Although 2020 has complicated all economies worldwide due to the coronavirus pandemic and the market of real estate New York City hit rock bottom, in The Hamptons area, the coastal area two hours from the city, sales exploded.
A few New Yorkers sought the beach and fresh air during the first months of the mandatory quarantine. Away from the city center, shoppers chose The Hamptons not only for the summer, but also for the fall and winter, which generated, according to the law of supply and demand, escalating prices.
According to a report by Douglas Elliman, the real estate most important in New York, sales rose to the highest annual rate in a decade.
By 2020, “The average sale price of a property reached US $ 1,202,500, 40% higher than in 2019, breaking the million dollar barrier for the first time during an entire year. What’s more, the number of sales increased by 37%, climbing from 1,597 the year before to 2,186 during the pandemic year “, confirmed La Nación.
“The Hamptons benefited directly from the challenges experienced in the city”confirmed Jonathan Miller, in charge of the report. “This region is living its golden age”.
The area became inhabited and with movement of people throughout the year, not only in the summer. For comparison, in Manhattan realtors and sellers were hit by the pandemic and sales fell sharply.
More than 400,000 New Yorkers left the city during the American spring, seeking to escape the pandemic. In The Hamptons, sales and prices broke records even during the normally quiet months of the end of the year, when temperatures are very low there and it usually snows.
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