Young developers are quickly buying up properties in Montauk in a trend that would seem counter to what real estate submarkets are experiencing elsewhere, according to the Post. With prices at more than 5 percent above their levels last year, the area, sometimes described as the “un-Hamptons,” is transforming and luring more international buyers and wealthy New Yorkers. It started with a rundown house that a few developers bought two years ago and turned into the now-popular Surf Lodge. Long Island developer Adam Manson is among the leaders of the Montauk buying spree, having purchased the historic Panoramic hotel, which sits on 12 acres next to Robert De Niro’s home and Bernie Madoff’s former digs, in 2007. Manson is now reportedly set his sights on Gurney’s Inn nearby, which is not officially for sale but is said to have a $50 million price tag. [Post]

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Salivars Restaurant, by the Montauk fishing dock, is being marketed by Stacey Barnds of Town & Country Real Estate

Salivars
Restaurant and Bar, one of Montauk’s unofficial community landmarks,
hit the market today with a $7 million asking price, said Stacey
Barnds, wh [more]

Kelli Douglas, a residential sales broker with the Corcoran Group, is proving that you don’t need a multi-million-dollar pad to enjoy the Hamptons in style. A collection of mobile homes in Montauk, called Montauk Shores, have all the amenities of condo living, residents say. Douglas’ home, complete with a view of the Montauk hills, has personalized touches, including custom-made cabinets, pine floors and a newly-tiled bathroom. “When I first saw this [development], I didn’t know what to think,” Douglas said, “but this place is so unique… It’s gated, safe and so well taken care of.” [NYDN]

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Mondrian New York’s new restaurant is now slated to open Nov. 15, according to the New York Times, and has been generating buzz with the hiring of a “Top Chef” reality competition alum, Sam Talbot. The 9 Crosby Street hotel restaurant had planned to open in late 2009 but faced delays, along with the Mondrian itself. Talbot, who is known for his involvement with the famed Montauk Surf Lodge, will return out east for one more summer there as executive chef. [Hotel Chatter via NYT]

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Martha’s Vineyard

From the May issue: From the splashy beaches of the Hamptons to the rolling hills of the Berkshires, the vacation home markets popular with New Yorkers have been hit hard by the downturn.

But as the 2010 summer season gears up, reports indicate that things are turning around as the economy stabilizes and the threat of rising interest rates brings more buyers out of the woodwork.

This month, The Real Deal examined eight vacation home markets around the region. Of those, the South Fork of Long Island and Martha’s Vineyard, Mass., show the sharpest recent rebounds in sales.

Rental figures are harder to come by, but anecdotally brokers across the eight markets said early leasing is up this year, while prices in most places are still below peak. This means last year’s rock-bottom deals will be harder to come by in low-inventory places like Fire Island, which brokers said they expect to be fully booked. However, in other areas, like the Berkshires, there are more rentals available as for-sale listings languish on the market.

In general, the tea leaves indicate that this summer might be the last to make that unbelievable deal. Below is a rundown of the region. [more]

With summer imminent, renters and buyers are starting to set the tone in some of the East End’s most frequented vacation towns, determining which areas are hot — and which are still reeling from the recession. Montauk is top dog, according to New York magazine, with buyers and renters flocking to the hamlet once preferred by Bernie Madoff, whose home there sold to Vornado exec Steven Roth for a cool $9.4 million last year. While bargain basement prices aren’t endemic to the region, some areas — like Southampton, Water Mill and Sag Harbor — could still offer some relatively good deals, according to brokers in the region.

Once thought by some to be a laidback rebuttal to the Hamptons’ high society glamour, Montauk has recently seen an influx of pricey restaurants and celebrity visitors — and this summer will likely see that trend continue, according to Guest of a Guest. Whether the recession has been a help or a hinderance to this trend, the consensus remains that pedigreed society-types may be taking up residence there, making Montauk more like Southampton. Famed New York City hotelier Sean MacPherson plans to launch his incarnation of the Crow’s Nest after buying up the spot this month, as previously reported, while noted chef Sam Talbot gears up for his third season at the Surf Lodge.

Bernard Madoff and the Montauk house

While notorious Ponzi-schemer Bernard Madoff’s Montauk $9.4 million beachfront property has been long-sold, to Vornado’s Steven Roth in September, the furnishings inside remain owner-less. But buyers who want to own a piece of Madoff’s former East End glory now have their chance. The furniture, utensils and other assorted knick-knacks are hitting the auction block this spring, either in April or May, at the county public safety academy in Parsippany, NJ, according to James Plousis, a U.S. Marshall for New Jersey. “We want to run an auction for as little cost as possible, so that just about every penny we make can go back to the victims,” Plousis said.

Mark Madoff and the Nantucket house at 51 Wanoma Way

The beach house in Montauk found a buyer quickly, and for more than its list price. Now, as the investigation into the fraud run by Bernard Madoff expands to include his family members, some are wondering what will become of son Mark Madoff’s getaway on Nantucket, a well-heeled resort island off the Massachusetts coast. The five-bedroom waterfront home is not yet on the market, Nantucket brokers say, though a sale is entirely possible, owing to the increasing amount of trouble Mark seems to be in. “I wouldn’t be surprised if it were listed,” said Gary Winn, a principal with Maury People Sotheby’s International Realty, who has no connection to the Madoffs or the property. But the house, which Mark bought for $6.5 million in 2008, just months before Bernie’s $65 billion Ponzi scheme was exposed, was being used until recently. [more]

Madoff and the Montauk property

Bernard Madoff’s beach-front Montauk vacation home has sold, approximately two weeks after it hit the market. Although the Corcoran Group’s spokesperson Anne Lacombe wouldn’t provide the name of the buyer or a specific selling price, she said that the 3,000-square-foot home was under contract for more than the $8.75 million asking price. The property has attracted a flurry of attention since listing broker Joan Hegner of Corcoran was selected to market the site.