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Vacation Property: Have An Extra Million? The Hamptons Are Waiting!

September 13th, 2013 · 1 Comment · Vacation Properties

 Vacation properties

Summers are short in Canada and Summer 2013 is just about over.

It went by fast. And was a good summer for many landlords (and not so good for others).

Autumn is around the corner. This means it’s time to take stock of what happened so far and what we predict will happen soon.

Before we go forward there was an interesting story recently on MSNBC about landlords and tenants in the Hamptons.

I’ve Never Been To the Hamptons, Tell Me About The Area

The Hamptons are a group of villages and hamlets in the townships of Southampton and East Hampton, which form the South Fork of Long Island, New York.

The Hamptons form a popular sea-side vaction area, one of the historical summer colonies of the American Northeast.

They have some of the most expensive residential properties in the United States.

$1,000,000 To Rent For The Summer

“It’s unprecedented,” said H. Dolly Lenz, a Manhattan broker who also works with buyers and renters in the Hamptons. “The demand is not just strong, it’s unbelievable.”

Most of the million-dollar rentals are unofficial listings, which means they don’t show up on the Internet or on broker databases. Brokers generally offer the properties only by word-of-mouth to super-rich prospects.

Pat Petrillo of Sotheby’s International Realty in Southampton said the people who rent their homes for $1 million or more are generally “very wealthy themselves,” but plan on spending part of the summer in Europe or elsewhere.

“They say, ‘Look if someone will pay $1 million for the summer, we’ll consider it,'” she said. “They’d be crazy not to.”

And we don’t have to worry about tenants who can’t pay the rent or bother the landlords.

And who are the tenants?

No one will name names.

But brokers said the renter of one million-dollar rental in Southampton is a wealthy Russian who has rented in the Hamptons before. Another renter in talks for another million-dollar rental is “in finance,” according to one broker.

What do you get for your $1 million summer?

Try a property in Water Mill that’s renting for around a million for the summer that includes a 14,000-square-foot main house, with eight bedrooms, 10 baths and a home theater. It also has a tennis court, pool and a large guest house.

Vacation Rentals

While the Hamptons might not be your ideal place to invest buying a vacation property in Canada can be a very profitable investment.

We’ll discuss this more soon.

To Discuss This And Other Real Estate Investing Issues Go to The Landlord Investment Forum

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