Friday, May 9, 2025
Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Lifestyle
    • Spotlight
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
  • Lifestyle
    • Spotlight
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
No Result
View All Result
Hamptons.com
June 19, 2022

Characteristics of the Recent Hamptons Real Estate Market

John A. Viterittiby John A. Viteritti
in Featured, Real Estate
Home Real Estate

Given the rising inflation and increasing interest rates, it remains to be seen if the bidding wars, cash deals, no mortgage contingencies, and urgency to close have characterized the real estate market in the Hamptons will continue.

 

For instance, while the buyer’s obligation to close may not have been contingent upon financing, many chose to finance the purchase with low interest mortgages upon taking title. GIven the increase in interest rates, at what point the higher interest rates will cancel out the benefit of financing remains to be seen.

 

When it comes to financing a purchase by giving a bank a mortgage, historically, the most acceptable method for determining what a home is likely to sell is based on what similar properties sold for in a given area over a reasonable period of time, supported by a certified appraisal.

 

The definition of market value is set forth in the U.S. Department of the Treasury Regulation Section 20.2031-1(b): “Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.”

 

To gain some insight into the subject, I spoke with a certified appraiser and an attorney.

 

Thomas G. Padden, Certified Residential Appraiser, Peconic Appraisals

 

JAV: In your experience, do you find that cash buyers who go to contract without a mortgage contingency order an appraisal?

 

TGP: I find that most buyers are pretty sophisticated about the market, at least within a reasonable percentage range. Rarely have I seen a buyer get an appraisal before making an offer on a house. With the limited inventory in this market, there is the “fear factor.” If I don’t make a deal on this home I might lose it. So in most cases, an appraisal is not going to add any benefit to the process. An experienced real estate broker knows value, and they discourage sellers from setting prices too high. But a seller who gets an appraisal has a good marketing tool.

 

JAV: What about situations where the buyer pays cash but finances to take advantage of the low interest rates?

 

TGP: Those deals go through the usual process of an appraisal. The lender turns the appraisal over to an Appraisal Management Company (AMC) that selects a qualified appraiser who has no interest in the value of the appraisal. This prevents the use of mortgage brokers with a vested interest in the value of the appraisal from selecting the appraiser. That was a practice that contributed to the mortgage crisis in 2008.

 

JAV: Does a private lender have to go through an AMC?

 

TGP: No. Private lenders can hire the appraiser. Bank appraisals are paid for by the borrower but they’re done for the bank. By law, if the borrower wants a copy of the appraisal, they have to request it from the bank.

 

JAV: Do you think the increases in mortgage rates will discourage cash buyers from taking out a mortgage?

 

TGP: I think it’s too early to tell.

 

JAV Commnet: In New York State, Appraisers are regulated by the N.Y. Department of State

 

Carl Benincasa, Esq.  – The Benincasa Group, Water Mill, NY

 

JAV: From an attorney’s perspective, what are your views about the current market?

 

CB: To start with, the market has been incredibly active, and every deal has been very competitive. It’s a seller driven market. That’s why buyers are going to contract without mortgage contingencies. It makes their offer more attractive.

 

JAV: In those situations, do you have buyers who finance the purchase regardless of the fact that they paid cash?

 

CB: Yes. In about 90% of the deals I dealt with, the buyers assumed the risk of getting financing and took advantage of the low interest rates.

 

JAV: Explain the difference between a mortgage commitment and the funding of the loan with respect to the buyer meeting its obligation to close?

 

CB: The standard mortgage clause in the contract between the buyer and seller makes the obligation to close based on the commitment. If the loan isn’t funded the buyer would still be obligated to close. But it’s also true that the commitment comes with certain conditions which are dealt with. For example, one of the conditions might be that the seller has to sell his existing home. In my experience, the commitment has been tantamount to getting the funding. Having said that, I would take each situation on a case by case basis and make my client aware of the risks associated with his obligations in the contract.

 

JAV: Clarify the terms, “on or about” and “time is of the essence.”

 

CB: Those terms apply to when the parties to the contract must close. “On or about” allows for either party to request a postponement of the closing without being held in breach of contract. It allows for more flexibility. “Time is of the essence” is a date specified in the contract that if either party fails to close, may be held in breach of contract. In practice, which is better for the parties to the contract depends upon the circumstances. Going into the summer season, buyers are anxious to close. But you also have sellers who want to remain in occupancy for a period of time, and those we handle with post-closing occupancy agreements.

