Boroughs & Burbs 62 || What's So Great About The Hamptons? With Justin Agnello and Adam Hofer
Manage episode 344580670 series 2814073
Welcome to our Hamptons show. World-famous towns, villages and hamlets on Long Island's South Fork between Westhampton and Montauk, the Hamptons have long been a weekend and summer retreat for the world's wealthiest people, from movie and TV stars, dignitaries and socialites, hedge fund managers to hip-hop artists and more. We'll ask these two Hamptons insiders to tell us about the Hamptons beyond the beautiful beaches and the people who frequent them. Is there still a Hamptons for mere mortals?
Of course we have to talk about the trophy properties. The current trophy-holder for the priciest sale in the Hamptons is $137 million. That was set in 2014 and was a sale for three contiguous lots running across 16 acres in East Hampton. Only five Hamptons homes in history have ever gone for more than $100 million (according to Jonathan Miller, president of real estate appraisal company Miller Samuel) Jonathan says "Thanks to the rising net worth of America's richest 1 percent, whose wealth increased by $12 trillion during the pandemic to a record $45.9 trillion at the end of 2021, trophy transactions are picking up pace. Appraiser @jonathanmiller said in the early years of the market he would see one or two transactions above $50 million in a year. Now he sees them every other week."