Can You Get a Property Tax Break for Green Amenities in Your Hamptons, New York, Home?

Every week, Mansion Global poses a tax question to real estate tax attorneys. Here is this week’s question.

Q. I’m renovating my Hamptons home with green amenities. Will that help reduce my property tax bill?

A. Suffolk County, in which the Hamptons are located, does not offer property tax rebates or exemptions for energy-efficient updates, according to Christina Mathieson, a residential solar valuation expert and real estate agent with Keller Williams Points North in Woodbury, New York.

“The county itself was never one to offer property tax incentives,” said Ms. Mathieson, who has developed a green curriculum for other agents at Leap EDU, part of Hofstra University on Long Island. “It was always either the state of New York…or local utility.”

More: Will a Brookline, Massachusetts, Buyer Have to Pay an Increased Tax?

For example, the state of New York offers a one-time tax credit of $5,000 for those

Read More

A Hamptons House for the Private and the Social

The interior designer Robert Stilin relishes a good project, and one of his favorites has been his own house — a 5,000-square-foot, L-shaped residence in East Hampton, N.Y., that he helped design and outfitted in rustic modern décor. He proudly showcases the property in a recent book on interiors.

“It has a depth and warmth to it,” said Mr. Stilin, who raised his son, Dylan, there as a single father and frequently entertained clients and friends. “This house I layered with 18 years of life experience and travel. I took the past and mixed it with the present.”

Building materials were carefully chosen. The wainscoting inside is maple and the shiplap walls poplar, while ash used for the ceilings and floors came from the Stilin family’s lumber company in Mellen, Wis. The layout, too, was planned so that most rooms look out on the secluded backyard.

So why, then, is

Read More

New York’s Hamptons real estate has record-breaking quarter

It was a record-breaking summer in the Hamptons.

The real estate market in the wealthy vacation destination on Long Island, New York’s East End hit new highs during a booming quarter, according to a report from luxury real estate firm The Corcoran Group.

Between July and September, 599 homes sold in the Hamptons, according to the report. That was a 38% increase from the same period last year.

Between July and September, 599 homes sold in the Hamptons. (iStock)


Prices were also up. The average sale price was up 11% from the third quarter of 2019 to $2.041 million, while the median price jumped 21% to $1.2 million. Those were both the highest third-quarter average and median price on record, according to the report.

Read More

Hamptons real estate prices break records as New York City wealthy flee to the beach

  • The average sales price in the Hamptons soared 46% in the quarter, to just over $2 million, according to a report from Douglas Elliman and Miller Samuel.
  • The surge in the Hamptons comes as hundreds of thousands of New Yorkers fled the city during the coronavirus pandemic and searched for homes with more space outside the city.
  • Home sales in the Hamptons remain strong at all levels, brokers say, from under $1 million to more than $20 million. There have been frequent bidding wars due to soaring demand.

Hamptons real estate market sales smash records as wealthy flee New York City



Prices in the Hamptons hit new records in the third quarter, as wealthy New Yorkers fled the city and continue to buy homes on the beach, according to a new report.


Load Error

The average sales price in the Hamptons soared 46% in the

Read More

In The Hamptons, Sales of Homes Priced at $5 Million-Plus Jumped 291% Last Quarter

The median sales price for a house in the Hamptons, the string of beachfront communities on Long Island’s eastern tip, skyrocketed by 40% to $1.2 million in the third quarter of 2020 compared with the same period a year earlier, according to a new report from brokerage Douglas Elliman.

The surge in prices, spurred by New Yorkers fleeing to the beach amid the coronavirus pandemic, is a remarkable turnaround for the market, which posted a dismal 2019 defined by repeated price cuts on luxury homes.

The surge in prices is even more dramatic for homes on the ultrahigh end of the market, defined by the report as the top 10% of all sales. The median price for a home in that category was up by 65.7% year-over-year to $5.8 million.

Overall, the volume of sales in the Hamptons was up by 51% from last year and up by 291% for

Read More

Hamptons Home Prices Soar to a Record in Rush for Beach Retreats

(Bloomberg) — New Yorkers searching for a pandemic retreat have sent Hamptons home prices to a record high.

The median for properties that changed hands in the third quarter soared 40% from a year earlier to $1.2 million, the highest in more than 15 years of data-keeping, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Sales jumped 51%, the biggest annual increase since 2014.

chart: Hamptons Home Rush

© Bloomberg
Hamptons Home Rush

The Long Island resort towns, a popular summer address for New York City’s executive set, have drawn residents looking to settle in through the winter. With many schools still online and Manhattan offices mostly empty, some city-dwellers are making their escape more permanent.

“At least for now, this is going to be their primary residence,” said Todd Bourgard, who oversees sales in the Hamptons for Douglas Elliman. “They realized they can work from home,

Read More