Market reports have pointed to a price slowdown in the Hamptons, but several ultra-expensive pads still found buyers in 2016.
The most valuable sale, according to analysis by The Real Deal, was three properties spanning 6.4 acres on Lily Pond Lane, which hedge funder and serial Hamptons house flipper Scott Bommer sold to natural gas tycoon Michael Smith for $110 million.
Celebrities also threw down serious dough for waterfront homes in the Hamptons last year. Matt Lauer, the “Today” anchor, picked up Richard Gere’s estate for $33.7 million, and billionaire David Geffen dropped $70 million on an East Hampton spread.
Just 37 properties priced above $5 million sold during the fourth quarter in the Hamptons, according to the most recent report from Douglas Elliman, a 40 percent decrease from the record 62 that were sold in Q4 2015. But brokers said they remain bullish about the market. “It’s hard to say we’re depressed out here,” said the Corcoran Group’s Susan Breitenbach, who sold Richard Gere’s estate.
|Hamptons Top Residential Sales of 2016|
|Ranking||Address||Sale Date||Sale Price||Listing Broker||Seller||Buyer|
|1||93, 97, 101 Lily Pond Lane, East Hampton||2/9/16||$110M||Compass||Scott Bommer||Micheal S. Smith|
|2||199 Lily Pond Lane, East Hampton||3/15/16||$70M||N/A||Josephine Chaus||David Geffen|
|3||22, 24, 26 & 30 West End Road, East Hampton||6/15/16||$50 M||Bespoke Real Estate||26 East Hampton LLC||Villadom|
|4||26, 38, 32 Actors Colony Road, Sag Harbor||9/6/16||$33.75M||Corcoran Group||Tushita Trust||26 Actors Colony LLC|
|5||158, 194 Quimby Lane, BridgeHampton||10/18/16||$32.5M||Bespoke Real Estate||154 Quimby Lane LLC, 198 Quimby Lane LLC||Rocky Moses|
|6||Squabble Lane, Southampton||8/15/16||$27.5M||Corcoran Group||Catherine Sullivan||Irving Berger, Anthony J. Forstmann|
|7||196 Bay Lane, Water Mill||1/20/16||$27.25M||Corcoran Group||Elizabeth Stern Emanuel||Calf Creek|
|8||41, 43 Robertson Drive, Sag Harbor||11/2/16||$26.5 M||Corcoran Group||Sandbar North||Carpe North|
|9||104 Tuckahoe Lane, Southampton||3/1/16||$25.2M||Saunders & Associates||James Eckel||Paramount Custom Homes|
|10||77 Ox Pasture Road, Southampton||6/29/16||$23.6M||Corcoran Group||Courtney B, Scott G Goldstein||Ox Pasture Properties|
|11||207 Highland Terrace, Southampton||6/15/16||$22M||Corcoran Group||Highland Terrace Realty||Hampton Highland|
|12||315 Rose Hill Road, Water Mill||8/3/16||$22M||Douglas Elliman||Andrew Borrok||315 Rose Hill Holdings LLC|
|13||313 Dune Road, Bridgehampton||9/19/16||$19.5M||Corcoran Group||Jeff Blau||313 Dune Road LLC|
|14||1216, 1225 Flying Point Road, Water Mill||6/14/16||$17M||Corcoran Group, Sotheby's International Realty||Atlantic Property, Tracy Landow||Illawarra|
|15||66 Seafield Lane, Westhampton Beach||12/15/16||$15M||Brown Harris Stevens||N/A||N/A|
|Source: TRD analysis of PropertyShark data, news reports and the individual firms.|
Read on for closer look for the 10 priciest sales in the Hamptons for 2016:
93, 97, 101 Lily Pond Lane, East Hampton
Broker: Compass’ Ed Petrie
Spread across nearly 6.5 acres, these three separate properties include 284 feet of oceanfront, and a one-story, 4,500-square-foot, five-bedroom home built in the traditional Hamptons shingled style. Scott Bommer, the founder of SAB Capital, paid $93.9 million for the set in 2014. Records show he sold them for $110 million to natural gas billionaire Matthew Smith last February. The price is the second-highest ever paid in the Hamptons, and one of the highest ever paid for a residential property in United States.
Ed Petrie of Compass had the listing. He declined to comment.
199 Lily Pond Lane, East Hampton
Entertainment mogul and philanthropist David Geffen coughed up $70 million for this two-acre property at 199 Lily Pond Lane.
The estate, sold in an off-market deal last March, was owned by the estate of the late fashion executive Josephine Chaus. According to reports from the Post at the time, Geffen intends to make the estate his home.
22, 24, 26 & 30 West End Road, East Hampton
Price: $50 million
Broker: Bespoke Real Estate’s Cody and Zachary Vichinsky
It certainly was a busy year in real estate for David Geffen. Not only did he buy the second most expensive Hamptons property in 2016, he also sold the third most expensive property.
Geffen sold the estate, which spans four lots at 22, 24, 26 and 30 West End Road, for $50 million in June, records show. The buyer was reportedly Long Island-based developer Villadom Corporation.
The Georgica Pond Estate has a seven-bedroom main house spanning about 7,500 square feet, an outdoor swimming pool overlooking the pond and a three-bedroom guesthouse.
Bespoke Real Estate’s Cody Vichinsky and Zachary Vichinsky had the listing. According to Cody Vichinsky, the buyer immediately flipped one of the lots at 30 West End Road for $16.3 million. A few weeks after closing, the company listed the remaining three properties for $54 million.
