Bidding wars for luxury homes in the Hamptons hit a record high in the second quarter, even as sales and prices declined in the broader market across the Long Island beach towns.
Nearly 31% of luxury deals that closed in the period came after multiple offers, topping the previous high of 27% set a year ago, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The category represents the most expensive 10% of transactions, which in the quarter meant any home that sold for $4.4 million or more.
“The majority of it is the lack of inventory,” said Justin Agnello, an East Hampton-based agent at Douglas Elliman who has represented buyers and sellers in several recent bidding wars. “But it’s also that if you do bring something to the market that’s really appealing, buyers are even more hungry for it.”
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