Are you dreaming of owning a vacation home in the Hamptons? The luxurious seaside destination on Long Island is a popular spot for celebrities and the elite. But how much does it actually cost to own a piece of this coveted real estate?
Hamptons Real Estate Market
The Hamptons real estate market is known for its high prices and exclusivity. According to Forbes, the median sale price for homes in the Hamptons was $1.14 million in 2019. However, prices can range from hundreds of thousands to tens of millions of dollars depending on factors such as location, size, and amenities.
Location
Location is one of the most significant factors influencing the cost of a vacation home in the Hamptons. Properties closer to the beach or with waterfront views are generally more expensive than those farther inland. For example, a waterfront property with an acre of land can cost over $20 million, while a smaller property further inland could cost less than $1 million.
Size and Amenities
The size and amenities of a vacation home also play a role in its price tag. Larger homes with more bedrooms and bathrooms will naturally be more expensive than smaller ones. Additionally, properties with luxury features such as pools, tennis courts, or guesthouses will also come at a premium.
- A five-bedroom house with ocean views recently sold for over $10 million.
- A seven-bedroom mansion with a pool and tennis court sold for $18 million.
- A six-bedroom home on an acre of land sold for $6 million.
Costs Beyond Purchase Price
It’s important to keep in mind that owning a vacation home in the Hamptons comes with additional costs beyond the purchase price. Property taxes can be high due to the high value of the real estate. Maintenance costs, such as landscaping and pool upkeep, can also add up.
Conclusion
The cost of a vacation home in the Hamptons can vary greatly depending on factors such as location, size, and amenities. However, one thing is for sure – it won’t come cheap. If you’re considering investing in a property in this exclusive destination, be prepared to shell out a significant amount of money not just for the purchase itself but also for ongoing expenses.