Hamptons Buyers Battle Over Cheaper Homes — That Is, Under $3.3 Million
- Bidding wars increased to 10% of deals in non-luxury category
- Listings on the high end jumped 22%, the most in two years
Buyers Battle Over Smaller Homes in the Hamptons
Buyers of Hamptons homes in the third quarter didn’t want to splurge on something too costly, but they were willing to bid up cheaper properties in their search for a vacation retreat.
Purchasers agreed to pay more than the asking price in 10 percent of deals for properties under $3.3 million -- this quarter’s definition of “non-luxury” homes, making up the bottom 90 percent of the market, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the biggest share of transactions with bidding wars since the firms began tracking the data in the second quarter of 2016.