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Rich New Yorkers flee to Hamptons, sparking $1 billion real estate boom

Added 10-22-20 12:18:01am EST - “There were 448 single family home sales in the Hamptons during the third quarter of 2020, which is up 51% from the same time last year.” - Nypost.com

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Posted By TheNewsCommenter: From Nypost.com: “Rich New Yorkers flee to Hamptons, sparking $1 billion real estate boom”. Below is an excerpt from the article.

Throngs of wealthy New Yorkers who fled the city for the Hamptons during the COVID-19 lockdown and violent protests have decided to stay out East — and are fueling a massive real estate boom.

In just three short months — from July to September — almost 1 billion dollars worth of property was snapped up in the Hamptons, according to a new market report by Brown Harris Stevens.

There were 448 single family home sales in the Hamptons during the third quarter of 2020, which is up 51% from the same time last year, according to the report.

Dolly Lenz, of Dolly Lenz Real Estate, says many of the New Yorkers fleeing the city for the Hamptons had never even visited the East End before COVID-19 lockdown began.

One of her clients is a hedgefunder who is married with four kids. They moved from the Upper West Side into a $500,000 Hamptons rental in June.

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