Wednesday, May 29, 2013

Summer Rentals Hit an All Time High! Is this rental worth $1M??


Yahoo.com reports today that there are now at least a half dozen homes and estates in the Hamptons that are renting for around $1 million-just for the summer. That works out to $9,803 per day, or $408 an hour. And the $1 million lease doesn't include utility bills or other charges, which can run in the tens of thousands. Brokers say the number of million-dollar rentals marks a new record.

"It's unprecedented," said H. Dolly Lenz, a Manhattan broker who also works with buyers and renters in the Hamptons. "The demand is not just strong, it's unbelievable." Most of the million-dollar rentals are unofficial listings, which means they don't show up on the Internet or on broker databases. Brokers generally offer the properties only by word-of-mouth to super-rich prospects.

And who are the renters? No one will name names. But brokers said the renter of one million-dollar rental in Southampton is a wealthy Russian who has rented in the Hamptons before. Another renter in talks for another million-dollar rental is "in finance," according to one broker.
What do you get for your $1 million summer?
Blue Herron Farm, Chilmark, MA
Try a property in Water Mill that's renting for around a million for the summer that includes a 14,000-square-foot main house, with eight bedrooms, 10 baths and a home theater. It also has a tennis court, pool and a large guest house.
Closer to home on the island of Martha's Vineyard, President Obama's "Summer White House" rented for $50,000/week. A peak at Blue Heron’s listing makes it easy to figure out why the President sought out this abode every summer since 2009: there’s plenty of room for Secret Service and presidential aids and a plethora of on-site amenities to entertain the family. The posh property, one of the largest on Martha’s Vineyard, is comprised of five structures including a 5,118 square foot “main house” offering four bedrooms, including a master suite with deck, three full bathrooms, a media room and brick wine cellar in the basement.  There’s a second five bedroom house, called the “bunk house,” that serves as guest quarters. Other structures include a detached three-car garage with additional two-bedroom apartment and a building equipped with a fitness center. This home sold back in 2011 for $21,925,000. However, for $60K a week in Edgartown you can rent an oceanfront home complete with 1/2 mile of private sandy beach, pool and chef's kitchen. 
I guess one can dream...
Source: Yahoo, Forbes

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