyassoc.com, 631-283-7400 ext. 101 or 516-220-1230, Jeff Steinhorst, Nest Seekers International, 20 Main Street, Southampton, jeffs@nestseekers.com, 631-287-9260 or 631-901-2165, Robert Florio, Hamptons Realty Associates, 528 County Road 39, Southampton, rflorio@hamptonsrealtyassociates.com, 631-283-7400,
ext. 102 or 631-702-2000.

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