Q&A with Thomas Davis on Hamptons real estate market insights into how he sees the real estate market evolving this summer, “the new normal market”, relocation to Hamptons, home amenities timdavishamptons.com/market-watch
Can you give us some insights into how you see the real estate market evolving this summer?
Though the towns appear to be lacking in activity, it’s no secret our population is higher than the norm. As we progress through the summer and more services/experiences become available, residences will gain experiential knowledge of the Hamptons to a greater extent than during customary weekend visits. It’s my hope that the current Hamptons attendees will want to have a similar experience abate less restrictive, in future years.
How are transactions evolving in this “new normal” market?
Real estate, though fiscally driven and frequently coupled with the terms like “good deal” and “maximizing price,” is an emotional process. My greatest concern is that the “new normal” will hinder some of the emotional element of transactions effectively sterilizing this portion of the process where the buyer normally has the chance to fall in love with their potential new home. With the market changing and with more people at home on their computers searching for luxury getaways, our interactive digital presence continues to evolve on a daily basis with more inquiries, playing a huge part in showcasing homes.
Do you think more buyers will choose to permanently relocate to The Hamptons?
I do. If we’ve learned anything from the Covid-19 experience it’s how quickly as a society we’re able to adapt. That has been largely seen with the New York City exodus. As the dust clears and everyone settles into their current situations, they’ll come to the conclusion that life, work, friends and family can all exist outside of their preconceived bubble.
What amenities are homebuyers currently looking for most at this time?
Not necessarily an amenity but many purchasers have been trying to arrange some form of immediate occupancy as an element to their purchases whether it be expediting the closing process, occupancy prior to closing coupled with a hefty deposit, or a rental with a sale to occur at a later date. Sellers could best prepare by having legal and title issues resolved, C of O’s updated, new survey work, etc. to help eliminate those unforeseen lengthy elements to transactions.
Anything further you feel our readers need to know about The Hamptons Market?
The Hamptons is and will continue to be a safe investment market, offering open spaces and clean beaches with close proximity to New York City. With more people working from home, it’s the ideal location for someone needing to heading into the city only a few days a week to attend any in person meetings.