Home prices rebound in Bridgehampton

Developers have started to slowly to get back to work, and home sales are
rebounding in Bridgehampton, as home builders adjust to the economy,
which was hit hard by the financial crisis, the Wall Street Journal
reported. Prices for homes and vacant land in Bridgehampton are also
on the rise, according to real estate experts.

Home builder Joe Farrell of Farrell Building Company is building about
25 to 30 smaller homes a year. and is selling many of them about half
the price of the large homes he built pre-recession, focusing on
Bridgehampton and neighboring Sagaponack.

“It’s the hottest market,” Farrell said. “It’s the easiest place to
sell houses.”

Bridgehampton homes are still some of the country’s most expensive,
the Journal noted. The median asking price for a home in Bridgehampton
is $2.5 million or $944 per square foot, according to data from
Streeteasy.com. In Southhampton, it is $710 a square foot, and in East
Hampton, it is $519. [WSJ]