The Interregnum
Although the Twin Towers were 100 miles away, 9/11 sent shock waves through the Hamptons as it did across the country. The chattering caste of real estate pros predicted everything from doom, as people stayed holed up at home, to boom, as they fled urban dangers for country quiet. The truth, as usual, turned out to be someplace in the center. Here is our short list of what happened and what did not happen in Hamptons real estate since—if you can remember that far back—Labor Day.2001.
House sales, after a flurry of hesitation, have continued along quite well in all price ranges. Note to pessimists: the sky did not fall down, and prices did not crash, so do not wait another year for bargains.
Rentals are off from previous years. There are lots of theories to explain why—but no one reason is compelling as an answer. Note to optimists: rental activity is not a force of nature, but subject to the rules of any market.
Retailers still see the Hamptons as the Promised Land. Citarella, after its success in Water Mill, is opening on Main Street in East Hampton—with valet parking. Ironic for those who remember when the building was a Bohack’s supermarket. Tiffany is also set to open. Swa, in Wainscott, in pursuit of the serious club kids, will be changing its gay identity and running straight parties. There seem to be fewer new restaurants around this year—a blessing for most of us who have to see and be seen everywhere.
