As the end of 2023 approaches, behind the hedge We spoke with Judy Desiderio, CEO of Town & Country Real Estate, which publishes quarterly reports on data for both the Hamptons and North Fork.
BTH: Can you tell me about the state of the real estate market in the Hamptons?
JD: The details are outlined in this report, but there are multiple reasons why it’s all in the rearview mirror. Current market conditions reflect sentiment across the country and the world. The problem in front of us takes center stage. Keep in mind that a vacation home in the Hamptons is a luxury, not a necessity. Our markets are driven by greed, which is quickly reflected in financial markets and our overall sense of security and security. However, we live in an era where people who don’t use too much leverage are fine. People who are overleveraged are a different story. Remember that such markets create opportunities for many people entering similar markets. Smart investors are shopping.
I’ve read some articles that aren’t backed up by real statistics, but they’re irresistible and perpetuate myths, which in turn create false narratives. Prices are stable due to low inventory in most specific segments within our market. Other companies that have created large inventories from previous waves of activity sell them at discounted prices. Note that different markets and price points behave differently. The numbers show which markets are doing well.
BTH: What is your outlook for the Hamptons real estate market in 2024?
JD: There are so many extenuating circumstances that affect our business in the East End that it’s impossible to hit the mark. But you can hit the target with the dart. The rental season must be a flash season. There is a possibility that the current stagnation in sales in the first quarter will continue. However, as pent-up demand always prevails, we should see sales activity at a normal pace by mid-2024. Come on, ask what’s normal!
This was published as part of the “Meanwhile in the Hamptons” column in the November issue of Behind The Hedges. Read the full story here.