They're back! The invasion of the summer renters.

Even with the Wall Street bonus pool down 9% from the previous year there was no denying that from the Hamptons to the Hudson Valley” the summer rental season had swung into full gear. Towards the end of February there was no doubt how confident Wall Street was and and it showed it by causing bidding wars and snatching up prestigious properties, Brokers said.

Marc Heskell, a Broker in Sag Harbor, who covers Southampton to Montauk, told the New York Post: ‘It’s a bonus environment.

‘There is no question that with hedge funds, venture funds and all across Wall Street there is a new confidence, reflective of people knowing about their bonuses since the end of last year.’

In its end-of-year 2010 report, a local Real Estate report suggests “prices in the most desirable parts of the Hamptons would rise in early 2011.”

Even though the economy  is still in the dumps this is a very true statment for many reasons why you need to be looking now and here are a few other reasons why:

There has been very little “New Construction” if any over the past 3 years. Unless the property was already well on its way of the developer was self financing, banks were just not giving money for speculative housing. That means no new inventory.

Homes in foreclosure! Yep, believe it of not, not all homes in the Hamptons are owned by wealthy bankers and celebrities unscathed by the current economy. Lots  and lots of homes are being held up in litigation  by the banks or are being offered for short sale. If you know how this process works you will be lucky to be in your home by summer 2013.

Year round residence  of this community are also competing for these homes. Many former homeowners that may have over extended themselves, lost their jobs, or probably never should have received mortgages, can still  rent, make the bulk of their income over the summer and want to stay close to their work. Even though it is not necessity eating up the high end of the market, it sure will eat up the low laying fruit causing a huge shortage in the mid range market. This will inevitable cause all prices to increase.

So if you are in the market to purchase or rent this summer its best to start now and take it seriously  because even while snow is hitting my window the summer hunting season on.