In 2011, I sold two small capes on small lots (.33 acre lots) and a developer bought them through me. With my guidance and his builder's and Architect's acumen we created a whole new market for this historical Village of Southampton. Both of the new houses were top of the line luxury homes on 1/3 acre lots. These houses traded for 1/2+ as much as the original homes and this set a trend in place for buyers to buy any new construction in the same neighborhood, paying even more than the original two homes. Fine workmanship, craftsman style custom finishing and creatively planned layouts created a demand that did not exist before now.
What is the most important thing to the buyer who has unlimited funds to own a home here?
Proximity! Near the ocean and all the shops and famous restaurants, these new homes that move quickly in this market are the most desirable because of their prime locations. The new owner can walk to everything!
What is the next driving principle that the same buyer follows when they buy here?
Superb Design! A design that is in keeping with the historical appeal of this, the earliest settlement in New York State, is the key to finding a buyer for Luxury on a smaller Scale.
Another real factor that drives the buyer to the Village and it's environs is lot size---suddenly the buyer who buys here is very aware of the costs of landscaping. The size of a lot is important in that those that are 1/2 acre and less are very appealing to this new home buyer.
These three forces: Proximity, Superb Design and lot size make Southampton Village a natural place for the new buyer who wants a presence here without a huge commitment to a very large property, especially since they usually own a home and/or other homes elsewhere. This is, after all, a second home and resort marketplace!
HAVE YOU SEEN A SHIFT IN YOUR MARKET PLACE? Please comment below if you are finding the same thing...Or if you are seeing similar changes in your market place.
**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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