The celebrity-studded east end of Long Island may be home to people like Christie Brinkley and Alec Baldwin, but it also draws its share of people who simply want to live in a desirable location, say local Realtors.

"Is the Hamptons in a buyer's or seller's market?" says Realtor Stephan Goutoulli, "The truth is that it is always a good time to buy or sell, if you are ready to make the commitment. In this type of market, first-time buyers can afford more home than they could have nine months ago, for a comparable mortgage payment. Sellers can use the equity in their home to move up, without increasing their mortgage payments."

Goutoulli observes, "Most homes on the market usually sell between 60 and 90 days, while prices are slowly stabilizing. The Federal Reserve decided to lower the discount rate to 2 percent. This should not greatly affect mortgage rates as they already reached record lows; bankers should earn a living too! Buyers should definitely take advantage of all the programs, and grants, available. The Hamptons is the place to be this summer; there are still numerous properties for rent waiting for you, at amazing rates!"

Says Realtor Michael J. Sica, "Economic conditions in the U.S. are still not good. The Hamptons is showing a small slow down. However, as long as mortgage interest rates remain low and other investments opportunities are not attractive to our predominantly New York City customers, I suspect that we will have a fine year for this gold coast of Long Island."

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Published: July 3, 2003

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