A trusted advisor on all things real estate–related Out East, Corcoran power agent Randi Ball is the one to call when you’ve got burning questions about the Hamptons market. It helps that she’s a transplant herself, having decamped from the city 13 years ago to make a life in Amagansett. Ever the vocal ambassador for the area, Ball has no shortage of positivity. Here’s everything she wants you to know!
How has your year been?
It’s been great to get somewhat back to normal in my personal life. In terms of real estate, I’ve happily been busy. There are still so many people wanting to purchase, which proves that the Hamptons is still the place to be. And why not? It’s such a beautiful place.
What has the influx of people been like?
It’s been great for the community. It’s helped the restaurants and small businesses stay open and flourish. The schools have benefited from the new students, too. Class sizes are better, and the kids are happy to make new friends. It’s not as sleepy as it once was during the off-season!
You’re a cheerleader for the current market conditions. What advice are you passionate to deliver right now?
I’m the poster child for living out East for sure. I feel passionate that there’s a lid for every pot. It’s no surprise and no secret that prices have remained high. It’s a factor of supply versus demand. What I always say to buyers who are dying to be here is that it’s a compromise at any price point. Find your location, and build a life! Keep looking and don’t get discouraged, because there’s a house out there, but you have to be realistic as this is the market and prices have been set. My advice to sellers is there’s never been a better time.
How long do you think it’ll be until there are new builds available on the market?
From identification of land to occupancy, realistically it is two years. People do still want a turnkey home.
You mentioned compromise. What priorities are shifting?
While priorities may not have completely shifted, expectations have. Maybe you find your dream location, but not your dream house. This may lead a buyer to consider a renovation project versus only looking for turnkey. It can be eye-opening to consider the possibility of looking in neighboring towns. This is the part of the process where a broker can shine and prove to be instrumental in the education process.
Is there anywhere that’s still considered to be “up and coming” in the Hamptons?
The Springs in East Hampton hasn’t been on many future homeowner’s radar, but the influx of hot restaurants, like Rita Cantina, and proximity to the bay have brought an influx of new young families. Amagansett still peaks a lot interest. Being close to the city is not as important anymore with remote working.
What do readers need to know about the Hamptons market next summer?
Because a lot of the homes were being purchased for occupancy instead of investment, supply versus demand drove up rental prices, just like the sales market. People are organizing rentals earlier—sometimes as soon as after Labor Day. It’s definitely a competitive market, and it’s not unusual to get into a bidding situation on a rental.
Do you think it will stay this way?
I don’t see anything going back to what it was, per se. There’s plenty of room for everyone, you just have to be well educated. It’s still the best place to live. Things have changed, but we still have the ocean, the bay, the farms, and everything that brought me here in the first place to raise a family.
You’re always such a poster girl for the East End lifestyle!
I love the life my family and I have here. What’s nice is that with more people spending more time here, there’s greater awareness that the Hamptons isn’t just a one-dimensional area. I’ve seen so much giving back to the community. I joined our Corcoran Cares initiative as an ambassador. This year, our charities shifted to help local families and kids. This cheerleader thinks this a huge positive!