As China faces an impending economic slowdown, more and more Chinese investors are moving their capital out of China and investing in off-shore properties such as the Hamptons. Over the past year, the vacation destination saw a rise of 4.7 percent on average sales prices. During the third quarter, the average sales price valued at $950,000.
Bespoke Real Estate Founder Zachary Vichinsky explained that Chinese buyers have now realized that the Hamptons is the closest vacation spot from metropolitan New York. "We are seeing a different influx of international buyers, but we are still very much a New York City dominated market, where people have their primary and secondary in Manhattan and are using the Hamptons as a great destination to park capital and enjoy the asset," he said.
He also noted that the influx of Chinese investors in the Hamptons is just "really the tip of the iceberg." Vichinsky said, "It's not as prevalent as we're seeing in Manhattan by any means, but I think Chinese buyers are exploring more than just the staple markets such as Manhattan, Chicago and South Florida."
Furthermore, Vichinsky predicted that the Hamptons real estate market will welcome 2016 with a strong start. He added, "I think we're coming off of good momentum in the fourth quarter... There are some amazing things happening now afoot in negotiation and in contract that will probably lend itself to a strong first quarter in 2016."
On the other hand, Town & Country Real Estate Chief Executive Officer Judi Desiderio forecasted that the Hamptons will also attract more local buyers in 2016. She stated that the market is becoming increasingly popular among millennials who are looking for an escape from the city and baby boomers who are searching for a place to gather with loved ones during their downtime.
