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The Market for $5 Million-Plus Homes Is Booming in New York’s Posh Hamptons

The luxury segment recorded a robust third quarter

By SABRINA LEE
Sun, Oct 27, 2024 7:00amGrey Clock 2 min

Deep-pocketed buyers were busy this summer in the Hamptons, as sales of luxury homes in the affluent New York vacation-home market soared, according to third-quarter reports released Thursday.

“Every price range experienced increases in the number of sales in the third quarter, but the transactions over $5 million soared,” Robert Nelson, executive managing director of Brown Harris Stevens of the Hamptons, wrote in the brokerage’s report.

There were 55 transactions above $5 million, up from 31 a year earlier, marking a 77% increase, according to Brown Harris Stevens data.

The 16 ultra-luxury home sales, defined as properties over $10 million, accounted for 4% of sales, but made up 19% of the total dollar volume last quarter.

More properties in the beach towns are joining the $5 million club every year

The median price of a luxury Hamptons home was $8.5 million in the third quarter, surging 38% from a year ago, according to a separate report from Douglas Elliman, which defines luxury as the top 10% of the market.

More properties in the beach towns are joining the $5 million club every year, according to Douglas Elliman, as this category has continued to double in market share.

The Hamptons has been surprisingly unaffected by this pre-election season that tends to temporarily dampen sales, said Philip O’Connell, executive managing director for Brown Harris Stevens in the Hamptons. Instead low rates have fuelled the market, enabling year-on-year sales to climb back up every quarter.

“A large segment of our buyer population comes from New York City. I think they see a bright future economically, which is driving their confidence in the market,” O’Connell said. “We have the expectation that the market will continue to be very active.”



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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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Property of the week: 32 Isaac St, Spring Hill
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Fri, Nov 8, 2024 2 min

Spring Hill Enviro-Cottage is the ultimate fairytale of old meets new, an architectural marriage of two distinctly different eras that seamlessly come together in 21st-century Brisbane.

The Isaac Street home is one of Spring Hills original workers’ cottages that in 2010 was expertly transformed into a uniquely sustainable home with all the modern-day must-haves and plenty of boxes ticked on the wish list too.

While preserving the classic Queenslander, the 286sqm property has been reimagined to deliver an innovative and eco-friendly address. 

Kitchen joinery has been crafted from reclaimed timber, there is environmentally friendly paint, a suite of energy efficient appliances, solar power, underground water storage, and an Eco Plunge Pool.

Although the charming period facade remains, the rear of the house has an ultra contemporary backdrop of patterned Corten steel privacy screens that minimise heat and create dappled light across the interior spaces. At night, the unique partitions geometric laser-cut design provides a star-like feature in the main bedroom suite.

The considered passive design principles extend to the strategically located louvres, doors and windows that draw in cooling breezes, while a vast skylight over the dining area and kitchen allows for plenty of natural light in winter. Burnished concrete floors keep the ground cool and grand walls of glass peel back to reveal a seamless flow to the outdoors with a grassed and landscaped private courtyard. 

Although the ground floor has been designed for everyday living and entertaining, the multi-purpose front room with ensuite is an ideal guest retreat or even a perfect ‘work from home’ space complete with a separate entry via the front patio. 

Upstairs, a mezzanine lounge provides another breakout area for families, and the two first floor bedrooms open out to the traditional full-width balcony overlooking the street. These bedrooms have built-in wardrobes and desks with a shared family-friendly bathroom.

At the rear of the footprint, a freestanding two-storey pavilion features yet another living space next to the pool with an integrated bar. Above the space the top floor main bedroom has an ensuite and walk-through wardrobe.

A long list of bonus features include ceiling fans in all bedrooms and living areas, a thermostat-controlled whirlybird to extract excess heat, a 5kW solar system with a SMA Sunny Boy inverter, a 20,000L rainwater tank, a filtering and UV disinfection system and a solar hot water system with 450L storage tank.

Although there is a lock up garage, this city-fringe home is within walking distance of Roma Street Parkland, Roma Street Station and Victoria Park. Brisbane Central State School is also only two streets away.

In keeping with Queensland consumer law, properties going under the hammer cannot carry advertised price guides.

This Brisbane home at 32 Isaac St, Spring Hill is on the market with Ray White New Farm with an auction date set for November 30. For details contact agent Samuel Angus on 0411 044 949.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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