As Memorial Day approaches, those still wishing to secure summer Hamptons rentals must be prepared to shell out huge bucks for temporary residences out east.
This year, which realtors say started early, has been a uniquely hot one for the summer rental market.
According to a Mansion Global report from earlier this year, increased interest and property prices are yielding an extra competitive buyers and renters market and an extra favorable sellers market.
Broker Richard Steinberg called the market ‘brisk’ and ‘intensified.’
This Cobb Ln mega-mansion could be yours this summer for a cool $2.5million
19 Sagg Pond Ct in Sagaponack is listed for $1.2million for renters looking for a place from Memorial Day to Labor Day
Generally, brokers say the summer Hamptons rental market begins in earnest after President’s Day Weekend. This year, the race began much earlier, like right after the new year started, said Steinberg.
Now, gorgeous homes that line the shore, or sit inside private enclaves in extra-swanky neighborhoods, are being priced in the millions for a three month stay.
Many such properties are listed for rent from Memorial Day to Labor Day – the span of time that is typically considered high season out east.
One rental property for that period is a 28,000 square-foot 11-bed mansion on a private peninsula, which includes extravagant features such as a moat. The three month asking price is $2.5million.
The property, 70 Cobb Ln in Water Mill, is part of a larger offering that includes an additional property next door. Described as an ‘extremely rare generational compound,’ 70 and 71 Cobb Ln are currently on the market for $99.5million.
The properties have been up for sale for several years, presenting, for the moment, most attractively as summer rentals.
This year, realtors say the Hamptons rental market started earlier than usual and is quite hot
There are a finite number of stunning rentals for the rich and famous who are staying stateside this summer to pick from
19 Sagg at dusk, where the mansion’s lush natural background is highlighted by a dim glow from the house
The Water Mill property has been listed for sale on-and-off since it was last purchased by a Philadelphia developer several years ago
70 Cobb Ln’s private dock
This beautiful home at 7 Old Station Place in Amagansett, is available for $495,000 from MD to LD
As the area’s popularity has become more of a ‘scene,’ asking prices for sales and rentals have positively skyrocketed
Steinberg says the market is excessively hot this year at least in part because of messy global politics abroad.
The ongoing Hamas-Israel war, which now involves other testy nations in the region, as well as general social unrest and a breakdown of systems in Europe are keeping the rich and famous stateside this summer.
‘My high-net-worth clients aren’t going to the Amalfi Coast or South of France this summer because they’re hesitant about traveling abroad. They’re staying put and looking for a Hamptons home where they can spend the season,’ he said.
Even those who have migrated down to Palm Beach and other areas of south Florida in the last several years, are looking for places to beat the untenable heat and rain that come with the southern state’s infamous wet season.
The realtor noted that clients are considering renting and buying, depending largely on inventory.
‘It’s whatever opportunity is best,’ he said.
In Sagaponack, that could mean the stunning property at 19 Sagg Pond Ct.
For $1.2million for MD through LD, the five-bed, eight-and-a-half bath estate could be your temporary escape from the oppressive urban environment that is NYC in the summer.
The entirety of 19 Sagg Pond Ct was renovated in 2023. The now-modernized home has a sleeker exterior and stunning, easy open concept, light-filled interior
The home’s total 2023 renovation updated the house, which was originally builtin 1998, to allow in much more natural light and make for a softer, more comfortable interior
The gorgeous home on 1.5 acres is now listed for $23.5million, a 100 percent price increase on what it last sold for several years ago
A picturesque driveway leads guests down a path to the ‘rare generational compound’ that is 70 Cobb Ln
Among other lavish details, the Cobb Ln property features a full-size basketball court for recreational exercise that beats the summer heat
Daylight and evening time views of the 23 acre private Mecox Bay peninsula where 70 & 71 Cobb Ln sit
The 9,000 square-foot interior boasts fabulously easy access to the home’s outdoor features, which include a sunken tennis court and 50-foot pool.
If you love it so much you want to stay, the home, which was entirely renovated in the last few years, is listed for sale at a price of $23.5million.
The property has been listed, pre-and-post renovation, a number of times in the last half-decade. According to Zillow, it was listed in 2020 at a price of $12.5million, meaning its current owners believe the gorgeous home on 1.5 acres is now worth 100 percent more than they paid for it.
Those who have yet to find an ideal ‘opportunity’ but are still set on summering on the tip of Long Island may be left competing for the astronomically priced remaining inventory.
A nine-bedroom, 12,000 square foot single family home in Amagansett is currently on the market for just under $13million – but if you want to try it on for size first, it’s available from Memorial Day to Labor Day for $750,000.
In the southern part of East Hampton, a 9,000 square foot home is listed for just under $500,000 for July-Labor Day – if, despite global events, Europe is still on your travel list for June.
In the context of those two asking prices, $495,000 for Memorial Day to Labor Day for a classic-looking Amagansett six-bedroom begins to seem like a steal.
91 Abrahams Landing, also in Amagansett could also be yours for three-quarters of a million dollars from Memorial Day through Labor Day this summer
The stunning nine bedroom comes with an equally stunning pool set amidst fields of green that truly make a person forget what city life looks like
This truly original Amagansett 4-bedroom doesn’t have a pool but comes with a much more modest asking price of $20,000 a month from MD to LD
The ‘contemporary residence’ plays on geometric architecture to create a sunny, quiet space on 3.5 acres of secluded land
Luxury renters will decide this season just how much backyard vistas and 24-hour al fresca dining is worth to them
Grill season, for many, will properly understood from the backyard of a tony Hamptons rental with brand new stainless steal appliances
All three of Sotheby’s Internal Realty Hamptons offices reported, several weeks ago, an uptick in rental business and signed leases.
With many of the so-called ‘reasonable rentals’ signed for by January of this year, even the houses listed for eye-watering amounts will likely find renters now that Memorial Day is visible on the horizon.
