WHY THE HAMPTONS?

YOUR TRUSTED REAL ESTATE PARTNER AND ADVISOR FROM

TO THE HAMPTONS

WHY THE HAMPTONS?

Why Now?

The Hamptons is one of the hottest and most desirable vacation markets in the world. Its luxurious lifestyle, beautiful beaches, scenic harbors and worldrenowned restaurants draw people from all over the world to its collection of towns and hamlets.

Though demand is high, the opportunity to grow your real estate portfolio is just as strong.

With our extensive footprint in the Hampton’s market, we can provide you with exclusive access to some of the finest properties the East End can offer- both on and off-market.

• THE BUYER’S MARKET

The Hamptons markets are heavily cyclical, and most ‘deals’ are found in the off season between mid-November and mid-March. As summer approaches, increased demand drives up prices for both rentals and purchases.

Depending on the location and size of a home, rental income for a summer season can generate anywhere between $70,000- $1.5M for the summer from cottages to oceanfront estates.. Renting your home for even just a couple of months can pay for your mortgage and taxes for the entire year, leaving you with both an income-generating asset and a beach house to call your own.

Prices have now leveled off in the Hamptons as COVID wanes, but continued demand for secondary homes indicates that prices will continue to trend upward over the next 2-3 years.

• THE SELLER'S MARKET

The home that sold for $1.8 million 3 years ago is now worth over $3 million. Demand is at an all-time high in the Hamptons, where city-dwellers flock to escape from the crowded congestion of NYC. This is an incredible time to leverage the equity already in your home to sell and upgrade your lifestyle!

• THE INVEST AND BUILD MARKET

The best-kept secret in the Hamptons is off-market, vacant land. Builders are taking advantage of cheap land costs, spending $1 million on land, $2 million dollars on a build for a home and then selling the home for $6 million once it is constructed. Most of these homes go into contract even months before construction is done. For more information about our exclusive land listings- both on and off-market-, please reach out directly!

RENTER'S GUIDE FOR THE HAMPTONS

President's Day weekend traditionally kicks off Hamptons rental season, so if you haven't gotten serious about your house hunt yet, it's high time you did.

Your Hamptons experience — and price tag — will be vastly different depending on where you choose to stay. If you're still unsure about whether you want to be in Southampton or Sag Harbor, working with a knowledgeable agent can point you in the right direction for your needs and wants.

AS A SEASONAL OR SHORT-TERM TENANT YOU PAY THE ENTIRE COST OF THE RENT UPFRONT.

The average 4 bedroom rental prices for Memorial Day through Labor Day are roughly from ~$50,000 to ~$350,000, depending on a variety of factors. This range also excludes the ultra-luxury market where rents can be upwards of $1 million for the entire summer.

If you’re looking for a rental ‘deal’, look inland — the closer you are to the beach, the more expensive it’ll be and any property or town with a large amount of waterfront real estate, also factors into the high price points.

BUYER'S GUIDE FOR THE HAMPTONS

What to Know Before Buying in the Hamptons

With remarkable landscapes, luxurious summers and home to some of the most expensive real estate in the world, the Hamptons market is a fast paced and growing market. Like any market, the Hamptons has its own particularities that will shape our search together.

HERE ARE 5 THINGS TO KEEP IN MIND AS WE SEARCH TOGETHER:

• 1. PURPOSE OF THE HOME

There are a myriad of reasons why people buy in the Hamptons. Whether it’s to find a new primary residence, own a second/summer home, expand your overall real estate portfolio, or to leverage the home as source of additional income through rentals, understanding your reason for wanting to own in the Hamptons is paramount to finding the right home for you.

• 2. LOCATION IS KEY

The old adage of “Location, Location, Location” weighs heavily here. Depending on which body of water you are closest to, how easy access to the beach or train the home is, being north or south of the highway are just some of the factors that will determine the price point of a home as well as its potential income from renting.

• 3. VARIOUS REGULATIONS

When you are buying (or even building) a home, there are a variety of fees that you will need to be on the lookout for. The two that cover most transactions are...

•The Mansion Tax: A 1% tax paid on property for which the purchase price is greater than or equal to $1 million, paid upon closing.

