The Hamptons, NY (PRWEB) December 22, 2004
ItÂs December in the Hamptons: the days are shorter, the air is colder, white caps whip the ocean, and parking places are plentiful. The current forecast may be for freezing temperatures and flurries, but the 2005 market forecast looks decisively sunny for local realtors.
Htun Han, principal broker of Hamptons Realty Group in Amagansett, says, ÂReports predict that annual Wall Street bonuses will increase by 10% to 15% this year. If past experience holds true, this will translate into a good summer rental market which in turn Â because of increased traffic Â will lead to a better sales market.Â He adds, ÂOn the East End, our local economy is driven by the real estate industry, and good news from Wall Street impacts our market Â no question about it.Â J.R. Siwicki, principal broker of Hamptons Realty GroupÂs Water Mill office concurs and adds, ÂWhen bonuses rise, confidence levels rise, and when people are feeling good about themselves theyÂre more likely to buy.Â
ÂWeÂre very optimistic that the Hamptons real estate market will continue to be strong in 2005,Â says Pat OÂDonoghue, principal broker of Hamptons Realty Group in Southampton. ÂWith low interest rates, the national housing market has remained robust, helping the overall economy. If interest rates remain acceptably low, we have every confidence the market will continue to remain robust.Â He also notes, ÂThe impending tightening of land use regulations on the East End will almost certainly reduce supply further, while demand will remain high, with obvious consequences.Â
Stan Esposito, principal broker of Hamptons Realty GroupÂs East Hampton office, observes that real estate investing is on the rise. ÂMore and more people are putting their money in real estate, as it continues to average higher returns than the stock market Â especially in the Hamptons. A piece of land or a home is something tangible that you can put your hands on Â itÂs real. And after all, that is why we call it real estate.Â
With high demand and comparatively low inventory, good economic news and relatively low interest rates, real estate will continue to hold its position as the HamptonsÂ leading industry in the new year.
About Hamptons Realty Group
Hamptons Realty Group was founded in 2004 and is led by a group of four Hamptons brokers (with more than 100 years of combined experience) who joined together to expand their coverage area and to better serve their clients. Hamptons Realty Group is a resource for superior real estate service and local expertise covering the Hamptons, South Fork and Shelter Island. With offices from Southampton to Amagansett, the experienced network of real estate professionals at Hamptons Realty Group offer unsurpassed knowledge and a proven track record in all types of properties - homes, land, rentals and commercial real estate. Hamptons Realty GroupÂs state-of-the-art website (http://www.hrg.com) is networked to all offices and is continually updated on a real-time daily basis, as new properties go on the market, and others are sold.
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