Friday, May 05, 2006

Hamptons - No Condo Craze Here

Much of the bubble talk that drones on and on in the news is geared toward the condominium investment segment of the market. As was said on CNBC yesterday, if you do a rain dance long enough, it WILL rain! Sure, talk of overheated markets and increased interest rates has given pause to buyers in many markets, giving some long-awaited satisfaction to the real estate "bears". Also, as we have said before, Wall Street is on a roll and is attracting investors back.

Here in the Hamptons, while we struggle with issues of affordable housing and land preservation, values continue to appreciate and sales are brisk in many segments. We have very few condominiums here, so that's not an issue - and many of the area's residents are connected to Wall Street (either directly or indirectly), which has always been a driver in this market.

So, my view? If you are a seller, your property has never been worth more, so go for it and reap the rewards of your investment. If you are a buyer, buy what you want today, because it will cost more a year from now. What a great place to be, eh?

ABC News: How Smart Is 'Flipping' Real Estate?

No comments: