A $20 million budget in the Hamptons is no longer a guaranteed ticket to oceanfront property.
Some affluent buyers are putting that kind of money into estates farther from the beach, opting for privacy, larger land parcels, and more adaptable homes instead of immediate access to the water.
The trend points to a new version of luxury living: less emphasis on a marquee beachfront address and more on having the room and layout needed for the amenities buyers actually want.
Here's what to know
One example is in Montauk, where a newly built bayfront home at 29 Wills Point Road sold for its full $23 million asking price, setting a new record in the hamlet for a non-oceanfront home, the New York Post reported.
According to public listing records, the seven-bedroom residence measures about 10,000 square feet and closed on Sept. 7, having gone under contract only days after coming to market in July.
Representing the listing, Douglas Elliman broker Kyle Rosko told the Post, "The demand for that is higher than ever. … People want that space." He added, "And if they can accomplish that space, they're willing to go away from the ocean and away from south of the highway."
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Part of the reason is regulation. In late 2024, East Hampton Town reduced the size cap for a single-family home to 10,000 square feet from 20,000 square feet, while oceanfront homes also face separate FEMA and shoreline restrictions.
Rosko said the Wills Point property was approved before those stricter limits took effect, making it the sort of large home that would be much harder to build on the ocean.
More background
Designed by Italian architect Piero Lissoni, the Montauk property sits on 1.6 acres overlooking Fort Pond Bay. Its features include floor-to-ceiling glass walls, a courtyard centered on a mature Japanese maple, a rooftop lounge, a 56-foot infinity pool, and a private path providing bay access.
Jonathan Miller, the president and CEO of appraisal firm Miller Samuel, told the Post, "Over the last five years, sales at or above $20 million were largely those with oceanfront views. Beginning last year, we began to see a few $20 million or higher sales north of the highway."
He also said oceanfront values continue to climb more quickly.
One growing concern among homeowners across the country that could be affecting this real estate shift is the frequency and intensity of coastal storms that make oceanfront properties vulnerable to severe damage. The recent nor'easter that battered the East Coast this month is a prime example of these coastal living fears.
What can be done?
As buyers widen their search areas, brokers are also listing more high-end homes away from the beach. Rosko told the Post he plans to bring another mansion north of the highway to market at $27.5 million, and said nearby properties have already gone into contract for more than $20 million.
In Rosko's view, the market is no longer defined by a simple beach-or-bust mindset. "A one-of-one location isn't always the ocean. A one-of-one location can be in a setting that gives you a view and a vista that's incredibly unique and very powerful," Rosko explained.
Where can I learn more?
For a closer look at how home features can affect buyer demand and resale value, these stories explore the role solar can play.
• Home sellers say solar panels can complicate resale even as buyers weigh energy savings.
• Zillow data suggest solar-equipped homes sell more quickly and often command higher prices.
• Tesla says more than 600 solar neighborhoods now factor into some buyers' searches.
• EnergySage says installation costs still vary widely as homeowners compare system options.
• In the Mid-Atlantic, historic rules and roof limits can stall rooftop solar plans.
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