It’s no question that the COVID-19 pandemic has transformed the world we live in, from travel bans to take-out. With the rise of “Work from Home,” shifting markets and newfound personal time, many people set their sights on new prospects and homesteads. Whether you’re looking to stretch your legs out or downsize, it’s vital to have a real estate partner that intimately understands, respects and appreciates your neighborhood while keeping your interests in mind. Luckily, Corcoran is fully equipped with the thorough knowledge, passionate drive and personal skills to help, bearing 114 offices across the United States, as well as an office in the British Virgin Islands. Tim Davis is a Corcoran broker and real estate expert in the Hamptons, one of the most desirable locales in the world. A leader and decorated agent of the luxury property market for 40 years, Tim has the necessary experience selling and listing the most resplendent and enticing homes on the East End. With over $4 billion in sales and consistent high-volume success, Tim has risen to the top of the ranks in the Hamptons property market.
At the beginning of 2021, the residential market experienced an increase in large-scale luxury real estate sales — having closures increase by 89% year-over-year and overall volume increase by triple digits. Similarly, the average home price ascended by 50%. In the fourth quarter of 2021, the average cost of listings increased by 17% to $2.954 million, and the median price rose by 3% to $1.60 million. While the number of sales dropped 16% from the previous year’s fourth quarter, it is essential to note that 2020’s success was the record high of any fourth quarter in Tim’s history. This quarter, the number of reported sales under $500,00 saw a notable decrease, in contrast to the decline in sales over $5 million, which were insignificant. This difference varied regionally within the Hamptons, having decreased in the hamlets of Amagansett, East Hampton and Montauk. However, comprehensive reported luxury market sales volume on the South Fork increased by 19% — up 65% in Water Mill and 43% in East Quogue/Hampton Bays. While more reported luxury market closings occurred in Bridgehampton/Sagaponack than any other region in the Hamptons in the Fourth Quarter of 2021, reported luxury sales shifted into East Hampton overall in 2021. Sales of $6M+ increased from three-quarters to over 90% and the most expensive reported luxury negotiation was at 90 Jule Pond Drive Mill for $105M.
Northrop & Johnson is proud to partner with Corcoran, having had its own year of success in 2021 luxury yacht brokerage. We celebrated 84% revenue growth across all aspects of our business, experiencing an improvement of 56% in yacht sales alone. Our largest yacht sold in 2021 was the Tankoa yacht SOLO, the sixth most expensive yacht sold in 2021.
For more information on the Hamptons market, click here to read Corcoran’s Quarter Four 2021 report.