 

JAV: With respect to bidding wars, who handles the bids?

 

CB: In some cases when I am representing the seller, I handle the bids. I set a date and time when the bids must be returned and submit them to my client for consideration. In others, the real estate broker handles the bids.

 

JAV: In the early days of Covid, the process from contract to closing slowed down significantly. Has that improved?

 

CB: Yes it has. The biggest obstacle remaining is with the municipal offices being able to meet the demand. The buildings departments are overwhelmed. They do the best they can, but they don’t have the personnel to be able to handle the workload. I can get a title report in seven to ten days, less for covenants and restrictions. Getting permits and new and updated certificates of occupancy is another matter. It’s something I would encourage the town officials to look at.

Sign up for our weekly newsletter!

Get the top Hamptons events and latest scoop!

What's Happening in the Hamptons

Related Posts

Tracy Mitchell, Bay Street Theater’s Executive Director, Reveals Thrilling 2025 Summer Mainstage Lineup
Entertainment

Romance, Reinvention, and Rising Stars: Bay Street Theater’s Bold 2025 Season

May 9, 2025
In Sync and On the Move: A Conversation with The Campo-Johnson Team
Real Estate

In Sync and On the Move: A Conversation with The Campo-Johnson Team

May 9, 2025
Happening In The Hamptons Podcast: The 3rd Quarter Hamptons Real Estate Market Report
Real Estate

Happening In The Hamptons Podcast: Tangible Real Estate Investments

May 9, 2025

Search Articles

No Result
View All Result

LOCAL EVENTS

Events

09
May
09
May
-
10
May

Evelyn Alexander Wildlife Rescue Center Mother’s Day Plant Sale

May 9 @ 10:00 AM - May 10 @ 05:00 PM
228 West Montauk Highway, Hampton Bays
09
May
09
May
-
09
May

Jen Proudman Jewelry Pop-up at Le CLoset Southampton

May 9 @ 02:00 PM - May 9 @ 05:00 PM
9 Windmill Lane, Southampton, NY, 11968
09
May
09
May
-
19
May

Happy Hour at Bostwick’s on the Harbor

May 9 @ 05:00 PM - May 19 @ 06:30 PM
39 Gann Rd., East Hampton, NY 11937
09
May
09
May
-
10
May

Aperitivo Fridays & Saturdays at The Baker House 1650

May 9 @ 05:00 PM - May 10 @ 08:00 PM
The Baker House 1650
09
May
09
May
-
09
May

Per Te (For You) A concert of dedications – Music by Roberto Scarcella Perino played by pianist Baron Fenwick

May 9 @ 06:00 PM - May 9 @ 07:30 PM
The Church, 48 Madison St., Sag Harbor, NY, 11963
Load more listings
Next Post
Sixty-Something: Every Day on the Water is an Endless Dream

