Sagaponack waterfront estate sells for almost $48M
It may not be as glamorous as a high-profile celebrity home buy, but a move by East Hampton to sell $23 million of bonds could impact real estate values in the tiny town. The bond offering follows an upgrade in the town’s investment grade, making it cheaper to borrow money. Some of that money is going to upgrades for beaches, improvements to a dock in Montauk and the purchase of storage sheds for lifeguards. But if the economy sours, the town — which draws on its tax revenue to pay off the bonds — could be financially pinched. And there are still plenty of wild cards for the economy and housing markets, especially with an expected drop of Wall Street bonuses this year. “What does that mean for the purchasing of second homes and property values?” Howard Cure, head of municipal research in New York at Evercore Wealth Management was quoted saying by Bloomberg. “How vulnerable is East Hampton to declines in the New York metropolitan area economy?” [Bloomberg] — Cathaleen Chen
