Why Young Home Buyers are Flocking North
August 15, 2014 | by mike olson | Real Estate
Jonathan Smith of Sotheby’s International Realty sees a new wave of young buyers heading north of the highway.
They’re coming to the Hamptons in droves: young couples comprised of high-powered professionals determined to invest their money wisely in a turnkey home. “They know exactly what they want,” says Jonathan Smith, an agent at Sotheby’s International Realty. “A young person looking for property in the Hamptons wants move-in ready—and the value of their dollar is significantly greater north of the highway.”
Led by a new generation of buyers, the stodgy old days of needing to be south of the highway are over. “They’re not making more land, and space south of the highway is finite,” Smith adds. “If you’re willing to go north of the highway, you can get significantly more.” Case in point: the approximately 4,500-squarefoot home he’s selling in Sag Harbor, complete with racquetball court, state-of-the-art cinema, and a large wine room. Here, the asking price is $2.5 million; Smith estimates the price could go as high as $10 million if it was further south.
Those willing to expand their reach are getting more for less, without sacrificing any part of the East End experience. “The amenities and the lifestyle of the Hamptons are the same whether you live south or north of the highway,” says Smith. “Well, except that north of the highway you can get a much larger property and a brand new home for probably a third of the price.” 50 Nugent St., Southampton, 227-4950