Sixty-Something: Every Day on the Water is an Endless Dream

  • It’s Mother’s Day Weekend! ⁠
⁠
From fine jewelry to live music, art, brunches & nature — here’s what’s happening:⁠
⁠
💎 Jen Proudman Jewelry Pop-Up⁠
🗓️ Friday, May 9 | 2–5PM⁠
📍 Le Closet, 9 Windmill Lane, Southampton⁠
✨ Shop stunning gem-carved fine jewelry while browsing luxury consignment.⁠
⁠
🎬 Gary Cooper Festival⁠
🗓️ Fri, May 9 – Sun, May 11⁠
📍 Southampton Playhouse, 43 Hill St⁠
🌟 A weekend honoring a Hollywood icon with screenings and celebrations.⁠
⁠
🖼️ 17 Women Art Exhibition⁠
🗓️ Sat, May 10 – Sun, May 11 | 11AM–4PM⁠
📍 Ashawagh Hall, East Hampton⁠
🎨 Featuring painting, sculpture & photography by 17 female artists.⁠
⁠
🏛️ Southampton History Museum Spring Fair⁠
🗓️ Saturday, May 10 | 11AM–4PM⁠
📍 17 Meeting House Lane, Southampton⁠
🎶 Live 19th-century music, local legends, crafts, games & more!⁠
⁠
🍳 Artists’ Table Brunch @ Watermill Center⁠
🗓️ Saturday, May 10 | 12–2PM⁠
📍 Watermill Center⁠
🥗 Chef-made meal & artist presentations in an intimate setting.⁠
⁠
🌹 LongHouse Talks: Roses in the Garden⁠
🗓️ Saturday, May 10 | 2–4PM⁠
📍 LongHouse Reserve, East Hampton⁠
📚 Photographer Ngoc Minh Ngo shares stories & images from her new book.⁠
⁠
🎸 The Barnstorm Live @ The Clubhouse⁠
🗓️ Saturday, May 10 | 9PM⁠
📍 174 Daniels Hole Rd, East Hampton⁠
🎤 NYC’s favorite party rock band hits the Hamptons!⁠
⁠
🗿 Vadis Turner’s “Venus Rising”⁠
🗓️ Saturday, May 10 | 4–5PM⁠
📍 LongHouse Reserve⁠
🔥 Bold new outdoor sculpture debut + Artist Walk & Talk.⁠
⁠
🌊 Paddle Diva’s Mother’s Day Paddle & Brunch⁠
🗓️ Sunday, May 11 | 11AM⁠
📍 Vandevere Marina, East Hampton⁠
🛶 Paddle, then brunch with Fresno. Get a free MOM-osa!⁠
⁠
🍽️ Mother’s Day Dining Guide⁠
🗓️ Sunday, May 11⁠
🎁 Treat mom to a perfect brunch, lunch or dinner.⁠
⁠
🎨 ArtSea Create & Sip: Horseshoe Crab Molt⁠
🗓️ Tuesday, May 13 | 6–8PM⁠
📍 Tiana Bayside, Hampton Bays⁠
🖌️ Paint + sip night celebrating horseshoe crabs. No experience needed!⁠
⁠
📍 Check out more events at Hamptons.com (Link in Bio)⁠
#hamptonsevents #eastendhappenings #mothersdayweekend #artinthehamptons #livemusic #southamptonny #easthampton #hamptonslife⁠
⁠
  • 7 Ashwood Court, Southampton, NY 11968⁠
Saunders Exclusive: $6,200,000⁠
@vinceinthehamptons⁠
@hamptonsrealestate⁠
⁠
⁠
This magnificent new construction offers a blend of modern luxury and timeless sophistication. Spanning 7,546 +/- sq. ft. on a pristine 0.92-acre lot, this two-story traditional-style residence boasts 7 bedrooms, 7 full baths, and 1 half bath.⁠
⁠
Inside, find an open kitchen adorned with marble countertops and high-end stainless steel appliances, perfect for the culinary enthusiast. The home features a spacious entry foyer, a living room, dining room, family room, den/office, and a study. Enjoy the comfort of two primary bedrooms, each with its own freestanding soaking tub, located on the first and second floors, respectively.⁠
⁠
⁠
Read the full article at Hamptons.com (Link in Bio)⁠
.⁠
.⁠
.⁠
.⁠
.⁠
.⁠
.⁠
#saunders #hamptons #hamptonsrealestate #luxuryrealestate #southampton
  • Steeped in tradition, history, and familiarity, a refurbished Sagaponack General Store has reopened its doors. Though still on the same footprint, the renovated establishment feels larger and more spacious, with an open layout and abundant natural light that adds warmth and charm. It now shares space with the newly restored historic Post Office at 542 Sagg Main Street in Sagaponack, located between Sagaponack Road and Hedges Lane, just south of the Sagaponack Common School.⁠
⁠
The original 1878 building was meticulously moved 15 feet back from Sagg Main Street and now features a welcoming new porch. The Post Office, located there as well, has its own handicapped-accessible entrance. While construction is complete, the Post Office has not yet reopened to the public. ⁠
⁠
