Luxury properties ($10 million and up) are doing well according to sales data. In the second quarter of 2017, four closings occurred in the $20 million range, as compared to a big fat zero in the same sector last year. The data was released by Town & Country Real Estate yesterday.
The high-end properties were located in Southampton Village, East Hampton Village, and Water Mill. The highest was 328 Gin Lane, Southampton, oceanfront listing that sold for $31 million. The second was 1510 Meadow Lane, at $24 million; also on the list was 32 Middle Lane, East Hampton, at $25 million and 1285 Flying Point Road in Water Mill at $20 million.
In the $10 – 19.99 million range, 10 homes were sold in the quarter in 2017, as opposed to 4 in 2016.
But it wasn’t all golden. In two of the markets that Town & Country monitor, Shelter Island and Montauk, number of sales and median prices were both sharply down. In Montauk, number of sales was down 37% and the median price down 12%; while on Shelter Island, number of sales was down 42% and the median price also down 12%. (Of course, the weather was fairly terrible this spring: maybe it kept buyers from venturing too far out? Who knows.)
A buoyant stock market means that hopefully these trends will continue. No, there haven’t been any blockbuster sales so far this year ($40 million or above, we’d say), but the data show that well priced properties will move, even on the high end.