Hamptons Cheat Sheet: Mid-range luxury kills it in Q1, Riverhead found to be cheapest nabe … & more

New York /
May.May 03, 2017 05:00 PM

Mid-market luxury posts a strong first quarter in the Hamptons

Sales of Hamptons homes priced between $1 million and $5 million jumped nearly 22 percent in the first quarter year-over-year, according to the latest report from Douglas Elliman. Meanwhile, the top of the market — properties over $5 million — continues to soften, with sales dropping 13 percent since this period last year. The strength of the mid-priced luxury sector may be indicative of a more stable market, according to Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report. The median sales price overall was $995,000 in Q1 2017, which is an 11 percent year-over-year increase. [TRD]

What are the most affordable neighborhoods in the Hamptons?

Riverhead, Hamptons Bays, followed by North Sea, according to a new analysis from NeighborhoodX. Mapping out the range of April sale prices per square foot in 20 towns and neighborhoods in the North and South Forks, NeighborhoodX revealed that Quogue, Napeague, and Noyac were at the top end of the spectrum, with the highest price per square foot hitting nearly $2,200.  [Curbed]

Couple claims East Hampton is violating the constitution in “unreasonable searches”

A Montauk couple is suing East Hampton to challenge its right to inspect their property without cause, 27East reported. Under a covenant with a previous owner, the town has the authority to inspect the home because it has an artist’s studio. Claiming that they weren’t aware of the agreement — no official record of it exists — the couple contends that the inspections may violate the Fourth Amendment, which protects Americans from unreasonable searches and seizures. The town, on the other hand, argues that the inspections are necessary to ensure artist’s studios are not being misused as rental properties. [27East]

Media execs buy and sell in East Hampton

Only in this town are television bigwigs a dime a dozen. Cory Shields, NBC’s executive vice president of communications, just bought a one-acre compound in East Hampton for $4.5 million, 27East reported. The four-bedroom, four-bath at 11 LaForest Lane features cathedral ceilings and a kitchen with a fireplace. Meanwhile, Sheraton Kalouria, the president of Sony Pictures Television, sold his digs at 11 Muchmore Lane for $3.95 million. The newly constructed home has six bedrooms, 6.5 bathrooms, three stories, and a dining room with wine bar. [27East]

Make your reservations for Eleven Madison Park — NOW

Better act fast: The East Hampton spin-off of Eleven Madison Park, dubbed EMP Summer House, is accepting reservations ahead of its June 24th opening, Bloomberg reported. The space formerly occupied by Moby’s will feature indoor and outdoor dining spaces in addition to a large gaming area for corn hole and ping pong enthusiasts. “We want to be a true New York restaurant,” co-owner Will Guidara told Bloomberg. “So why don’t we do what New Yorkers do and go to the beach for the summer?” [LLNYC]

 

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