New York Post

Want a Splashy Hamptons Spread this Summer? Get Ready to Drop $1M

March 2022
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Hamptons home prices reached radioactive levels during the pandemic. Back in 2020, the East End saw price record after price record, as the rich gobbled up properties sight unseen and over ask.

Meanwhile, those who normally rented out their spread opted to bunker down out east instead, adding to the inventory crunch.

The rental market back then was “panic-driven,” said Judi Desiderio, the president of Town & Country Real Estate, which operates eight offices in the Hamptons.

“People wanted instant gratification to get out of the city as fast as possible,” she recalled. “Everything started from the moment schools shut down.”

Now, some two years on, snagging a Hamptons rental for the summer still takes serious leverage.

Inventory is more limited than ever before, and prices are still at an all-time high. But for those trying to get their elbows in, it’s not all bad news.

Demand has eased up — at least ever so slightly, according to several real estate agents in the Hamptons.

“The rental market isn’t crazy like it was at the outset of pandemic,” said Douglas Elliman’s Enzo Morabito. “It’s a normal season with people clamoring for top properties but not going completely nuts to get them.”

Chris Covert, an associate broker with Compass in Bridgehampton, agrees.

“Before the pandemic, the people who owned luxury homes looked forward to the extra income while they were zipping around Europe,” he said. “They care less about that today and want the option to use their properties for themselves.”

This “renters non grata” attitude has depleted inventory and led to higher prices.

According to research from Compass’ market intelligence team, rental pricing is trending around 10% higher than last year with rental activity spiking around 25% in the last few weeks as Hamptonites begin locking in their stays.

In addition, the team’s data indicated that while there are some new properties available to rent, supply is down by half.

Data from the Hamptons real estate listings site Out East also pointed to a dearth of high-end inventory. Of the 1,359 rentals currently available on the site for a Memorial Day to Labor Day rental, 44% are cheaper than $100,000 while 2% are between $500 and $750,000. Just 0.04% of the market is asking over a $1 million.

But those looking to make a splash in the Hamptons this season have other options as well. Here’s a look at five of the most expensive rentals still on the market.

Freshly renovated, 34 Cobb Hill Lane in Water Mill sprawls over more than 2 acres off a private cul-de-sac. With direct access to the Atlantic Ocean, this mansion weighs in at 10,382 square feet with thousands of square feet more set up outside for entertaining.

Featured in Ed Hollander’s 2012 book “Private Oasis,” amenities at this eight-bedroom, seven-bathroom beauty include cathedral ceilings, stone fireplaces, a Japanese soaking tub, a sauna, gym, steam room, massage room and wine cellar. Outside there is a pool, a detached pool house and a guest cottage.

This much room for activities will set you back $950,000 for Memorial Day to Labor Day or why not splurge and book it for the year for $1.2 million? Hedgerow Exclusive Properties has the listing.

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