New York City is 100 miles away from the Hamtpons, a two-hour drive that makes it an easy weekend getaway. With our new Dan’s NYC debuting this month, we are heading west in the opposite direction, toward the skyscrapers and brownstones and away from the McMansions and sprawling estates. Behind The Hedges is delving into New York City real estate, and it’s got us thinking about how the markets are similar and different. We asked agents working in both environments, to highlight some of the biggest differences and similarities and how they pivot between the two?
Kelly Killoren Bensimon
KELLY KILLOREN BENSIMON TEAM
DOUGLAS ELLIMAN
NEW YORK CITY
The great news about working in high-end real estate in the Hamptons and New York City is that the buyers’ needs and wants are so similar. The clients are similar in the ultra-high net worth space, but the real estate itself differs. Ten million dollars in the Hamptons is not same as $10 million in New York. One of the biggest differences is that there is not a lot of land in the Hamptons, whereas in New York there is always a bright and shiny new development around the corner.
Katie Doubleday and Dee Bonner
DEE & KATE ESTATES
SERHANT.
WATER MILL
There is a very symbiotic and reciprocal relationship between the Hamptons and NYC real estate markets. Our geographical location
to each other make the two seemingly widely different markets more alike than many realize; countless sales in the Hamptons come from NYC residents looking for a seasonal home. The Hamptons doesn’t focus so much on price per square foot like NYC. Instead, it’s all about the beaches; proximity to the beach is key. It can be a bit of a challenge to explain the differences to a consumer and get them to shift how they perceive prices in the Hamptons vs. NYC, but with patience and experience, most buyers/sellers quickly come to understand the differences in each market and adjust accordingly. The beautiful part of selling real estate in the Hamptons and NYC is that there is so much overlap and this is one of the few areas in the world that can truly offer the best of both worlds. How many other markets can say that? Both markets combined truly offer an exclusive opportunity to have your cake and eat it too and that is what makes both so wonderful.
Justin Agnello
THE ATLANTIC TEAM
DOUGLAS ELLIMAN
EAST HAMPTON
In both the Hamptons and New York City markets, agents cater to high-net-worth clients who expect luxury features like modern designs, smart home technology, and premium finishes. However, while NYC buyers often seek a primary residence, clients in the Hamptons are generally looking for a summer home. When it comes to showings, thorough knowledge of each property is essential, whether it’s a Hamptons estate or a Manhattan penthouse. Yet the approach varies: in the Hamptons, the focus is on the property’s size, outdoor amenities like pools and tennis courts, and proximity to the water. Tours often involve walking the grounds and exploring the home’s interior. In NYC, emphasis shifts to building amenities such as gyms, wellness rooms, theaters, and pools. Touring a city property often includes visiting these shared spaces on different floors, adding time and complexity to the process. Professionally, agents in both environments are highly skilled, and the goal remains the same—providing a seamless experience where clients feel comfortable, informed, and prioritized. Scheduling also involves similar considerations around timing, traffic, and route planning. However, the logistics differ significantly; in the Hamptons, navigating by car is key, while in NYC, agents often rely on hired car services for easier travel between multiple appointments in various buildings.
Catherine Juracich
THE CORCORAN GROUP
CHELSEA (NYC) AND AMAGANSETT
The NYC and Hamptons markets are incredibly complementary. That is proven as my team was the top team in the Chelsea NYC office as well as had three of the top 10 deals out east in 2023. Just like the city, I find the Hamptons to be made up of micro mar-
kets. For example, I describe Amagansett as the ‘West Village’ of the Hamptons – Limited inventory, high demand, and a compelling
combo of elegance meets trendy. To work successfully in the two markets, the client needs confidence that you are completely versed
in both areas. The Hamptons is highly nuanced; and an agent needs an understanding of resources for inspections, land planning etc.,
where the city has a larger pool for these resources. While quality product moves quickly in both markets, the seasonal cadence can
vary. The Hamptons has the most activity in the summer, while the city has more activity in the fall and spring. In that way as an agent, if you work both markets, you can hit all highs of the cycle. A core element that ties the markets together is the real estate relationship is built on trust. In this ever-chaotic world, it is a luxury to have one person dedicated to your whole real estate portfolio and who deeply understands your needs and desires – regardless of locale.
Edward Seisdedos
EDWARD SEISDEDOS
PROPERTIES
NEW YORK CITY
Many of the same clients are seeking or already have homes in both places. For those who are making a second purchase, it’s usually a summer home in the Hamptons after they have settled their primary residency needs in the city. Every purchase requires thoughtful consideration of budget and for the Hamptons especially, the prospect of rental income should the client decide to travel one
summer and rent the beach house to generate income. That is not usually a consideration when purchasing a primary residence in
NYC. Importantly, a realistic seasonal rental yield for is always part of a purchase discussion for a summer home option with everyone I’ve worked with who owns homes in NYC and the Hamptons. While neighborhood and location is very important for a primary in Manhattan, and the focus is usually school districts for children and neighborhood appeal preference, a Hamptons purchase considers which town they most prefer to live in. All of my clients prefer East Hampton and many have become enamored with the Springs. With its year-round appeal and water views everywhere you turn, it also offers a more affordable option than south of the highway in homes located in the village.
Juliana Frei
BROWN HARRIS STEVENS
NEW YORK CITY
Similarities include high demand, seasonal fluctuations, luxury features and opportunities for investments. Both markets attract affluent buyers, driven by lifestyle choices. In New York City, the appeal lies in urban living, while the Hamptons offer a retreat from city life. NYC sees spikes in demand during the spring and fall, while the Hamptons peak during summer months. Both areas are viewed as solid investment options, with potential for appreciation and rental income, particularly for short-term rentals in the Hamptons. As for the differences, New York City has a more fluid market with faster-paced transactions and a wide variety of property types, from condos to co-ops to townhouses. In contrast, the Hamptons market is often driven by fewer, larger transactions for single-family homes. NYC buyers might be more focused on lifestyle and convenience, seeking properties near work or cultural amenities. Hamptons buyers often prioritize relaxation and outdoor spaces, looking for second homes or vacation and rental income-producing investments. In the city, prices are generally higher per square foot, but the Hamptons has seen astronomical prices for beachfront properties, which can skew perceptions of value in both markets. Agents who work in both environments often develop
unique strategies. They must stay updated on local regulations and market trends, adjusting their sales tactics accordingly. Building relationships in both markets is crucial, as referrals often cross over—New Yorkers looking for weekend homes or Hamptons residents interested in city investments. Agents need to be skilled in discerning the differing motivations of clients in each market, whether it’s a desire for urban vibrancy or serene retreats. By analyzing these aspects, agents can effectively navigate and leverage the strengths of both the New York City and Hamptons real estate markets.
This article appears in the November 15, 2024, issue of Behind The Hedges inside Dan’s Papers and Dan’s Papers NYC. Read the full digital edition here.
