For those living in New York City, summer often involves little getaways. But with Hamptons becoming more crowded and expensive, it’s time to look elsewhere.
According to Tom Postilio and Mickey Conlon—New York “super brokers” responsible for more than $2 billion in residential sales—many wealthy New Yorkers, particularly Millennials, are going for shorter commutes and less established social scenes.
Based on convenience, style, local culture and investment potential, here are Postilio and Conlon’s top picks.
#5: ASBURY PARK (NEW JERSEY)
Most beach communities in the tri-state area come with hefty price tags, yet here’s where you can sun and surf without the high carrying costs. Most notably, Asbury Park boasts a sizable condo market that’s perfect for those who want a low-maintenance vacation home.
INVESTMENT POTENTIAL: There are many pre-foreclosure units currently on the market, which means more opportunities for well-below market value investments.
NOT FOR…Those looking for year-round getaways. Asbury Park can feel a bit lonely during off-season.
#4: HUDSON VALLEY (NEW YORK)
Named one of the Top 20 Must-See Places on its ‘Best of the World’ list by National Geographic Traveler, Hudson Valley is hardly a secret as a Hamptons alternative. Given its natural beauty, historic architecture and abundant recreational activities, the area has long been attracting artists, ultra-high net worth individuals and celebrities such as Diane Sawyer and Michael Douglas.
INVESTMENT POTENTIAL: Considering its popularity, Hudson Valley may not appreciate as quickly as some of Postilio and Conlon’s other picks, but rest assured, it’s still a solid investment. And believe it or not: You can still find some entry-point buying options here, such as a historic home with charming original details for less than $100,000.
NOT FOR…Partygoers.
#3: NORTH FORK (LONG ISLAND)
Who would have thought Albert Einstein’s former home would become the ‘Brooklyn of Long Island’s East End’? Brimming with beaches, farms and vineyards, North Fork has developed quite a reputation for its laidback vibe plus amazing dining options, attracting foodies and hipsters alike.
INVESTMENT POTENTIAL: While prices are certainly on the rise, there’s still plenty of vacant land available for development.
NOT FOR…Those looking for a shorter commute than the Hamptons. (Having said that, the area’s wineries and vibrant dining scene have turned it into a hotspot for day-trippers.)
#2: GREENWICH (CONNECTICUT)
Long regarded as one of one of the best places to live in the U.S., Greenwich is a tried-and-true retreat for Manhattan’s elite. The quiet region is only a short 40- to 50-minute train ride from the city, which helps cement its status as a posh seasonal and year-round community. With timeless grandeurand decadent restaurants to match, this exclusive club doesn’t come cheap. As of press date, there are nearly 30 homes on the market priced above $10 million.
INVESTMENT POTENTIAL:Since prices have corrected somewhat over the past few years, there are strong opportunities for buyers at this time. Current listings range from $350,000 for a 0.18 acre building lot to $45 million for a waterfront estate.
NOT FOR…Those looking for somewhere laid-back. (Greenwich is notoriously “buttoned-up.”)
#1: THE GOLD COAST (NORTH SHORE OF LONG ISLAND)
It’s no coincidence that many of the world’s wealthiest individuals—The Vanderbilts, Guggenheims, Whitneys, and Mackays—have chosen the Gold Coast for their country homes and estates. With stunning architecture dating back to the first half of the 17th century, the North Shore’s bucolic landscape and tranquil shores make it a top pick for summer as well as all year-round. Thanks to strict zoning laws, many of the natural and historic integrity of the region is preserved, which means there are many hidden gems waiting to be discovered by savvy investors. In the sister villages of Nissequogue and Head of the Harbor, existing waterfront homes are being torn down and replaced with stunning new homes. Predicting the next boom in the Manhattan second-home market to emerge here, the two super brokers attribute this to the region’s “quiet charm, convenient commute, and comparatively affordable prices—especially in the luxury segment.”
INVESTMENT POTENTIAL: “The North Shore is a sleeping giant.” Buildable lots are in great demand here and prices are poised to rise. Yet, there are still many investment opportunities available at a fraction of Hamptons’ prices—for now.
NOT FOR…. Those looking for a major party vibe even though the area boasts a vibrant social scene.