“West End road is the pinnacle address,” said Vichinsky. “It’s A Very Safe Place to park capital.” He believes that only some parts of the Hamptons markets are weakening, and that the presidential election affected buyer activity in the last few months of the year. “For oceanfront property, there is a lack of good supply,” he said. “I think there is quite a bit of pent-up demand for good product, but the good product is few and far between.”
26, 38, 32 Actors Colony Road, Sag Harbor
Price: $33.7 million
Broker: Corcoran Group’s Susan Breitenbach
Strongheart Manor, the six-acre North Haven compound, is best known as Richard Gere’s estate. First listed in 2013 asking $65 million, it couldn’t find a buyer and received several price reductions. Back in September, “Today” anchor Matt Lauer paid $33.7 million for the pad. It features a 12-bedroom, 12-bathroom main house, a pool facing the Peconic Bay, a basketball court, a deep-water dock, beach and a pair of guest houses.
Corcoran’s Susan Breitenbach had the listing. She said the house originally had an unrealistic asking price. “In this market, no matter how much money they have, they are not going to be paying double for something,” she said, adding that overall prices in the market have become over-inflated lately. “I just think people had visions of grandeur,” she said. The year ahead is looking good, according to Breitenbach, as long as the stock market remains healthy.
158, 194 Quimby Lane, Bridgehampton
Price: $32.5 million
Broker: Bespoke Real Estate
The purchase of these properties for $32.5 million was the result of a “smart negotiation,” said listing broker Cody Vichinsky. The lot at 194 Quimby has a new, eight-bedroom, nine-bathroom house which features a theatre, gym, wine cellar, tennis court and swimming pool. The lot at 158 Quimby spans four acres, has Sagg Pond access and is walking distance to the beach.
“Quimby Lane is a coveted address, and these are estate sized parcels,” said Vichinsky. He said the property was originally asking $40 million but the buyer, listed as a Rocky Moses LLC, was able to negotiate to take the two properties in a single deal. The seller was also shielded by an LLC.
Squabble Lane, Southampton
Broker: Tim Davis, Corcoran Group
First listed in 2013 for a whopping $40 million, this 7,000-square-foot shingle-style home in the private Murray-McDonnell compound sold for a significantly discounted $27.5 million last August. The property has 500 feet of beachfront. There’s also a six-car garage, an in-ground pool with ocean and pond views and a sunken tennis court. Tim Davis of Corcoran had the listing. He said that if the property had not featured the dated, Francis Fleetwood-designed home, it would have sold for between $60 million and $70 million. “Nine out of 10 buyers were seeing it as a place to tear down,” he said. Records show the new buyers to be Irving Berger and Anthony J. Forstmann. The seller, according to records, was a Catherine Sullivan.
The new owners have painted the house and completed minor renovations, according to Davis. He said while sales volume in the Hamptons has come down recently, the start of the year has been strong. “There’s much more optimism, financial markets are up,” he said. “I’m already seeing it. I have three contracts out right now, all over $10 million. It feels like the energy is back.”
196 Bay Lane, Water Mill
Price: $27.2 million
Broker: Corcoran Group, Gary De Persia
This 10,000-square-foot, eight-bedroom home is on nearly three acres and features 150 feet of Mecox Bay frontage. Designed by McDonough & Conroy, and built in 2008, the house has seven bathrooms, a four-car garage, a pool and a spa.
Emanuel Stern, managing principal of real estate investment firm Tall Pines Capital (and son of Hartz Mountain CEO Leonard Stern), bought the property with his wife Elizabeth for $10.7 million in 2007. They demolished the existing house, built a new one and listed the property for $32.9 million in 2015. The new owner, records show, is an LLC called Calf Creek.
41, 43 Robertson Drive, Sag Harbor
Price: $26.5 million
Broker: Corcoran Group’s Susan Breitenbach
This 11,000 square foot home is on 5.5 acres, has five bedrooms and seven full bathrooms. As well as a gourmet kitchen, there’s a formal dining room, a paneled library, a gallery to display art, three fireplaces and a wine cellar. The buyer and seller were both shielded by LLCs.
Corcoran’s Susan Breitenbach, who had the listing, said $26.5 million is a particularly high price for the area. “Sag harbor has not normally warranted those prices, because it’s not near the beach,” she said. However, she said the area has become more popular in recent years.
104 Tuckahoe Lane, Southampton
Price: $25.2 million
Broker: John Wines and Bill Wines, Saunders & Associates
Spanning 34.2 acres, this land has the potential to be subdivided and developed. It sold for $25.2 million in March. It’s located south of highway, near the Atlantic Ocean, Peconic Bay and South Hampton Village. James Eckel was the seller, and developer Paramount Custom Homes the buyer, records show.
77 Ox Pasture Road, Southampton
Price: $23.6 million
Broker: Corcoran Group’s Tim Davis
This three-story, 9,000 square foot home was once home to Consuelo Vanderbilt, who became the Duchess of Marlborough, according to the listing. Originally built in 1873, the house has been renovated to include seven bedrooms, 12 bathrooms, a clay tennis court and a swimming pool.
Records show Courtney and Scott Goldstein to be the sellers. The buyer used an LLC called Ox Pasture Properties to buy the house. Tim Davis of the Corcoran Group had the listing.
Correction: Because of a research error, a prior version of the chart did not include Compass as the listing broker for the $110 million sale.