- Many wealthy vacationers are opting to stay stateside this summer
- The Hamptons market is so hot that 7-digit asks for 3-month stays are the norm
As Memorial Day approaches, those still wishing to secure summer Hamptons rentals must be prepared to shell out huge bucks for temporary residences out east.
This year, which realtors say started early, has been a uniquely hot one for the summer rental market.
According to a Mansion Global report from earlier this year, increased interest and property prices are yielding an extra competitive buyers and renters market and an extra favorable sellers market.
Broker Richard Steinberg called the market ‘brisk’ and ‘intensified.’
Generally, brokers say the summer Hamptons rental market begins in earnest after President’s Day Weekend. This year, the race began much earlier, like right after the new year started, said Steinberg.
Now, gorgeous homes that line the shore, or sit inside private enclaves in extra-swanky neighborhoods, are being priced in the millions for a three month stay.
Many such properties are listed for rent from Memorial Day to Labor Day – the span of time that is typically considered high season out east.
One rental property for that period is a 28,000 square-foot 11-bed mansion on a private peninsula, which includes extravagant features such as a moat. The three month asking price is $2.5million.
The property, 70 Cobb Ln in Water Mill, is part of a larger offering that includes an additional property next door. Described as an ‘extremely rare generational compound,’ 70 and 71 Cobb Ln are currently on the market for $99.5million.
The properties have been up for sale for several years, presenting, for the moment, most attractively as summer rentals.
Steinberg says the market is excessively hot this year at least in part because of messy global politics abroad.
The ongoing Hamas-Israel war, which now involves other testy nations in the region, as well as general social unrest and a breakdown of systems in Europe are keeping the rich and famous stateside this summer.
‘My high-net-worth clients aren’t going to the Amalfi Coast or South of France this summer because they’re hesitant about traveling abroad. They’re staying put and looking for a Hamptons home where they can spend the season,’ he said.
Even those who have migrated down to Palm Beach and other areas of south Florida in the last several years, are looking for places to beat the untenable heat and rain that come with the southern state’s infamous wet season.
The realtor noted that clients are considering renting and buying, depending largely on inventory.
‘It’s whatever opportunity is best,’ he said.
In Sagaponack, that could mean the stunning property at 19 Sagg Pond Ct.
For $1.2million for MD through LD, the five-bed, eight-and-a-half bath estate could be your temporary escape from the oppressive urban environment that is NYC in the summer.
The 9,000 square-foot interior boasts fabulously easy access to the home’s outdoor features, which include a sunken tennis court and 50-foot pool.
If you love it so much you want to stay, the home, which was entirely renovated in the last few years, is listed for sale at a price of $23.5million.
The property has been listed, pre-and-post renovation, a number of times in the last half-decade. According to Zillow, it was listed in 2020 at a price of $12.5million, meaning its current owners believe the gorgeous home on 1.5 acres is now worth 100 percent more than they paid for it.
Those who have yet to find an ideal ‘opportunity’ but are still set on summering on the tip of Long Island may be left competing for the astronomically priced remaining inventory.
A nine-bedroom, 12,000 square foot single family home in Amagansett is currently on the market for just under $13million – but if you want to try it on for size first, it’s available from Memorial Day to Labor Day for $750,000.
In the southern part of East Hampton, a 9,000 square foot home is listed for just under $500,000 for July-Labor Day – if, despite global events, Europe is still on your travel list for June.
In the context of those two asking prices, $495,000 for Memorial Day to Labor Day for a classic-looking Amagansett six-bedroom begins to seem like a steal.
All three of Sotheby’s Internal Realty Hamptons offices reported, several weeks ago, an uptick in rental business and signed leases.
With many of the so-called ‘reasonable rentals’ signed for by January of this year, even the houses listed for eye-watering amounts will likely find renters now that Memorial Day is visible on the horizon.
