Will Real Estate in the Hamptons Bounce Back Faster?


Summer Rentals Likely to be Hot As Always

The increase comes after super luxury sales in the East Hampton Village declined to six homes in the first quarter of 2011 from 17 homes sold in the same quarter last year, according to Town and Country Real Estate.

But, Gianos said the second quarter looks a lot sunnier, not just for home sales, but also for summer rental properties that cost as much as $400,000 for a beachfront property.

"2011 had stronger demand and better pricing for the owner. The rental prices were up," Gianos said. "The Hamptons had a very good Memorial Day weekend. The weather was fabulous, the villages and the stores were very busy. It was a strong weekend."

While real estate brokers wait for the official figures on real estate in the Hamptons, one broker said houses will continue to sell as long as the wealthy are in the market.

"There's a lot of very intelligent people with stupid money," he said. "It's not putting a dent in their wallets and they're willing to spend it."

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