Spec building back, with new homes cheaper than resales
A Sagaponack estate
From the June issue: Broker Chris Burnside’s land at 109 Lopers Path in Water Mill tells the story of Hamptons spec building in recent years. Burnside bought the parcel for $1.65 million in March 2007, and planned to build a house there within months. Then the market turned south, and he tried to sell, but the best offer he got was $1.3 million. He decided to wait. “Now the market has come back, and I’ve been offered $1.7 million for it,” said Burnside, a broker with Brown Harris Stevens in Bridgehampton. [more]
