Dawn and Frank Bodenchak
Sotheby’s duo Dawn and Frank Bodenchack weigh in on what’s happening in the market. “April and May were the busiest months we and other Hamptons brokers have ever seen.”
The Bodenchak’s are involved in approximately 15-25 deals per year, making them among the most active Hamptons agent teams. The two represent a portfolio of homes, including several exclusive properties in the ultra luxury segment. SoldHamptons asked the duo to share their insights on the changes in the market from April to May, and where things may be headed.
“April and May were the busiest months we and other Hamptons brokers have ever seen. Demand for longer term rentals (more than 1 month) was especially huge. Many buyers who have been looking at houses for years stepped up and purchased. We published an analysis highlighting how much cheaper it is to “own” versus “rent” full-season in the Hamptons. We saw a substantial depletion of higher-quality and well-valued inventory, a process that started in January, but accelerated into May. With the shrinking availability of land and higher construction costs, it may be difficult to get some of the deals we’ve seen in the past few years, especially in new construction.”