Trend Report: The Hamptons Entry-Level Market Is Booming



A home listed for under $2M with Douglas Elliman.This Sag Harbor Home is Listed for Under $2M with Douglas Elliman's Gioia DiPaolo and Melissa Pintauro

 

The Hamptons is known for its big sales, but the entry-level market—homes priced below $2 million—has seen most of the action so far this year. First quarter reports from brokerage firms including Douglas Elliman Real Estate and Corcoran Group Real Estate show an increase in the number of sales and a decrease in average prices. “Properties that are in tune with the market and priced right are selling,” says Douglas Elliman COO Scott Durkin, whose firm reported an 8 percent increase in sales and average prices down nearly 9 percent, to $1.724 million. As for Corcoran, sales were up 18 percent, with an average price of $1.781 million—16 percent lower than the same period last year. A hotbed of activity: Springs and the Northwest Woods, where “entry-level inventory is moving very quickly,” says Corcoran’s Ernest Cervi. Farther west, Corcoran totted up 70 Southampton sales in this bracket during the first quarter of the year—a 40 percent increase over last year—and saw a 48 percent jump in Westhampton and Remsenburg, with 71 sales. Douglas Elliman is also seeing more movement in these areas. “Oceanfront Hampton Bays and Westhampton properties are trading at a fast pace,” says Durkin, “now that buyers are realizing that the trip from the city is quicker and the value is incredible compared against properties farther east.”

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76 Windmill Lane, Bridgehampton
On 2+/- acres, landscaped for complete privacy, this complex consists of three interconnected enameled clad steel barns custom designed by Jack Ceglic, with radiant heat concrete floors, maintenance free exteriors and grand, open spaces. The 4,600+/- sq. ft. main house offers custom kitchen, master and guest suites, library and half bath. All rooms open to large mahogany terrace. The guest house/studio has 2 bedrooms, 2 baths, and separate study. Heated gunite lap pool.



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5 Green Pond Road, New Milford, CT
Litchfield County's fabled Candlelight Farms Airport. This is a rare opportunity to own one of CT's few grass strip airports. Moments from Candlewood Lake and all that Litchfield County offers. Bucolic 35 acre setting with 2,900 ft. turf runway. The collector-quality hangar boasts a steel framed, 6,000 sq ft structure with automatic doors. Spacious enough to store up to 10 Piper Cub size planes. Perfect for a private user, a collective of enthusiasts or a commercial investment.



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64 Birchwood Lane, Bridgehampton
6,100 SF Barn-style home conveniently located between Bridgehampton and Sag Harbor. With six bedrooms, six full baths and two half baths, this home will entertain family and friends all year round with two fireplaces, one of which is in the spacious master suite. Enter into a Grand entry foyer, 10’–11’ ceilings throughout main level and into a designer kitchen. Relax outside with beautiful landscaping and a heated gunite pool. Integrated concierge through Chaloners for an effortless Bridgehampton lifestyle.

Barn and Vine

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20 Hook Pond Lane, East Hampton
On a private lane in the Hook Pond estate area is a new home designed by Abstract Builders. The 10,000 SF home (on 3 levels) is perfectly sited on a 1.6 acre lot to take full advantage of the pond and ocean views. Dramatic open kitchen, dining and living space opens to the outside; includes 7 ensuite bedrooms, plus light-filled lower level with billiards, viewing room, wine cellar and sauna. Outside, landscaped grounds surround a gunite pool, spa and pool house.



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57 Miller Lane East, East Hampton
Charming East Hampton cottage renovated in 2013 was transformed into a 2,500+/- sq. ft. dream home. On the first level are two bedrooms, a bath, open living areas, and a sunroom. The bluestone sun porch overlooks a beautiful pool and pool house with garden. Upstairs master suite features a bath with marble herringbone floor with nickel Samuel Heath shower fixtures. Custom window treatments, Phillip Jeffries wallpaper throughout and Sonos inside and outside.



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11 Musket Ridge Road, Wilton CT
Perched at the top of a roaring Silvermine River waterfall on almost 4 acres, the property spreads out into Wilton and New Canaan. Every inch of this home has been perfected to capture the timeless appeal of the river while exuding ultimate refinement and good taste. The architect-designed home captures river views and sounds, and almost every room opens to one of the magnificent decks or to a private balcony. Call Ileana Barns Slavin Associates-William Raveis at (203) 246-7215.

11 Musket Ridge Road

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