Summer Rentals in the Hamptons hit the $1 Million Mark
July 5, 2013
Summer rentals in the Hamptons have touched a new high. According to brokers who are active in the region and deal with clients on a regular basis, at least half a dozen estates and homes in the Hamptons that are available for renting cost around $1 Million and that too for the summer months.
The rate is astounding in the sense that it comes out to $9,803 per day or $408 per hour. Utility bills and other charges that could run into thousands are not included in this price listing.
In the words of H Dolly Lenz, a broker who works actively in the region, the rates are simply unbelievable. An interesting fact here is that most of these million dollar rentals are not officially listed and usually do not show on the database maintained by the brokers. These properties are only offered through word of mouth to the super rich clients who show interest in the same.
This boom in the rental prices has not had an impact on the neo rich and they continue to take properties on rent in the Hamptons. Retailers have been able to rent out two properties for this summer for around $1 Million and some others are in active consideration.
This upward surge in prices being driven by super rich people from Germany, Italy and Russia who prefer to take properties on rent in the Hamptons. Brokers are too happy with the deals and are encouraging clients to be a part of this price boom which lets the super rich show off their luxurious lifestyle to anyone who matters.
Nothing much is known about the renters though apart from the fact that one of the one million dollar rental belongs to a Russian who has rented the property previously too. The properties that go out on rentals are impeccable to the minute detail.
A property in Water Mill that has been rented for this summer has a 14,000 square feet main house along with eight bedrooms, a home theatre and around 10 bathrooms. Additionally one can expect facilities as tennis court, guest house and a pool to cool the heels. Some of the properties that are being rented out also include an indoor swimming pool.
The Million dollar rental properties are however limited and as per the brokers not all of the available properties will be rented for the Million dollar price. Only a few of the properties that have been elegantly designed and offer the best of the comforts can consider to be a part of this deal and the rest will have to wait a while before they become a part of this league.
The boom in the rental market was on its peak in the early spring and with the time passing by, some of the perspective clients who were looking out for renting a property are also considering selling off the same, if they get a commanding price.
Some oceanfront properties are too available for rent but the price that these limited number of properties could command is anybody’s guess.