Deeds and Don’ts Hamptons
Get the Inside Story on East End Real Estate
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On Point | The 55-acre Tyndal Point compound in North Haven (above and below) features three houses, two carriage houses and 3,000 feet of shoreline.
2011 MARKET REPORT:
The latest news on the Hamptons homes market, from jaw-dropping rentals to farmstand follies
By Heather Buchanan
WHETHER YOU’VE always wanted a Birkin bag or one of the last large pristine waterfront lots in the Hamptons, “half off” can be the magic words. Robert Rust, who inherited the 55-acre Tyndal Point in North Haven and had it listed at just under $45 million (down from a 2007 ask of $80 million), was minutes away from signing a subdivision plan when a fortuitous lunch in Palm Beach sealed the deal with a buyer. Gary DePersia, senior vice president of Corcoran, brokered the sale, calling it a “match made in heaven.” Billionaire real estate developer Jeff Greene had often looked at the property, which includes three houses and two carriage houses, from his 145-foot yacht and bought it as a family compound. With 3,000 feet of shoreline, there’s just no need for a pool, although Greene plans to add a tennis court.
Talk about a slide! George R. Simpson, president of Suffolk Research Service, Inc., reports all three of the market indicators—median price, unit sales and dollar sales—showed a downward trend in the first quarter of 2011 against the first quarter of 2010. The median price for single-family homes on the East End fell from $720,000 to $620,000. In a tale of two towns, Southampton fared better, fueled by high-end sales in the estate section; it saw a decline in dollar sales of 1.2 percent, whereas East Hampton was down an astonishing 53.9 percent. DePersia notes a flurry of upper-market activity, including oceanfront home sales and builders buying land, which will be reflected in the 2011 second-quarter market figures.
YACHT-ZEE! | Five-bedroom Southampton Village compound, with pool and tennis court, includes a 78-foot luxury motor yacht and crew for 28 days. July–Labor Day, $350,000; call Tim Davis at Corcoran, 631-283-7300, x211.
Rick Hoffman, regional senior vice president of Corcoran, relates that the first quarter of 2010 reflected a release of pent-up demand, and that 2011 is normalizing. Rentals however, are up 150 percent from last year. “We are actually looking for more new high-end inventory to bring on,” he says. “We’ve seen up to a million dollars for a seasonal rental, and there’s interest from several people.”
Town & Country Real Estate’s CEO, Judi Desiderio, describes the new sales reality. “While activity levels have been steadily improving as of this past winter, the negotiations are generally agonizing,” she says. “Sellers remember when their property was worth more, and buyers are all pointing toward national housing reports showing evidence of a double dip. In fact, they are both mistaken. Sellers: This is not 2005. Buyers: We are clearly off the bottom and in a recovery, even if the rest of the nation is not.”
LAST STAND | The saga is over: Pike’s Farm Stand, on Sagg Main Street in Sagaponack, stays.
7.6 ACRES IN SAGAPONACK, SOH: $167,200
“Divide, baby, divide” has long been the mantra for available land on the East End. Yet a piece of Sagaponack farmland, farmers included, remains intact. The Peconic Land Trust acquired the 7.6-acre Hopping land just south of the highway for $6 million in December 2010 and finalized the sale to Jim and Jennifer Pike of Pike’s Farm Stand, who have farmed the land for 20 years, for $167,200 this spring. The agreement restricts future sales to other farmers, with caps on sales prices. John V. Halsey, president of the Peconic Land Trust, notes, “This sets a hopeful new model for future land deals that will benefit farmers, as well as landowners looking to reduce estate taxes.”
RELOCATING? | Frank Lloyd Wright’s Bachman Wilson house might be the new kid on the block in the Houses at Sagaponack. $5 million; listed with Amelia Doggwiler, 631-204-2426, and Ingrid Brownyard, 631-725-5576, of Brown Harris Stevens.
THE WRIGHT STUFF
A vintage 1954 Frank Lloyd Wright house restored by Tarantino Architects may be moved from New Jersey to join its newer modern brethren at the Houses at Sagaponac. Listed with Brown Harris Stevens for $5 million, the relocated home would include a pool and pool house to match the original design, plus “green” geothermal and solar energy systems.
Ted Conklin, owner of the beloved American Hotel on Main Street in Sag Harbor, just unloaded two historic village homes, a 1700s sea captain’s manse listed at $5.2 million and an 1820s Federal listed at $1.6 million, both of which were with Corcoran’s Mala Sander. The properties, intact with period details, make a unique harbor-view family compound.
HISTORIC HOMES | Sold in Sag Harbor village: fully restored captain’s manse and the adjoining Sleight House.