The Real Deal New York

Hamptons buying boom spawns new rules, new hot spots

February 07, 2014 04:40PM

79 Parsonage Lane, Sagaponack

79 Parsonage Lane, Sagaponack

Low inventory in the Hamptons has pushed prospective buyers and renters to look for luxury in other locations.

High-demand homes on Long Island are traditionally found south of Montauk Highway. But in some areas, “there are more buyers than sellers,” broker Andrew Saunders of Saunders & Associates told the Wall Street Journal.

Since grabbing a grand estate in East Hampton or pulling one of Wainscott’s rare oceanfront lots could prove challenging this season, Wall Streeters have flocked to rural areas like Sagaponack and Bridgehampton to build their massive mansions, according to the Journal. But they can be pricey — an 8,400-square-foot home in Sagaponack just sold this month at 79 Parsonage Lane, closing $2 million below its asking price at $21 million.

Prices are a little lower in Amagansett, the “Tribeca of the Hamptons,” as Corcoran broker Susan Breitenbach calls the place, if looking for a bargain. A sprawling beachside home in this area listed for $13 million in July just went into contract last month at 183 Marine Boulevard. [WSJ]Angela Hunt

One Response to “Hamptons buying boom spawns new rules, new hot spots”

  1. February 07, 2014 at 7:18 pm, Cedar Cat said:

    I have a property in Greenport, just shy of 8 acres, with docking rights on Gull Pond. A 4/2 house and a recording studio on one parcel, the other parcel has a water view and is ready to build. Can be subdivided into 6x 1 acre lots. Developers welcome. KCrail@KW.com for more info.

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