HOW MILLENNIALS CAN BUY THEIR HAMPTONS DREAM HOME

Let’s face it: Buying a home as a millennial can be intimidating, especially in luxury markets like Palm Beach and the Hamptons. But with the help of the right broker and a path for landing what you want, the process can be far less daunting. Here, Saunders & Associates broker Cathy Tweedy, who originally hailed from the advertising world at Ogilvy, shares her expert advice with Spotlight

BY SYDNEY SADICK

How can millennials feel less intimidated by the purchasing process?

How common is it for people to do that?

The Hamptons had been moving toward becoming a year-round community, and COVID accelerated the desire to have Hamptons access beyond the summer. With the ability to work from anywhere, there’s definitely a market for winter rentals. It just isn’t what we saw in 2020 and 2021. Tell us about the experience clients will get when working with you.

Cathy,

what’s trending in the buyer’s market Out East?

With the white-hot market of the past couple of years, the inventory hasn’t been able to keep up with demand. The result is sales at a higher cost. And while we’re seeing a move from ambitious pricing to more real-value pricing, it’s not a slash-and-burn situation.

Why should Palm Beachers consider buying in the Hamptons this year?

It’s the perfect antidote to PB summers! While everyone hears the national press on the state of real estate, I’m sure Palm Beachers know all real estate is local. The Hamptons is a unique market that’s bucking the trend. This market continues its decades-long trajectory of going up. And, if challenged, this market flattens…it doesn’t go down. It continues to be a unique and investable market.

What’s a great starter home for a millennial looking to purchase in the Hamptons?

When I was thinking about buying a Hamptons house or a larger NYC apartment, my business partner asked me which would enhance the quality of my life. It was simply a house in the Hamptons. Millennials are said to value flexibility and work-life balance, and a house in the Hamptons provides the setting to do that. While there’s really no one answer, I’d say, the best starter home for a millennial is one that they’re excited about and meets their truly individual needs.

Understand what they can buy within their own comfort zone. If they’re going to finance the purchase, they should talk to a mortgage broker to understand what will work for them based on their financial position. If not financing, they should still have a sense of what costs are involved in buying and running the house. Also, find a broker who will work with them to help guide them through the process and also provide objective counsel. Any predictions for the rental market?

With the lack of inventory of houses for sale, it’s likely we’ll see a strong rental market as people want to be here, whether they own or rent.

Hugh Jackman put his East Hampton home up for rent during the winter months.

When working with a buyer or seller, everything I do is to further their thinking about: how the market is doing and what that means for them; on the nuances of the different villages and hamlets; what issues they should consider when buying or selling; and how to evaluate the pros and cons of various opportunities. My goal is to guide them with objective counsel, so they can truly make a decision that’s right for them. T

3 Things Palm Beachers Should Do In The Hamptons

As Told by Cathy Tweedy

T Enjoy the beaches ,day and night. There’s nothing like spending a day on the beach with friends and family, and have that day turn into a picnic dinner (think grilled lobster and corn on the cob) with a campfire on the beach. I do love a fire by the shore!

T Don’t miss the sunrises and sunsets. They’re glorious. Take note of the light; it’s why so many artists come here to create.

T Be open to explore everywhere. There are so many special areas here that they’ve probably never heard about. Seek them out!

Zodiac Thrillers