Local real estate is still on fire, according to the Hamptons Q1 Douglas Elliman Report released by Miller Samuel Real Estate Appraisers & Consultants earlier this week. Bottom line: If you think you’ll find a bargain in the Hamptons—think again. Most likely sparked by the ongoing pandemic buying spree and coming summer season, the market pace is not slowing, sales volume is heavy and inventory limited.
Listing inventory shrunk at its fastest rate in more than 13 years of tracking, and year-over-year sales surged for the third straight quarter to the largest Q1 total in six years. The median sales price hit $1.3 million, rising sharply from $990,000 in Q1 2020, and increasing for the fifth consecutive quarter year over year. While sales surged market-wide, hitting 509 closings as compared to 343 in Q1 2020, activity on the $1 million–$5 million range nearly doubled, skewing the average sales price lower. Listing inventory for the luxury market rose significantly in contrast with the remainder of the market, which declined.
Now might be a great time to sell, but you risk not getting back in, at least not right away.
A Boat Without a Dock
If you thought the housing market was tough… It’s actually harder to find a boat and dockage right now. Getting a slip is never easy as the seasonal throngs make their pilgrimage east and prepare for a summer on the water, especially if you’re seeking a transient spot or accommodating a large vessel.
Star Island in Montauk is basically full for the summer, whether you’ve got a 20-foot Bertram or a multi-million-dollar 100-footer, but overnights are still possible on a “hit-and-miss” basis. For less-fancy folk, Montauk Marine Basin actually has some open slips, but don’t expect to find a lot of popped collars and sweater-over-the-shoulder types among these local fishermen and salty sea dogs.
In fact I’ve been told by a boathing buddy that Strong’s Marine, with multiple locations around the East End, has limitied inventory. I also found out that Mill Creek in Noyac only has dry storage, though they’ll drop your boat in the water after you call, if you don’t mind waiting.
In East Hampton, Seacoast Enterprises Associates (SEA)—owners of Three Mile Harbor, Halsey’s, Gardiner’s and Harbor marinas say they’re “uber busy across all four marinas.” SEA’s business has been ramping up since Covid hit and two other local marinas sold, adding to the already healthy annual demand.
What does it all mean? If you’re only just beginning your necessary searches to live the East End boating life, and you want to hobnob with the yachting elite, you may have to settle for a kayak or a 3 hour tour (which I strongly suggest you pack a steamer trunk because you never know). Clearly, summer 2021 is all about planning. Nothing is going to be easy without some forethought.
