Changes in the lifestyle choices of affluent New Yorkers, accelerating a huge real estate boom

Crowds of well off New Yorkers who fled the city for the Hamptons during the COVID-19 lockdown and savage fights have chosen to remain out East — and are filling a gigantic land blast.

In only three brief months – from July to September – just about 1 billion dollars worth of property was gobbled up in the Hamptons, as indicated by another market report by Brown Harris Stevens.

There were 448 single family home deals in the Hamptons during the second from last quarter of 2020, which is up 51% from a similar time a year ago, as indicated by the report.

“The March attitude was to escape the city however now individuals need to remain. It’s a direction for living. The movement is more slow, there’s more space and it’s sheltered,” said intermediary Jennifer Friedberg, of Brown Harris Stevens.

One of her customers, a couple with one youngster who live in Tribeca, moved into a Hamptons rental in March. On Friday they shut on a $4.3 million, 10,000-square-foot home of their own that will be their main living place.

“They love the space and now joke that they ought to have another child,” Friedberg said. “The planners, decorators, engineers and gardeners are generally occupied. These aren’t only end of the week homes any longer. The homes have workplaces and study spaces for kids. Individuals’ needs have changed.”

Cart Lenz, of Dolly Lenz Real Estate, says a large number of the New Yorkers escaping the city for the Hamptons had never even visited the East End COVID-19 lockdown started.

One of her customers is a hedgefunder who is hitched with four children. They moved from the Upper West Side into a $500,000 Hamptons rental in June.

They had never been to the Hamptons. Presently they are hoping to purchase a place they had always wanted, Lenz said.

“This is a group of liberal Democrats who live in a wonderful condo on the Upper West Side. However, they not, at this point had a sense of security,” Lens said. “They checked out their lives and acknowledged they required a spot to go if something turns out badly — a place of refuge.”

The $500,000 rental is “pleasant, yet not astonishing,” Lenz said.

“They needed to lease first. Presently they are hoping to purchase. They never thought they’d need a spot to run, yet they are escaping for wellbeing,” she said. “They understand that despite the fact that they didn’t have a clue about the spot, they know the individuals. Their companions are generally here and they can work together here. It’s an augmentation of their life in New York.”

Deals hit a faltering $973 million for the second from last quarter of this current year, up from $483 million during the second from last quarter of 2019, as indicated by the Brown Harris Stevens report.

That is a hot 101.5 % flood over the second from last quarter of 2019.

Furthermore, there’s no indication of any stoppage, even with the political race approaching, top specialists reveal to The Post.

For the initial 75% joined, Hamptons home deals hit $3.25 billion — a 40% hop from $2.31 billion in home deals during a similar time a year ago, said Philip O’Connell, BHS overseeing chief in the Hamptons.

 

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