Real Estate Roundtable: My Summer 2017 Outlook for East End Real Estate

Real Estate Roundtable: My Summer 2017 Outlook for East End Real Estate

Optimistic? Conservative? Unsettled? For summer 2017, some of our brokers see sunny days ahead; others warn that overpriced properties will sit. What’s the sweet spot in price? East or west of the canal? Our roundtable of local real estate professionals tells all.

The summer of 2017 should be one of the busiest in recent memory; when it’s in the rearview mirror, I believe we will call it “Fast & Furious.” Spring weather has been unseasonably miserable, which usually leads to a beautiful summer. I just hope the infrastructure is ready!—Judi Desiderio, Town & Country Real Estate

There is currently a lot of inventory out there for buyers to choose from, with more coming on the market every day. We expect to see that continue throughout the summer with properties staying on the market for longer than in the past. That doesn’t mean buyers should wait if they find a perfect fit. Sales have been steady especially under that 2 million price range but with so much to choose from, buyers have had options. The rental market is doing better than last year but still not as strong as past summers, so there are still some great rentals out there for all those last-minute planners. In the end, it will be a great summer for real estate in the Hamptons.—Doug Sabo, Nest Seekers International

I predict crazy crowds and a buying frenzy. There is plenty of inventory to choose from and quite a few new homes just coming to market this summer. Buyers that have been sitting on their hands to see how the world situation will stack up are ready to pull the trigger. A property purchase in the Hamptons is always a solid investment.—Marcia Altman, Brown Harris Stevens

As soon as the weather warms up, the Hamptons market heats up as well! Everyone wants a house in the Hamptons to escape to during the summer months—with the pristine beaches and quintessential villages, who wouldn’t want to be here?! The market on the lower end—under $5 million—continues to be very active while the higher end currently has a lot of inventory. As with everything else in life, it is all about pricing that makes the consumers come running!—Enzo Morabito, Douglas Elliman Real Estate

I believe the lower end of the market—$3 million and below—will remain active and the higher end will slide into sluggishness until Labor Day. I’m predicting a very exciting and busy fall sales season.—Bill Williams, Compass Real Estate

Summer 2017 is starting off with very low inventory of quality well priced listings and an abundance of buyers in the market. If you are shopping and see a home that suits your needs at a reasonable price, grab it quickly! It will not last. Sellers: this is not an opportunity to price your properties ambitiously. The buyers in today’s market are looking for properly priced, move-in ready homes. Things that are overpriced, not properly marketed, or do not show well are still sitting on the market untouched.—Donielle Cardinale, Sotheby’s International Realty

I am really encouraged by the overwhelming interest I am getting on Southampton Pointe by Fairfield, the new condo development in Southampton. My exclusive listings all have increased showings and I have been negotiating offers for sale. The rental market this season continues to be very disappointing. It seems that people are far more focused on purchasing than renting in 2017.—Mary Slattery, The Corcoran Group

Optimistic. I’ve seen an uptick in activity that I haven’t seen in a long time. I think more people are really seeing the Hamptons as an investment opportunity they can use and enjoy.—Patrick McLaughlin, Douglas Elliman Real Estate

Based on the last two months, I think we are going to have a very active summer in real estate at all price ranges.—Gary DePersia, The Corcoran Group

When people say that this is neither a buyers’ market nor a sellers’ market they may very well be describing our current market situation, but they are still telling you what it isn’t, not what it is. I’m as busy as I can be. I would describe this as an active and fair market. People who are interested in selling their homes can expect to get a fair price and people interested in buying can get fair value. We see this as the best of both worlds and expect to see an active if not a downright exciting summer market.—Ann Ciardullo, Sotheby’s International Realty

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