Staycation Home

What does your vacation home mean to you?

For many people, vacation starts the minute they pull in the driveway. Instead of the usual work-school-gym routine, it’s time for golf, tennis, beach trips, and lazy afternoons by the pool. They reconnect with “summer friends,” planning dinners out and barbecues in. Life is about relaxation and family time — not work and school and the strict bedtimes that go with them.

But this year, I know a number of people who came for a weekend, stayed for months, and don’t know when or if they’ll be leaving.

I’ve written before about how different life looks during the coronavirus-induced self-isolation period. Our regular lives came to an abrupt end as we hunkered down, striving to connect with the outside world virtually when we can’t do it in person. For people isolating at a home in the Hamptons, that summery golf-beach-barbeque routine has been swapped for the regular work-school-gym — albeit remote work-online school-home gym.

And it’s making a lot of people wonder: What if this were my “real” life? What if we moved out here for good?

The market could go either way

The environment now is unprecedented, but for many New Yorkers the closest parallel is the memory of 9/11, when Hamptons schools were inundated with phone calls from parents inquiring after moving their kids here from the city.

As far as the market, the jury is out on whether or not this is a great time to buy. There are currently dueling narratives: One says that the market will surge as people scramble to relocate, which means it’s an excellent time to be a seller. The other says a recession is coming, so buyers will be hesitant, and it will be hard to sell, which means it’s an excellent time to be a buyer.

The thing to remember, however, is that for the housing market, the example of 9/11 is really only similar in that it was an enormous, unimaginable shock much like the one we’ve experienced with the pandemic. Other than that, the two events don’t have all that much in common.

When 9/11 happened, things were good — the stock market and the real estate market were strong. When the pandemic hit, the local real estate markets was just recovering from several sluggish quarters. After 9/11, airports were shut for around 10 days; as I write this, travel has been disrupted for nearly four months. During and after 9/11, businesses largely operated as usual and things were up and running. I remember the real estate market going back to normal early the next year. Now, we have countless businesses shuttered and so far over 45 million unemployment claims. It’s impossible to predict what comes next, but chances are it won’t look the same as it did 19 years ago.

Because technology is different now than it was in 2001, relocation may not mean changing jobs. It may be possible, perhaps advantageous to work remotely, thus making it easy and practical to work from one’s Hamptons home.

Think it through before you relocate for good

I find that when people are concerned not just about their immediate health, but also the future of their family, they tend to rush into decisions that can be difficult and expensive to undo, to try and make things better as soon as possible.

But that’s all very macro. For people who are considering relocating out of the city and into the Hamptons, the decision is personal. It’s not just about what the market is doing, but also about what’s right for your family right now. And maybe, as you live and work in a summer home — owned or rented — it seems like this life would be a good fit not just for another few months, but for another few years. What if this were your “regular” life?

To that, I say: Maybe it is! But (there’s always a but, isn’t there?) for most of us, relocating is an extremely deliberate and expensive decision. Usually it takes months if not years of forethought, plus a gradual reorganization of your life and planning of the transition. If you — or one of your clients — is considering relocating out here, I’d caution you to look at the big picture before making decisions. Renting for a year or so may allow time to test the idea, see what it’s like “off season.”

As a former city person who relocated to East Hampton, I assure you that you will never get over the thrill of not having to drive back on Sunday nights in July and August. But, there are other changes, perhaps not as satisfying, that should be experienced before making a permanent decision.

Even those not thinking of relocating are in the market

Many long-time as well as newer and first-time Hampton’s renters are shopping for properties now. COVID gave even the always-rent-never-buy Hamptonites a reason to own a second home. Many have been thinking about it, even looking, but were not serious until now. They may not have immediate plans to relocate or will ever consider it, but want to own something here — their safe and very own getaway in case something happens again. Other long-time, if not full time, homeowners with some roots in the community find their Hampton homes in need of more space or other changes to make it work as the primary residence. Some are renovating and others trading — which is creating some needed inventory.

To those who must buy because they think prices will rise as inventory is depleted, to those who want to rent for a year and to those who predict the Fall will bring lower prices and more inventory — you may be right.

© 2020 Diane Saatchi