Hamptons Bidding Wars Out of Control; Residents Shocked by Soaring Prices

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To find a place in the Hamptons there are unprecedented bidding wars, home prices go up overnight, and are sold within hours of hitting the market. Photo Credit: YouTube.com

By Benyamin Davidsons

It’s not just the real estate anymore.   Prices in the Hamptons have been soaring.  Now those who managed to score a home in the Hamptons are unpleasantly surprised to find that prices are up from nearly everything else too.  Summer camps, lessons, boat docking, restaurant menus and even house keepers are more expensive.  Restaurant owners say they had no choice but to raise prices on their menus not only because of an influx in demand but to keep up with higher supply costs for the area as well as a staffing shortage.  Things that residents never considered haggling over have jumped in price and are also hard to secure spots for– including summer camps and boat docking.

“Everyone including the gardener, painters and electrician asked for an increase of 25 to 40 percent this season,’’ says Dana Duneier, an entrepreneur who owns a house in Water Mill. “My housekeeper explained that she is in demand.’’  As reported by the NY Post, to find a place in the Hamptons there are unprecedented bidding wars, home prices go up overnight, and are sold within hours of hitting the market.

“I wanted to be in Southampton but the prices were astronomical and by the time I was scheduled to see a house, it was usually gone,’’ said Cindy Barshop, who owns the feminine spa. She ended up renting a home on the Amagansett Dunes, thanks to her friend who tell her about her neighbor’s house. “I just grabbed it sight unseen. In the past, I would bargain and test the beds, water pressure and air conditioning. This time I asked no questions.” Though glad to be there, she says the home prices aren’t the only thing on fire.  “My twins want surf lessons which just went from $125 to $225,” she said.

Many people reported resorted to settling for more affordable neighborhoods like Hampton Bays, being priced out of high-end spots on the east, leading to price increases in those areas as well.  The upsurge in demand has led some to just given up on the Hamptons, finding other getaway spots all together.  Tax credit specialist Steve Waldman said he and his wife tried and failed to secure several homes losing out in one bidding war after the next, and finally locking in a deal in Amagansett, just to have that snatched away too.  “We were so disappointed that I got on my computer and found a place on the ocean in Marina del Ray. It’s beautiful and would have been three times its price in the Hamptons.”