The beach is where it’s at, according to a recent Ocean Home Magazine article. From the Hamptons to Miami, luxury home buyers are flocking to the waterfront, and with limited supply, house prices are seeing record highs, and industry experts believe the trend will continue into 2015.
In the Hamptons, anything with water access is fetching top dollar. Paul Brennan, veteran broker with Prudential Douglas Elliman, claims there is a surge in demand bringing extraordinary prices, including a $147 million property set on 12 acres in East Hampton.
In Miami, there is a strong emphasis on the outside appeal of a property, says Jill Hertzberg of Miami-based Coldwell Banker Residential Real Estate. “Outside, we’re seeing materials such as marble and onyx that, before, were only seen in the interior of homes,” she states. Other outdoor trends in Florida include zero edge pools, huge docks, and teak guesthouses. There has been a bit of a shift in architecture trends as well, with buyers looking for light, modern and contemporary design, as opposed to the traditional Mediterranean homes.
The oceanfront trend can be seen in other areas of the country, including California and Hawaii. Sally Forster Jones, president of Aaroe International Luxury Properties says that “there have been several significant high-end sales of beach properties,” and “lots of interest from overseas buyers which is very encouraging.” The coastal home inventory remains extremely limited and with very little turnover, the luxury real estate market is expected to remain strong, especially as the economy continues to recover from the most recent recession.