Oceanfront properties have never been more in demand, from the quintessential beach house in the Hamptons to stunning residences in Miami and grand estates in California. High demand and limited supply in some areas has seen record house prices that top realtors believe will stay strong in 2015.
“In the Hamptons, anything direct waterfront or close to the ocean is most in demand and getting the highest prices,” says Paul Brennan, a veteran broker with Douglas Elliman.
Brennan is seeing a surge in demand for North Haven, near Sag Harbor on the bay side, and recent sales have been extraordinary, including a $147 million property set on 12 acres in East Hampton.
There are many new homes on the market, including actor Richard Gere’s spectacular North Haven waterfront home for $56 million, and businessman (J.Crew CEO and chairman) Mickey Drexler’s oceanfront beach house in Wainscott for $26 million (pictured top left). elliman.com
In Florida, the luxury begins from the moment you enter the property. “There is a strong emphasis now on spending dollars on the outside of the property,” says Jill Hertzberg, who heads up Miami-based Coldwell Banker Residential Real Estate’s The Jills team, with partner Jill Eber.
“Outside, we’re seeing materials such as marble and onyx that, before, were only seen in the interior of homes,” she says. The trend extends to zero edge pools, huge docks and teak guesthouses.
Buyers are seeking light, modern and contemporary, as opposed to traditional Mediterranean homes, Hertzberg adds. A property at 5446 North Bay Road in Miami, for example, is priced at $37 million complete with tropical Zen gardens, a guest cabana suspended above a heated 95-foot saltwater pool on the bay, and a private dock. thejills.com
“Malibu coastal properties are some of the most desirable and iconic homes in the nation,” says Sally Forster Jones, president of Aaroe International Luxury Properties, based in California. “There have been several significant high-end sales of beach properties in Malibu this year, and lots of interest from overseas buyers which is very encouraging.”
Forster Jones notes coastal home inventory is extremely limited and there is very little turnover, especially in the most desirable beachfront areas and homes with large ocean frontage. sallyforsterjones.com
The luxury real estate market in Hawaii also looks promising, says Pat Fitzgerald, president and CEO of Hualalai Resort, located on the Kona-Kohala Coast of the Big Island of Hawaii.
“The high-end market on a state-wide basis is seeing steady results,” he says. “Inventory levels remain quite low and prices continue to edge up in all real estate categories.” hualalairesort.com
As the economy recovers from the recession, the prices and value of coastal properties will continue to increase, says Alistair Ballantine, chairman of Rocksure North America.
“Oceanfront homes of the right quality are relatively rare and we are on a constant search for homes and villas that fit into our portfolios and are the right properties for our shareholders.” rocksure.com
Image Credits: Photo by Aleksandra S Saland.