NEEDED: LUXURY CONDOS & TOWNHOUSES!
In my last post about the Luxury Condo and Townhouse business,"CONDO SALES/DEMOGRAPHIC DATA...AN UPDATE:" I told you all about the changing climate in this end of the home buying market here in the Hamptons, Southampton in particular.
Where, in the past this consumer profile was identified as solely focused on the idea of living in a single family home with as much land as they could afford, the new buyer profile representing a considerable percentage of buyers right now is identified as looking to own a Luxury Condo or Luxury Townhouse.
In addition, the large estate owner, the one who bought large 3 to 8 acre estates in the 80's and 90's are now ready to let go of the huge properties and to downsize into the Luxury Townhouses that are here--Problem is, there is no inventory! Those that are in existance are all occupied and don't appear to be vacating any time soon...
The very fine Bishops Pond Townhouses that went up in the spring of this year are all sold--except for two! There are 50 Townhouses in this complex and they were well priced and they sold like hot cakes! The other new complex of 6 Townhouses called the Polo Club has almost all sold with one remaining and that is rented year round.
So with the possibilities of new Townhouse developments near zero, I decided to look into a project that has been going through a zoning change here in southampton village.
The Village Latch is an Inn that dates back to the turn of the 18th Century and has historical value that needs to be respected by whomever may buy it...it is tired and ready for a complete makeover--several people have tried to develop condos there in the past and failed because of lack of interest.
There is suddenly a wave of interest in that project with several interested parties now thinking they want to create a Luxury Hotel/Spa with Townhouses as a piece of it.
Here is a brief profile of the buyers looking to buy Luxury Condos and Townhouses here in The Hamptons:
- The retired person who is looking to live in the Hamptons for their retirement.
- The individual who does not want the upkeep costs on landscaping/pool etc.
- Single individuals who want a presence in the Hamptons at a reasonal cost.
- The large estate owner who is looking to downsize from their large estates.
So, now that there is a pent up demand for Luxury Townhouses and Condos, all stops need to be pulled from the restrictions that have held back this kind of development. It will be interesting to see how this proceeds over time....to me, the demand is only going to increase for the Luxury Living concept.
Let's hope we will be prepared as that demand unfolds.
**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
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