WHAT DOES $3,000,000 BUY YOU...HERE IN THE HAMPTONS?
The examples of sold properties contained in this Transfer Report help to answer the $3,000,000 question! Right now, especially, this popular price point is a moving target...and yet is, for the most part, based on a number of traditional factors, plus one. Of course, it's all about location, location, location; the size of the parcel; South of the Highway or North; age and amenities of the structure(s); curb appeal, etc. The illusive 'plus one' is timing...what time of the year the transaction actually took place! The correlation between supply and demand, at any given time, can inevitably affect the selling price of a property. Three-million dollars buys you more bang-for-your-buck when the supply is in excess of the demand...and, conversely, less 'bang' when the demand is equal to or greater than the inventory. Another consideration is that as the inventory of homes in the $3,000,000 category continues to swell, as it has so significantly over the past 18 months, we may witness the prices triming slightly to meet and/or beat any competition. Though the overall price of real estate here in the Hamptons continues to soar...outperforming other investments...some with crystal-balls have said that projections for this year are estimated at (only!) single-digit increases, rather than the double-digit increases experienced throughout 2004 and 2005. In my opinion, a more studied approach for the serious buyer is to keep an eye on the ratios of supply to demand...in a specific price point, in a particular area, et al. Purchasing the greatest degree of equity (for your dollars) can be as simple as sticking to the basic three "W"s...what, where, and when!
1st QUARTER SALES
2nd QUARTER SALES
3rd QUARTER SALES
4th QUARTER SALES
Sold @ $2,760,000 320 Little Plains Road, Southampton Vill.
S.O.H.; .72 Acre Parcel.
Sold @ $2,825,000 92 Post Crossing, Southampton Vill.
N.O.H.; .40 Acre Parcel.