- Despite a high interest rate environment, Hamptons-based real estate has shown remarkable resilience over the past year
- Median home sales prices in the Hamptons rose by 1.7% in 2023
- Mountain Top has partnered with On Site Builder Construction, a long-standing and reputed Hamptons-based developer to construct and market turnkey residential properties within the exclusive seaside enclave
Against a backdrop of slowing economic growth, rising interest rates and weak consumer sentiment, it comes as no surprise that the U.S. housing market was largely on hold in 2023. Residential transactions were forecast to have fallen by 37 percent in 2023, with commercial real estate suffering an even steeper decline in transaction volumes (https://ibn.fm/22gvk). Nonetheless and against that rather lackluster backdrop, one geography did stand out. Despite seeing a decline in year over year transaction volumes, median home sales prices across The Hamptons displayed remarkable resilience, rising by just under 2 percent in 2023 (https://ibn.fm/FsUzK).
The Hamptons has long been renowned for its high-end real estate market; notably, it was this very segment of the market which showed the most resilience over the past year. Despite seeing a 26 percent decline in year over year sales of individual properties, homes priced between $1 million and $3.5 million – which have historically accounted for the lion share of Hamptons’ property transactions, only witnessed a 21 percent decline.
It is this very resilience which Mountain Top Properties (OTC: MTPP), a diversified real estate holding company focused around building, acquiring, marketing and operating assets through its wholly owned affiliates, is looking to tap into. Through its Mountain Top Capital Fund I, Mountain Top Realty has sought to raise $75 million to acquire, renovate and remarket homes in the Hamptons; in recent weeks, the company has revealed plans to conduct a Regulation A offering, which will seek to raise up to $10 million in gross proceeds, destined to be deployed in support of the company’s real estate development plans. This will come on top of the fund’s existing debt capital foray, which has seen the fund receive commitments amounting to 70 percent of their anticipated real estate acquisition costs as well as a further 100 percent of the planned construction costs, a figure which the company will seek to complement with their upcoming equity raising exercise.
Mountain Top Realty will partner with On Site Builder Construction Co. Inc., as their design partner in their ambitious Hamptons-focused endeavor (https://ibn.fm/mMtm8). Having built over 60 custom-designed homes in the seaside enclave over the past several decades, On Site Builder Construction have gained a well-earnt reputation for designing and building some of the Hamptons’ highest quality over the past four decades, custom homes spanning a broad plethora of architectural styles – ranging from classic homes through to ultra-modern, glass-encased seaside mansions.
In recent years, On Site Builder Construction have the distinction of constructing and selling the Hampton’s most expensive properties in both, 2019 and 2022 – the latter at a remarkable $118,500,000 price point. Both companies will now seek to leverage upon this outstanding track record in the construction of exclusive, readymade turnkey properties for discerning Hamptons real estate investors.
For more information, visit the company’s website at www.Mountain-Top-Properties.com.
NOTE TO INVESTORS: The latest news and updates relating to MTPP are available in the company’s newsroom at https://ibn.fm/MTPP
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