Thinking of buying a luxury vacation home in 2019? Real estate industry experts say now is the time to start looking. End of January is a usually a gloomy time of the year in New York. The pretty snow has turned to dirty slush while temps still can dip into the teens. If buying in the Hamptons is on your to-do list this year, it’s not too early check out the market.
Erica Grossman, a top agent with Douglas Elliman Real Estate in Southampton who’s been selling properties in the Hamptons for 14 years, sizes up the opportunities. “Our market just started in January and we get really busy by March. Last year’s prices have been adjusted, depending on where you want to be in the Hamptons. Buyers who were sitting on the fence should come out and see what they can buy in their price range. Sellers are more realistic this year.” Here’s a look at what you can expect to pay in the Hamptons these days for an ultra-luxury property. Look at this $23,000,000 oceanfront modern beach house on over 4 acres in Southampton Village. Head to Sag Harbor if your budget taps out at $2,495,000. Here you can snag a cedar-shingled traditional style home with over 5,000 square feet on 2.3 acres with a pool of course. “prices vary greatly in the Hamptons from town to town,” Grossman adds.
Stephanie Anton speaks with luxury residential brokers constantly as President of Chicago-based Luxury Portfolio International. Here’s her insider perspective on the luxury market and the fundamentals anchoring it. “We are seeing sales up in the resort areas including Hawaii and Vail. Florida’s luxury market in Sarasota did very well last year.” Anton points to Vail where sales and prices are up over 25%. “I think we are seeing people pulling money out of the stock market and buying these properties. Mark Zuckerberg has a large estate on Kauai. We are seeing more billionaires buy on Kauai and on the Big Island. People are now so exhausted by today’s world, they are looking at vacation homes as total retreats to shut everything out,” Anton explains.
Cape Cod has long been a getaway for Bostonians. Owning a home on the Cape often goes back generations. Paul Grover, co-founder of Robert Paul Properties, an affiliate of Luxury Portfolio International with offices in Boston and on Cape Cod looks at the luxury Cape Cod market. “We ended last year with big numbers for Massachusetts with four sales on the Cape over $10 million.” Currently, Grover has 20 active Cape Cod listings. These range from an $11,950,000 waterfront compound in Chatham to a $1,200,000 custom built cape-style contemporary in Barnstable, located on the upper Cape. “People tend to buy on the Cape for the lifestyle and not necessarily as an investment. We have buyers who graduate from 10 years of summer rentals to the buyers who have spent every summer growing up on the Cape and want to pass that experience on to their children,” Grover said.
Heading west to a top winter vacation destination, Palm Springs. Valery Neuman, founding partner of Compass’ newly opened Greater Palm Springs area office and a top-ranked luxury broker works with clients from all over the country, is looking for a piece of desert paradise. “Our high-end home selling season here starts in November then tapers off during the holidays. It begins again from now to May. If buyers are looking in Southern California, they see the pricing is better here for that vacation home,” adds Neuman.”
A custom Spanish Colonial at the prestigious Hideaway in La Quinta is all about the indoor-outdoor living experience buyers want. Offered at $3,095,000, the property boasts a loggia with barbeque center and pizza oven and custom salt water pool with spa. A contemporary gated estate with striking mountain views in Rancho Mirage, the Desert city where President Obama enjoys vacationing, is listed for $1,595,000.
If you’re a luxury buyer and you think you may want some income from your property when you’re not using it, listen to Andrew McConnell, CEO at Rented.com, one of the country’s top players in the short-term rental market. “When you are renting a luxury property, the guest expectation is very high. You always must stay on top of maintenance. When you are decorating any vacation rentals, you have to be careful you don’t go too quirky or too cookie-cutter.”
Even if you’re not ready to buy right now, it’s fun to look at sunny destinations during these bone-chilling winter months.
Author: Ellen Paris
Source: Forbes | 2019 May Be The Time To Buy A Luxury Vacation Home