UHNW multi-homers report: spotlight on Long Island
Well known as the home of UHNW individuals, The Hamptons, Long Island has a number of ideal multi-homer locations. It combines many attractive features including short journey time from New York City, scenic beachfront property
Well known as the home of UHNW individuals, The Hamptons, Long Island has a number of ideal multi-homer locations. It combines many attractive features including short journey time from New York City, scenic beachfront property and vineyards that are part of a growing wine industry, according to the Wealth-X and Sotheby’s International Realty UHNW Multi-Homers Report.
Lovely waterfront communities dot both the north and south shores and the island is also home to numerous country estates and farms further inland. These areas boast fascinating historical architecture, shopping opportunities and cultural centres.
“As the longest and the largest island in the United States, Long Island’s luxury market extends from New York Harbor to the Atlantic Ocean,” said Patricia J. Petersen, President & CEO, Daniel Gale Sotheby’s International Realty. “Proximity to America’s greatest city contributes to the desirability of Long Island’s famed Gold Coast, making the entire region a highly desirable, much sought after and often pricey destination for first, second and even third homes for upper-tier consumers. More than some resort and metropolitan markets, our markets tend to maintain solid value with steady appreciation, complimented by fabulous choices of fine dining and shops, outstanding schools, world class medical facilities and myriad recreation/cultural attractions.”
Kathy Korte, President & CEO, Sotheby’s International Realty Inc, added: “Luxury property on Long Island’s East End is the perfect reminder of why real estate is such an attractive investment. Stocks and bonds simply don’t come with swimming pools, ocean breezes or gardens in full bloom. Luxury real estate in The Hamptons epitomises each of these elements and has enjoyed significant long-term price appreciation due to its natural beauty and social popularity amongst buyers from Manhattan and the world. In fact, the recent sale of an important oceanfront compound for $147 million remains the most expensive home to have ever been sold in the United States. By all accounts, luxury residences in The Hamptons continue to thrive.”
Credits: WEALTH-X www.wealthx.com