Friday, April 25, 2014

Real Estate Prices in Hamptons Soar 40%

Newly printed Fed money is sure having its impact on the summer playland of Wall Street's elite.

The average sale price for real estate in the Hamptons soared by 40 percent, to $1.7 million, in the first quarter, one of the biggest year-to-year increases in recent history, reports CNBC.

Wealthy vacation-home buyers have been paying all cash and the number of deals in the first quarter jumped by 52 percent and the median price rose by 19 percent to $880,000, according to a report from Douglas Elliman and Miller Samuel.

But, the big growth in the first quarter was driven mainly by the very high end—homes priced at $5 million or more. The average sales prices for the so-called luxury market in the Hamptons—the top 10 percent of sales—soared 56 percent to $7.4 million. The median price jumped 53 percent to $5.6 million.

Among the mansions that sold in the first quarter was a six-bedroom stone and stucco waterfront manor home in North Haven for $31.5 million. The average sale price in North Haven—known for its outsized homes—hit $17.4 million in the first quarter.

A boxy, modern home in Sagaponack, which is not on the water, but has 2.4 acres, sold for $20 million.

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