Jim Caulfield EVP, General Counsel | realtors.com
Sales of high-end homes in the Hamptons have seen a significant decline in 2024, dropping by nearly $200 million compared to the previous year. According to The Real Deal, the top 10 home sales this year amounted to $327 million, down from $511 million in 2023.
Despite its reputation as a haven for celebrities and wealthy individuals such as Joy Behar, Brooke Shields, Drew Barrymore, Ron Lauder, and Ira Rennert, the area has experienced a shift in the luxury real estate market. Hannah Jones from Realtor.com noted that the ultraluxury price threshold in Suffolk County reached $23.9 million in November 2024, an increase from $19.2 million last year.
Tim Davis of Corcoran explained that "the resetting of luxury high-end property prices often takes time," as sellers need to adjust their expectations. He also mentioned that many properties require "extensive renovations" due to their age and lack of upgrades.
Davis revealed plans to reduce the price of one of his listings on Halsey Neck Lane from $53 million to $34 million. He highlighted a shortage of trophy homes and pointed out that wealthy owners often prefer to keep these properties within their families.
Despite challenges faced by other coastal areas like Nantucket due to erosion, Davis stated that Long Island's shoreline is regularly maintained by the Army Corps of Engineers.
Looking ahead, Davis expressed optimism about future prospects for Hamptons real estate. He believes recent global and domestic events had caused potential buyers to hesitate but expects renewed interest following political developments.
In 2024, notable sales included two homes on Gin Lane sold for $89 million, a mansion on Bay View Court fetching $49 million, and several other multimillion-dollar transactions across Southampton and East Hampton.
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