Home sales in New York’s Hamptons, the beach retreat for financiers and celebrities, surged in the first quarter as stock-market gains and fatter Wall Street bonuses fueled demand for luxury properties.
Jonathan Miller, president and chief executive officer at Miller Samuel Inc., says sales of homes in the New York’s Hamptons, the beach retreat populated in large part by financiers and celebrities, shot up 52% from a year earlier as stock prices soared last year and Wall Street firms received fatter bonuses. Miller speaks with Bloomberg’s Kathleen Hays and Vonnie Quinn on April 21 on Bloomberg Radio’s "The Hays Advantage”.
Brooklyn apartment rents rose to a record in March and new leases more than doubled, extending a surge in housing demand in the New York borough that was once seen as a refuge from Manhattan’s high costs.
Manhattan apartment sales surged in the busiest start to a year since 2007, setting price records as buyers vied for a limited supply of homes for sale and deals were completed at new high-end developments.
Broker Alon Chadad’s client purchased a $14.3 million apartment on Manhattan’s Central Park South, then spent nine months seeking approval for plans to overhaul it. In January, the buyer changed course, listing the unit for sale at more than double what he paid just a year ago.