By: Rusty Brooks
While luxury real estate has slowed down in NYC, things are heating up in the Hamptons.
Cuomo may be begging the wealthy to come back to NYC but they are heavily investing in the Hamptons
The NY Post explained: The Hamptons real estate market is seeing a recent trend known as “compounding,” in which people snap up two — or even three — seven- and eight-figure homes on the same street, Vanity Fair reported.
“With so many adult kids leaving the city and moving into their parents’ homes, people feel they need more room,” a real estate agent told Vanity Fair
“They can see this could be a long-term gig, having the kids live here with them. I have one client with a $10 million main house buying another one with a whopping price tag next door for the kids … I have another client who’s trading up — from a $5 million home to a $10 million one.”
Closed sales for the quarter saw a 21 percent increase on the South Fork, the report shows, according to Vanity Fair. They also noted the Village of East Hampton’s sales volume soared by 292 percent, bolstered by multiple $15 million-plus deals.
“There’s no inventory,” the agent told the magazine. “We’ve never had a market like this before. In every price range: $750,000 to $10 million deals are ending in a bidding war and tears.”
The wealthy are indeed fleeing from NYC. With the deserted streets in the heart of NYC, the rapidly deteriorating UWS thanks to the mayor placing homeless drug addicts and sex offenders into empty luxury hotels, many have completely lost faith the big apple will ever return to it’s reputation of the greatest city in the world.
“ Look, I’ve seen NYC deteriorate from a bustling, happening place, filled with happy tourists, busy workers, art, theater, filled restaurants, jumping bars, than came corona and we have empty streets, scattered with a fraction of the foot traffic we used to see, and an uptick in dangerous, deranged looking homeless, not just poor people down on their luck, but somehow, the dregs of society with chemical imbalances wandering around, boarded up buildings and empty store fronts does not help the cause either. Marion a long time Hells Kitchen resident told TJV
“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house, or in their Connecticut weekend house, and I say, ‘You got to come back! We will go to dinner! I’ll buy you a drink! Come over, I’ll cook!’” Governor Cuomo said last week, in a quip directed to the fleeing wealthy
It is not just the rich heading to the Hamptons. Daily Mail reported: the Long Island getaway destination has been heaving with visitors and tourists from around the state in the past few weeks as New Yorkers look to vacation closer to home to avoid a fourteen-day quarantine.
A two-week mandatory isolation period is still in place for travelers arriving to New York state from 34 other states and Puerto Rico where the virus is less contained – although ‘checkpoints’ in New York City remained unmanned Thursday despite a stern warning from Mayor Bill de Blasio.