Diane Saatchi, a broker at the Corcoran Group who focuses on the Hamptons, was delighted. During a chat we had over the phone the other day, her assistant interrupted her with the news that a Bridgehampton home rental she had listed on the market for $195,000 for the summer season or $225,000 for the year had just been rented for the year.

The closing of the deal, plus her brisk business, re-enforced her belief that it’s only a matter of time before three other summer rentals she’s pitching – a Southampton oceanfront home for $1 million, an Easthampton house at $250,000, and a Bridgehampton home for $75,000 – would soon be snapped up.

“The Hamptons is back in business like never before,” she tells me. “Initial demand for summer rentals is very strong and many desirable properties have already been taken by previous years’ renters.”

Early last year, Allan Schneider Associates, another active real estate player in the Hamptons, described early summer rentals as disappointingly slow. Not this year, though. The pace is up from a year ago, it says, with stronger interest from Wall Street types a big plus. All told, it sees 2006 shaping up as a wining year for the Hamptons market.

Such projections are not surprising, given a peppier economy and the fact that Wall Street – a major influence on Hamptons real estate – doled out a record $21.5 billion in 2005 bonuses.

In any event, the Hamptons marathon is officially under way, that annual January kickoff of the summer rental season in one of New York’s most popular vacation spots, where – if you can afford it – you can mingle with the rich, the famous, the infamous, the up-and-comers, and the wannabees.

To be part of the Hamptons rental scene this year, Ms. Saatchi observes, something decent will run about $60,000 for the season (Memorial Day through Labor Day), with prices ranging widely from about $30,000 to $350,000. Needless to say, the closer you are to the water, the pricier it gets.

While there have been a flood of stories in recent months about cracks in the housing market – namely weakening prices, slowing demand, and a rising number of unsold homes on the market – Ms. Saatchi doesn’t see it. “There are no cracks or bargains in the Hamptons,” she says. “We see no softening whatsoever.” In fact, she estimates rental prices are up about 5% to 7% from a year ago, and believes they could rise even more if the 2006 gungho stock market were to sustain itself.

As far as Hamptons prices go, they’re up from last year, according to a Corcoran study. Here’s a rundown of its average year-end prices for 2004 and 2005 in some key Hamptons locations.

* Amagansett: $1.7 million in 2004; $2.2 million in 2005.

* Bridgehampton: $1.8 million, 2004; $2.4 million, 2005.

* Easthampton: $819,000, 2004: $960,000, 2005.

* Sagaponack: $2.5 million, 2004; $3.1 million, 2006.

* Southampton: $820,000, 2004: $960,000, 2005.

* Wainscott: $1.5 million, 2004; $1.9 million, 2005.

* Water Mill: $1.9 million, 2004; $3.4 million, 2005.

A broker in the Easthampton office of Brown Harris Stevens, Ann Rasmussen, also notes that the rental season in the Hamptons is off to a spirited start, with many prospective renters beginning their search much earlier than usual. She thinks this may partly reflect a seemingly slower sales pace, with some would-be purchasers, she believes, fearful of buying because of all the housing bubble talk. It may feel safer to some people just to rent, which, she notes, is easy to do since there’s a lot of inventory on the market right now.

If you’re looking for an entry-level rental, say, for a month, Ms. Rasmussen figures a house with three bedrooms, two bathrooms, central air-conditioning, and a pool will cost between $11,000 and $13,000 for July and between $15,000 and $20,000 for August.

However, if you really want to wow your friends, relatives, and even a fella named Bill Gates, there are a couple of dazzlers on the sale and rental fronts. For starters, if you like ocean views, Schlumberger heiress Adelaide De Menil will be pleased to sell you her 40-acre ocean-front Easthampton estate. Boasting the largest expanse of oceanfront property in the Hamptons, the estate, aside from the main house, has two guest houses, a carriage house, and a pool house. Asking price: a paltry $105 million.

Or, if you prefer a rental, Allan Schneider Associates is pitching a 5-acre, 13,000-square-foot farmhouse a few minutes from the villages of Water Mill and Bridgehampton. There are seven bedroom suites, all with marble baths (of course), five fireplaces, a game room, a pool and a pool house, a tennis court, steam and spa treatment rooms, and a state-of-the-art gym. Cost for the entire season: just $250,000.Or,if you’re out to save a buck, try a weekly rental for only $25,000.

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