Sagaponack property

A waterfront property in Sagaponack is now for sale by its owner, Louise Linden, a long-time Hamptons developer, who is listing it along with Saunders & Associates for $22.9 million. The 3.88-acre property includes 470 feet of waterfront on Sagg Pond.

Linden said she had bought and developed half a billion dollars worth of property in the past 30 years, but had kept this property for herself and her children, and is selling it now because her children have grown up and left the nest (note: correction appended). [more]

155 Trees Lane in Sagaponack, which is listed with Elliman’s Paul Brennan for $25 million

From the May issue: The tiny village of Sagaponack, tucked into the larger town of Southampton out on Long Island’s East End, has perennially been one of the wealthiest zip codes in the United States. Perhaps as a result, real estate in the hamlet (which has a population of 582) suffered even more than its neighboring Hamptons towns during a downturn that did not discriminate against luxury markets. Judi Desiderio, CEO of Town & Country Real Estate, said prices in Sagaponack tanked by as much as 40 percent. But as Wall Street profits — and the high-end market — have come back, so has Sagaponack. [more]

Billy Joel has slashed the price — again — on his Sagaponack home, according to Newsday. The four-bedroom, six-bathroom home is on the market for $18.5 million, down from $19.9 million. Biana Stepanian of the Corcoran Group is marketing the home, which Joel reportedly purchased for his soon-to-be-ex-wife Katie Lee. It was not immediately clear when the home, which was once owned by late actor Roy Schneider, hit the market. [Newsday]

A Sagaponack family claims they were hoodwinked into losing their farm, which has been in their family for 300 years, after signing a complicated legal agreement with a Houston-based attorney and oilman, according to the Southampton Press. The White family, one of the oldest farm families in the Hamptons, enlisted the help of the Texan legal eagle, Anthony Petrello, to protect their oceanfront property, offering in exchange a deal to sell 9.5 acres of the farm to the attorney for $2 million. Now, 15 years after striking the deal, the Whites say they were scammed into signing a far more complicated document than they realized. Petrello has sued the Whites, claiming that the aforementioned document entitles him to 24 acres of the farm and that the Whites’ failure to hand over the land has cost him rental profit. Petrello is seeking $5 million to compensate for the alleged lost revenue. [Southampton Press]

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Robert Simonson of Corcoran and Sagaponack mansion

A wine cellar that holds 5,000 bottles was this year’s addition to a mansion on the market for a summer rental in Sagaponack, in Southampton, the Wall Street Journal reported. Each year, the owner adds something new to lure renters and increase the value of his property, an 8,300-square-foot home on 1.3 acres of land.
The house has eight bedrooms, nine bathrooms, four fireplaces, a two-car garage and an infinity pool. Other amenities include a sauna, gameroom and media room with theater seating. The home also features a growing collection of artwork from 18th to 20th century artists. The rent is $500,000 from Memorial Day to July, $160,000 for July alone or $400,000 for July and September. The house was built in 2004, and the owner has been renting it out for several years, sometimes to celebrities, though listing agent, Robert Simonson from the Corcoran Group won’t reveal who. [WSJ]

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137 Crestview Lane and Scott Resnick

Developer Scott N. Resnick, scion of one of Manhattan’s most prominent real estate families, has listed his oceanfront Hamptons spread for $26.75 million, according to a source and property records (see more photos of the home after the jump).

Resnick is the son of Burton Resnick, the CEO of Jack Resnick & Sons, one of New York’s largest owners of office properties. Scott was formerly the company’s president and COO, but left the family business in 2007 to form his own company, real estate firm SR Capital.

Resnick’s seven-bedroom home at 137 Crestview Lane in Sagaponack, which hit the market in March, is situated on 2.4 oceanfront acres.

The listing broker, John Healey of Town & Country Real Estate, declined to name the owner, but property records show that Resnick and his wife, Kimberly, bought the spread in October of 2007 for $18 million from Philip D. Turits, the co-founder of Manhattan telecommunications firm Fusion. [more]

Sales activity on Long Island’s East End spiked dramatically in the first quarter of this year, according to a market report released today by Prudential Douglas Elliman.

There were 486 sales in the Hamptons and North Fork in the first quarter — more than double the number of transactions in the same period of last year. Meanwhile, the average sales price of an East End home leaped 42 percent to $1.57 million, up from $1.1 million in the first quarter of 2009. The median sales price, $800,000, showed a similarly dramatic uptick of 32 percent from the prior-year quarter.

“We had a tremendous surge in sales activity,” said Jonathan Miller, the president and CEO of Miller Samuel, who prepared the report. “It’s more than doubled.” [more]

Fashion mogul Elie Tahari is reportedly looking to unload two residential properties in the Hamptons, as part of a massive sell off of properties, according to the Post. The two homes are a $6.8 million Amagansett property and a yet-to-be-priced Sagaponack home that he purchased for $13.5 million, the first of which, a five-bedroom pad, was purchased in his wife, Rory’s, name. The news comes on the heels of widespread speculation that the couple is considering ending its 10-year marriage.

Judi Desidiero, CEO and President of Town & Country, and an aerial view of 120 Meadow Lane, the priciest Hamptons sale in 2009

Pricey homes in the Hamptons “took a hiatus from the market this year,” according to Town & Country Real Estate’s 2009 list of the top 10 most expensive sales (see full report after jump). The top sale, a Southampton Village home at 120 Meadow Lane, which went for $25.99 million, would have ranked fifth on the 2008 list and would have just barely cracked the top 10 of the priciest 2007 sales, according to the Town & Country rankings, which takes its findings from all closings on the East End.

Judi Desiderio, CEO and President of Town & Country, said that the sales figures came as little surprise, particularly with the first half of the year showing an anemic level of activity on the East End.

“[The top 10 ranking] always reaffirms what you see in the pit,” Desiderio said. “It was an eye-opener. The high end was really taking a break.” [more]

From left: the first and second most expensive summer listings on the market in Sagaponack

A snowstorm may be set to descend upon us in the next few days, but people already have summer plans in the works. Curbed compiled the top 10 most expensive summer rentals on the market in Sagaponack, with the top most expensive listing, a seven-bedroom, three-and-a-half-bathroom home marketed by Town & Country going for $750,000 from Memorial Day to Labor Day. The second most expensive summer rental is on the market for $550,000, with ocean views. [more]