Hamptons beach replenishment lifting home values

New York /
Jan.January 03, 2014 02:43 PM

An ongoing $26 million project to extend the Hamptons beachfront and protect homes against future storms is already boosting real estate prices in the area.

About 3 million cubic yards of sand is helping to expand the beachfront toward the sea at an average of 75 feet to 100 feet in towns such as Sagaponack, Southampton and Water Mill. Homeowners in a beach erosion control taxation district pay for the project over the course of a decade, the New York Times reported.

Brokers say that this will boost buyers’ confidence and lift prices even higher. At the moment, there are 10 oceanfront listings in those towns, one of which is a Bridgehampton home asking $29 million.

Corcoran Group associate broker Gary DePersia hiked up the listing price of a three-bedroom cottage on the ocean in Water Mill in August, to $9 million from $8.5 million. He immediately received several offers and, in four months, it was in contract.

The project “will stabilize the beach, enhance the aesthetics and add value to every house that is on the ocean,” DePersia told the Times. [NYT]Mark Maurer


Related Articles

arrow_forward_ios
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)
Welcome to Queens: Corcoran opens first borough outpost
Welcome to Queens: Corcoran opens first borough outpost
Corcoran CEO & President Pamela Liebman (Credit: iStock)
Corcoran begins new lead-gen push via Facebook ads
Corcoran begins new lead-gen push via Facebook ads
Alibaba Group's Michael Evans with 1080 and 1100 Meadow Lane (Zillow, Getty, Alibaba Group)
Alibaba prez scores $66M for oceanfront Hamptons properties
Alibaba prez scores $66M for oceanfront Hamptons properties
Corcoran Global Living's Michael Mahon (Corcoran, Getty)
Turmoil at Corcoran Global Living: CEO accused of fraud
Turmoil at Corcoran Global Living: CEO accused of fraud
(Getty, Americasroof/CC BY-SA 3.0/via Wikimedia Commons)
Amagansett leads U.S. in home price appreciation
Amagansett leads U.S. in home price appreciation
160 Ox Pasture Road (Tim Davis Hamptons)
Southampton’s Linden Estate trades for $70M in long-awaited sale
Southampton’s Linden Estate trades for $70M in long-awaited sale
Michael Mahon (Corcoran, Getty)
Corcoran shopping its biggest franchise
Corcoran shopping its biggest franchise
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...