Keep pulling the thread on Jonathan Miller.
According to Jonathan Miller, consumer behavior for booking summer rentals has become 'Amazon-fied,' characterized by a shift towards last-minute bookings using mobile devices like the iPhone.
Jonathan Miller observed a noticeable uptick in rental traffic in the Hamptons after Memorial Day, a time that would historically be considered past the peak booking season.
Jonathan Miller believes the post-pandemic consumer trend of booking summer rentals at the last minute is a structural change that will persist indefinitely.
Citing a website, Barry Ritholtz noted there were 4,500 Hamptons rentals available, including 1,077 in East Hampton and 889 in Southampton.
Jonathan Miller states that summer rental prices in markets like the Hamptons are returning to pre-pandemic levels, remaining high but not at record highs.
Jonathan Miller attributes strong demand in the Hamptons and East End vacation rental markets to strong bonus seasons and elevated compensation over the last couple of years.
Jonathan Miller observes that there is less demand for modest-priced second homes in places like New Hampshire and Vermont compared to the pre-2008 housing bubble period, attributing the decline to mortgage rate sensitivity.
Barry Ritholtz observes an 'astounding' amount of new home construction in Hamptons communities such as Westhampton, Sag Harbor, East Hampton, and Sagaponack.
Jonathan Miller asserts that the strong compensation picture on Wall Street over the last couple of years is a primary driver for the high level of construction activity in the Hamptons.
Jonathan Miller notes that construction workers in the Hamptons face 2 to 3-hour traffic jams because high demand for their services coexists with an inability to afford local housing, forcing them to commute long distances.
Jonathan Miller believes that the COVID-19 pandemic has structurally changed the second-home market by extending the use of these properties, partly due to technologies like Zoom.
Jonathan Miller noted a Hamptons rental property listed for $2.5 million for the season.