Read the full article at Hamptons.com (Link in Bio)⁠
⁠
#sagaponackgeneralstore #local #community #sagaponack #⁠
⁠
  • Check out the top Hamptons events this weekend!⁠
⁠
🎭 Coppélia at Guild Hall⁠
📅 May 2–4⁠
🕖 Fri & Sat @ 7PM | Sun @ 12PM & 5PM⁠
📍 Guild Hall, East Hampton⁠
✨ Hampton Ballet Theatre School’s spring ballet!⁠
🎟️ Link in bio⁠
⁠
🎙️ Elvis Meets Sinatra @ WHBPAC⁠
📅 Sat, May 3 | 🕗 8PM⁠
📍 Westhampton Beach PAC⁠
🎶 Top tribute acts for Elvis & Sinatra⁠
🎟️ Link in bio⁠
⁠
📚 Gingy’s Diaries @ Southampton Arts Center⁠
📅 May 2–4⁠
🕑 2PM & 7PM⁠
🎭 A witty, moving new show by Ilene Beckerman⁠
🎟️ Link in bio⁠
⁠
🌸 Spring Market @ Share the Harvest Farm⁠
📅 Sat, May 3 | 🕙 10AM–12PM⁠
📍 St. Luke’s Church, East Hampton⁠
🎶 Live music, fresh food, flowers & gifts⁠
🎟️ Link in bio⁠
⁠
🏇 Kentucky Derby Party⁠
📅 Sat, May 3 | 🕓 4PM–7PM⁠
📍 Fauna, Westhampton Beach⁠
🍹 Cocktails, hors d’oeuvres & hat contest!⁠
🎟️ Link in bio⁠
⁠
🌼 Mother’s Day Flower Arranging Class⁠
📅 Sun, May 4 | 🕒 3PM–5PM⁠
📍 The Hampton Maid, Hampton Bays⁠
💐 Create a bouquet with Andrews Family Farm⁠
🎟️ Link in bio⁠
⁠
🧘‍♀️ The Rise Wellness Retreat⁠
📅 Sun, May 4 | 🕘 9AM or 3PM⁠
📍 East Hampton Indoor Tennis Club⁠
💪 Yoga, Padel, painting & shopping powered by Lululemon⁠
🎟️ Link in bio⁠
⁠
🏃 May Day 5K – East Hampton⁠
📅 Sun, May 4 | 🕘 9AM⁠
📍 101 Ocean Ave, East Hampton⁠
💖 Run for Family Service League⁠
🎟️ Link in bio⁠
⁠
🪑 Almond Zigmund: Wading Room Exhibition⁠
📅 Opens Sun, May 4 | 🕛 12PM–5PM⁠
📍 Guild Hall, East Hampton⁠
🎨 A fusion of art, furniture & collaboration⁠
📸 Photo Credit: Francine  Fleischer
🎟️ Link in bio⁠
⁠
🍽️ Long Island Restaurant Week⁠
📅 May 2–4⁠
📍 Various Restaurants⁠
🍷 Enjoy 3-course prix fixe meals across LI⁠
🎟️ Link in bio⁠
⁠
⛳ CMEE Spring Golf Outing @ The Bridge⁠
📅 Wed, May 7 | 🕜 1:30PM–6PM⁠
📍 Bridgehampton⁠
🥂 Golf, brunch, cocktails & auction⁠
🎟️ Link in bio⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
⁠
⁠
#hamptons #weekend #local #springmarket #golf ⁠
  • 98 Bay Street, Sag Harbor, 11963⁠
Saunders Exclusive: $8,995,000⁠
@hamptonsrealestate @edmundgaetjens⁠
⁠
Discover an unparalleled offering in the heart of historic Sag Harbor Village. Situated on an idyllic 0.63-acre corner lot, this meticulously restored Victorian delivers the ultimate Hamptons lifestyle: a luxuriously appointed main residence, a lofted studio, and resort-like grounds with a heated gunite pool. Just moments from Sag Harbor
  • To launch the celebrations for its 50th edition, the Hampton Classic Horse Show has unveiled its 2025 poster, “Beneath the Painted Sky,” featuring artwork by Michael “Mickey” Paraskevas of Southampton, NY. Paraskevas has previously designed the Hampton Classic poster four times (1987, 1992, 1998 and 2008).⁠
⁠
Celebrating 50 years of world-class equestrian competition, the Hampton Classic returns to Bridgehampton, NY, August 24-31, featuring FEI CSI5* and CSI2* show jumping and USEF Premier hunter competitions with more than $1 million in prize money.⁠
⁠
📸: Poster Courtesy of the Hamptons Classic⁠
⁠
⁠
Read the full article at Hamptons.com (Link in Bio)⁠
.⁠
.⁠
.⁠
.⁠
.⁠
#hamptonclassic #arts #poster #bridgehampton
Facebook Twitter Instagram Youtube
Hamptons.com

Saunders Broadcasting Corp.

Phone: 631-613-8440
Email: [email protected]
Facebook: Facebook.com/HamptonsOnline
Twitter: @Hamptons
Instagram: @HamptonsOnline

About Us | Contact Us

Hamptons.com

  • Lifestyle
  • Events
  • Real Estate
  • Live Cameras
  • Public WiFi

Subscribe

Sign up for our weekly newsletter!

Get the top Hamptons events and latest scoop!

© 2025 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | About Us | Contact Us

No Result
View All Result
  • Lifestyle
    • Spotlight
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support

© 2025 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | About Us | Contact Us