The Covert Report

Good morning from the home office. The Hamptons market is in a unique place right now as many of our Clients seem to be in a transitional period, with life returning to a new normal, and the focus directed back towards the City at this moment. That said, things are incredibly fluid with properties moving on-market then into deals in record time, and going into the Fall, we can expect to see a new run of inventory. 

Although strains in supply chains and backlogs for permitting slowed new construction for much of the Summer, we are now seeing projects beginning to accelerate. And while we’ve seen a decrease in new listings month-over-month in August and first part of September, the hope is for a reversal of this trend as we get into October, with pre-construction offerings leading the way. Demand remains historically high, so any influx of homes should help sustain the market’s growth overall.

The real tell on the overall health of the Hamptons Luxury Real Estate Market will be over the next 6 to 8 weeks. Will Clients decide that the apartments they left in March of 2020 are no longer adequate, and decide to reposition their finances into larger City assets? Is the Hamptons home purchased as an urgent Covid-response no longer a priority? Or on return to the City, is a Hamptons home a must for weekend getaways?

Anecdotally I can say with all certainty that there are Buyers out there waiting for inventory, and there are Sellers out there waiting to list - but only once they have something to buy. It will just take a small change in the current balance of the market to open things up, and when that happens I think we can expect a very, very robust Fall - or even early Winter - market. 

But September and October are about more than just real estate on the East End. The grapes at Wolffer Estate are ready for harvest, and we know what that means. On Saturday, October 9, the Estate will host their 31st annual Harvest Fest. With live music, pony and hay rides, food trucks, and grape-stomping, this is one of my family’s favorite Hamptons traditions. Additionally the water is still warm and we are seeing the best surf of the season right now, and the fall fish migration runs are just getting started - so the beaches are at their absolute best.

Also - this is a great time for a thorough chimney cleaning before starting to use the fireplace again. Nearly 30% of all house fires are started in the fireplace or chimney, so cleaning out the build up of creosote is incredibly important, and also incredibly easy. Let us know if we can refer a local professional to assist.

And please feel free to contact us for a more in-depth market analysis, or if you have questions about your own property and how if fits with the current inventory.

Best, Chris

Christopher Covert
Licensed Associate Real Estate Broker
Covert@Compass