Now’s The Time to Snag That Hamptons Summer Rental

Posted on Feb 20, 2014

For the renter of Hamptons properties, the snowstorms ravaging the East Coast might have been the best thing that ever happened.

Because even if you got a late start, don’t worry. Everybody else has, too.

“You couldn’t get into a house,” says Enzo Morabito of Douglas Elliman. The frozen squalls kept both landlord and renter away. But it’s a temporary reprieve. The rental season is kicking into high gear.

“Rental activity becomes fierce,” says Peter Turino, president of Brown Harris Stevens Hamptons. “A great deal disappears in a matter of three or four weeks.”

Those looking for a bargain might come up short. “It’s a landlord’s market,” warns Anthony DeVivio, managing director for Halstead.

While prices haven’t shot up, they’re holding steady from last year. And last year, the Hamptons did very well.

“Last year we had a Hollywood producer who wanted a high-end rental for July,” says DeVivio. (High-end being over $100,000.)

“Everything was gone when he came out at the end of March. We went out and found him something that wasn’t on the market for $275,000 on Further Lane.”

But $275,000 for a month isn’t all that unusual: Last year Corcoran’s Tim Davis had a two-week Southampton rental for $550,000.

“There’s very little negotiability,” says Ernest Cervi, executive managing director of Corcoran. “One of my agents came in exhausted and said that their client missed two houses. I said, ‘Third time’s the charm!’”

“If you find something you like, move on it,” advises Susan Green of Sotheby’s International Realty. “If you’re not ready to commit don’t come out — it’s a waste of time.”

There’s also been a modest but noticeable migration east.

“Montauk and Amagansett are becoming more trendy,” says Green. “In the past, people haven’t always wanted to make the extra trip. But there are a lot of what you’d call hipsters going out there.”

Otherwise, normal rules apply. It’ll be expensive. You might catch Paul McCartney at Nick & Toni’s. And you’re in for a hell of a summer.

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