The Hamptons, the exclusive beachfront communities on New York’s Long Island, is known for the celebrities and ultrawealthy who flock to its shores — but is there trouble in paradise?This year, the top 10 sales netted $327 million compared with $511 million in 2023, according to The Real Deal.The ultraluxury price threshold in Suffolk County, NY, was $23.9 million in November 2024, up from $19.2 million one year ago and the highest in the data’s history, according to Hannah Jones, Realtor.
com® senior economic research analyst.In December 2024, the 10 most expensive listings were all priced at roughly $50 million or more. For comparison, in 2023, the top 10 price threshold was $35 million.While buyers at this level generally aren’t taking out loans, the monthly payment for a $24 million home would be $126,000, according to Jones. To afford this monthly mortgage payment, the 30% affordability rule of thumb would recommend a $6.4 million annual income.“The resetting of luxury high-end property prices often takes time. Sellers sometimes need time to become more realistic about pricing,” says Tim Davis of Corcoran, who was co-agent for the year’s biggest sale: two homes on Gin Lane in Southampton that sold for $89 million. Many of the high-end properties in the Hamptons have been in the same families for decades, without much upgrading, and may require “extensive renovations,” according to Davis. The agent has been selling some of the most exclusive homes in the area for 45 years. “It can take a while for the market to understand the value of a property like that. If it’s in perfect condition, it will move faster,” he adds.in Southampton — is going to get a price cut. The 10-bedroom, European-style villa with 450 feet of frontage on exclusive Taylor Creek will be reduced from $53 million to $34 million in January.There is also a shortage of these trophy homes, and the wealthy owners often don’t need to sell—nor do they want t