We’re finally seeing light at the end of a cold and blustery winter. With spring finally upon us, if you haven’t started looking for your summer rental or possible vacation home purchase, now is the time.
The East End economy and real estate have always existed in a bit of a bubble relative the rest of the country, and the housing market on the East End has been extremely active during the past two years.
Montauk has especially been steadily gaining popularity, becoming more of a resort town than ever before. With the kick-off of the 52nd annual Montauk Friends of Erin St. Patrick’s Day Parade on Sunday, March 23, the celebratory tone will be set for an anticipated record-breaking 2014 season.
Local realtors definitely have to be quick on their feet this time of year, especially while the pressure is on to meet the high demand for rentals and home requests.
“Business is booming and rentals are off the charts. Right now we have limited inventory, and if you’re interested in renting something for the summer, time is of the essence,” Theresa Eurell, at Town & Country Real Estate’s Montauk office, says. “On the selling side, there’s been lots of action and even bidding wars, especially for those homes priced under a $1 million price point. We’ve had homes sold within a week of listing the property.”
“While we head into the season, we continue to work with a select group of loyal clients that we’ve been connected with for many years when it comes to rentals and sales,” John Keeshan, of Keeshan Real Estate, Montauk, says. “The majority of renters today are new faces to the area. The internet and online rental listings by owner changed things dramatically, but we continue to service those clients who prefer realtors to screen potential renters.”
Though it’s far too early to compare 2014 to 2013, Montauk has already experienced record-breaking transactions. If the trend continues, as expected, this summer will be even more successful than the previous year’s impressive numbers.
“Sales and rentals have been even stronger than last year. With a lack of inventory, potential sellers are staying firm with their asking price. In the present market, the seller has the upper hand and there’s little room for negotiation. It has become a seller’s market,” Eurell says. “We’re always looking for new inventory and if a homeowner has been considering selling their home, we recommend having their home appraised and evaluated. This is the perfect time to sell, and they may be pleasantly surprised.”
Keeshan confirms that Montauk is a seller’s market. “There is more demand than available properties. Homes that once sold for $350,000 are now selling for $1.35 million. Vacant land is also very scarce,” Keeshan continues.
Montauk is definitely the place to be this summer. There’s no time to waste if you’re considering buying, selling or renting in the near future. For that quintessential beach home, begin your search at The End.