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Who Owns Vacation Homes in the Hamptons?
An illustrated overview of the second-home market in the Hamptons
Compiled by PropertyShark.com
News about big sales and celebrity properties tends to go hand in hand when talking about the Hamptons. As a result, we wanted to draw a general picture of current vacation home ownership in the Hamptons.
A look at all the residential properties reveals that 60% are vacation homes; i.e., the owner’s permanent address is different from the address of his or her Hampton’s residence.
Number of Owners by Location
It’s no surprise that 42% of all Hamptons vacation homes are owned by New Yorkers, and more precisely, 35% are owned by Manhattan residents.
Other New York State counties at the top of the list include Suffolk, Nassau and Westchester County (see infograph for numbers), followed distantly by Rockland (165 owners), Orange (82) and Franklin (46).
Hamptons property owners come from other states as well: New Jersey, Florida, Connecticut, California (see infograph for numbers) and Pennsylvania (144 owners), followed by Massachusetts (117), Maryland (103) and Virginia (102).
Foreign ownership accounts for almost 100 Hamptons vacation homes. British owners (75% of foreign owners) are the most prominent.
Asset Value and Tax Volume Amount
Manhattan residents have invested more than $20 billion in their Hamptons vacation homes, and therefore they pay the most property tax. Data shows that more than $100 million was paid on taxes in 2011 (44%), and the average tax amount went beyond $10,000.
Owners from New Jersey and Connecticut (close to 2,000) pay almost $17 million in taxes for their Hamptons vacation homes.
Taxes paid by foreign owners represent only 0.5% of the total tax amount ($1.15 million).