WHAT'S HOT RIGHT NOW??? SUMMER 2012 RENTALS IN THE SOUTHAMPTON VILLAGE, NEW YORK!!!
In November 2011, I wrote a post that covered: EVERYTHING YOU NEED TO KNOW ABOUT RENTAL PROPERTIES IN THE HAMPTONS...It was viewed 2144 times, so I am publishing it again with updates for those who missed it the first time and want to know how to prepare their properties for renting them out. It can also serve to show what the rentals here are like for those who may want to rent something for the coming season.
FOCUS: SOUTHAMPTON VILLAGE...
After one of the most peculiar summer rental seasons ever for Southampton Village ,New York in 2011, this is now the place to look for 2012 summer rentals...at least it appears that way! Tenants are already looking for their summer homes for next summer and Southampton Village is the place to look! Full season rentals are now the way to go--last year the theme was "short season". The problem with that is the moment you settle in, you have to leave! ...and that is why we are now
seeing potential tenants taking the full summer season (Memorial Day to Labor Day) instead of the short term rentals of the last 3 years.
THE EARLY BIRD GETS THE WORM!
If you are looking to rent a modern, sleek new home, look no further than right here in Southampton Village! Here, the beach, shops and world class restaurants are all within minutes, and you never have to climb into your car!
The beauty of Southampton Village is found in the history not just the perfect landscapes and the architectural dreams in the houses here. Rentals in this very historical Village are at record prices and so many are rented already, there are efforts to list more from some of the builders who may have new houses ready to be lived and/or leased for the summer.
One of the reasons that this location is the favorite among New Yorkers is the proximity to the city....even though it feels like a world away, those busy Wall Streeters can make it back to their jobs on Sunday evening in less than 2 hours and that is the key to getting a rental in Southampton Village, New York!
IN THE PAST 3 YEARS, MANY TENANTS CAME TO THE HAMPTONS FOR 2 WEEKS OR A MONTH.......the reason being, the recession took disposable income away from the bonus's that were given out to Wall Street rentors.
Typically, a summer rental is done by a family who has a home in New York City. and the summer is the only time they are able to experience a taste of country life---and they go for it in a big way! Usually The wealthy may prefer spending top dollar for a rental for the summer season and not have the obligation of owning another home. They make the weekly trip to their summer rental and enjoy as much time as they can for the 3 months of summer---then leave in September with nothing left to do but take their clothes back to the city.
Rental prices on a 3 month summer rental range from $15,000 to $750,000! A small village bungalow without a pool can be found for around $10,000 to $20,000 for the summer; a 7 bedroom mansion with tennis and a pool on the ocean can be found for $450,000 to $750,000.
Meanwhile, the bulk of the summer rentals that are leased here are between $20,000 and $60,000 for the Memorial Day to Labor Day time period. These homes are owned by people who do not need the use of their homes for a time--Some actually buy homes, decorate them and use them for rental purposes only as they build equiity and sell when they want to retire or move on!
MOST DESIREABLE AMENITIES:
- LIGHT AND BRIGHT INTERIORS
- CLEAN, UNCLUTTERED HOUSES
- BIG, OPEN EAT-IN KITCHEN AND GREAT ROOM
- HEATED POOL
- TENNIS COURT
- SPA-LIKE BATHROOMS
- CLOSE PROXIMITY TO RESTAURANTS AND SHOPS
- OCEAN ACCESS
Many tenants bring their friends with them; extended family members are also welcome guests. The home with the most bedrooms gets top dollar while the most popular rental homes have 3-4 bedrooms.
The bigger the kitchen, the faster a home will rent...this is because, like a pool, the kitchen is a favorite place to gather and is where most people find themselves during the summer at mealtime. Many kitchens open into a great room which has become the next most popular room in the house.
A great room is now the most recent and most requested of all the details a rental home can offer. This is a space that is designed around family gatherings, movie viewing, game playing and casual dining. Meals that need a lot of space such as a lobster dinner with all the necessary accouterments, have become the order of the day and an open kitchen with an enormous table becomes the most prized detail in a summer rental. Because many summer residents love to entertain, the kitchen, great room and dining area become focal points of a summer rental.
Pools and the surrounding patio or deck is the most important outdoor amenity....that includes enough space around it for croquet, Badminton or just for play. The 20'X40' pool is the most popular size and a spa as a part of the pool space is a great addition.
Gunite pools are preferrable to vinyl but now there are more requests for vinyl versus gunite from families with small children because it is softer on the feet. Gunite has a sandpaper feel to in when you are in the pool for any length of time.
The most enjoyment a tenant will have, will come from the important pool, big yard and a tennis court if available. Tennis courts require over 7,000 square feet of lawn to fit on a property so it is rare to find a court in the Village here in the Hamptons. The estate section is where most tennis courts are located; this is another reason for the higher rental prices. A tennis court will add an additional $50k to $100k in rental income so many homeowners add one if they have the acreage.
Proximity to the Atlantic Ocean Drives the desire for a rental in Southampton Village; Coopers Beach (voted the #1 beach in America!) Little Plains Beach, Old Town Beach, Flying Point Ocean beach and Mecox Bay access for wind surfing and other water sports.
Just recently, as I walked the beach at Little Plains I had several people stop me to ask me where the hotels are. They are looking for ocean beach hotels, much like you would find in Miami! These particular people were all from Europe, on vacation somewhere else on long Island and made a day trip to the Hamptons, thinking they could spend the night at a hotel on the ocean beach---there are none here West of the Shinnecock Canal. There are none East of the Canal until you get to Gurney's Inn which is between East Hampton and the very end of Long Island at Montauk. There are very few hotels/motels here anyway so if that is what you are looking for, you will have to look in Hampton Bays, Westhampton or even further West.
If you have the time and the money, plus a desire to be here in the most popular summer resort in America, then it is time to consider the historical Southampton Villlage as your destination!
You will never forget it!!!
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY. The views expressed herein are my personal views and do not reflect the views of Douglas Elliman Real Estate
Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill: http://www.elliman.com/paulahathaway
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