•The Peconic Region Transfer Tax: This 2% tax is only in effect in East Hampton, Southampton, Shelter Island, Riverhead, and Southold and is used to support conservation work within a given town. In East Hampton, Southampton, and Shelter Island, the purchase price over $250,000 of “improved” land and $100,000 of vacant land is taxed; in Riverhead and Southold, the purchase price over $150,000 of “improved” land and $75,000 of vacant land is taxed. Some first-time home buyers may qualify for certain exemptions.

Outside of fees, there are a variety of ordinances and zoning regulations to be aware of, such as additional village taxes, development restriction rights and potential, DEC waterfont limitations. This can all be a lot to keep track of, so it’s important to work with someone knowledgeable to save you time and help you navigate all the regulations and closing costs associated with purchasing a Hamptons home.

• 4. IT MAY TAKE SOME TIME

The Hamptons market has been booming in a post-covid environment with people seeking more space and land to spread out on after quarantines and lockdowns. With that comes hyper competition for a low supply of homes. If you see something you love, you should move on it. In my experience, time kills all deals and in a market with a massive supply of buyers, that rings true.

• 5. DON’T GO IT ALONE

One thing is clear, there is a lot of insider knowledge that goes along with purchasing a home in the Hamptons. Making sure you have the right people by your side will ultimately minimize friction and make the home-buying experience a success. It’s my job to create equity and wealth for clients through the purchase of real estate, an asset class responsible for 80% of all global wealth.

SELLER'S GUIDE FOR THE HAMPTONS

What to Know Before Selling in the Hamptons

The Hamptons are one of the most unique and competitive real estate markets in the world. From effectively leveraging your property above others, to understanding the negotiation process, there is a lot to comprehend when bringing your home to the market. At Nest Seekers, we work diligently to provide clients with free home evaluations, market analysis' and CMA's to prepare us before going to market.

SALES AGREEMENT

Our Exclusive Right to Sell agreement outlines the parameters of the relationship between you and Nest Seekers. Marketing rounds in the Hamptons are seasonal and the more time you are able to commit to the marketing aspect of the sale, the more exposure we are able to get. Facts tell and stories sell, it’s our job to create the story and strategy to sell your home.

• STEP 1 PREPARING YOUR HOME FOR SALE

We have reputable vendors who can help with everything from window cleaning, floor repairs, painting and de-cluttering. We’ll work directly with you in preparing the home to optimize our photography and video elements of our content collection to begin our marketing story.

• STEP 2 MARKETING

Nest Seekers views itself as a globally integrated marketing company that sells luxury real estate. Our marketing plans, materials, strategy and concepts are grounded in creating an experience for the buyer even before they step into the home. Our site syndicates globally to 100’s of sites, attracting buyers from all over the world.

• STEP 3 SHOWING THE HOME

No two buyers are the same and every showing is different. It is up to us as the agents to adjust on the fly to minimize buyer concerns and focus on the highlights of the home. Showing what the comparative advantages the home has against others in the market, provides it a unique value proposition in the eye of the buyer. Prior to showings, homes should be de-cluttered and de-odorized.

• STEP 4 OPEN HOUSES

They are a great tool to generate traction, even from initially passive buyers who may turn more aggressive after seeing the home.

• STEP 5 OFFERS

All offers are presented to the seller’s agent as relayed to them from the buyer’s agent. The seller’s agent presents the offer to you and discusses the opportunity for counter-offers and where they feel in their experience the buyer is.

• STEP 6 OFFER ACCEPTANCE AND CONTRACT SIGNING

Once an offer is accepted, we put together a deal sheet and circulate that to the buyer’s attorney as well as your own. If you do not have a real estate attorney, we can work together in finding you one who has a thorough and complete understanding of the process. At this point, the attorneys discuss the finer points of the agreement; the buyer then signs the contract and gives a 10% deposit to be held in escrow by your attorney. Upon confirmation of the deposit, you then sign the contract. Once in contract the buyer’s team will then review Surveys, Title, Certificate of Occupancy, look for open building permits, order an appraisal and home inspection. If the buyer is financing, it usually takes anywhere for 45-60 days to for the bank to approve the loan.

• STEP 7 CLOSING

Prior to closing, the buyer will do a final walkthrough of the property. Once the buyer has officially secured financing, the attorneys will then draft a closing statement. Any issues that have not been addressed by the time of closing (i.e. closing out of an open building permit) will have to have an agreed amount to be set aside in escrow until the issue is resolved.