The Real Deal New York

Hamptons Cheat Sheet: Priciest listing hits the market, luxury rentals flounder … & more

By Cathaleen Chen | July 19, 2017 04:00PM

Andre Kikioski, a rendering of his spec home in Bridgehampton, and the $150 million listing on Meadow Lane

Most expensive Hamptons listing hits the market for $150M

Move over, La Dune. The most expensive listing in the East End right now is a 14-acre Southampton spread, asking a cool $150 million. The Meadow Lane estate contains several homes and 700 feet of ocean frontage in addition to two putting greens and outdoor and indoor swimming pools. The homes will likely be razed by a new owner to build one giant mansion, said Sotheby’s agent Harald Grant, who has the listing. The owner, Goldman Sachs co-chair J. Michael Evans, acquired the property as four parcels for a combined $115 million, the New York Post reported. [LLNYC]

Luxury rentals are floundering on the market this year

With the summer half over, it’s become clear that interest from renters has been tepid, Hamptons brokers told TRD. Some estimate that half of all rental listings, across price points, remain on the market. But this could be attributed to the trend of vacationers opting for a shorter summer season in the Hamptons. “This year has been a late market,” said Corcoran Group broker Gary DePersia. “Many people are choosing not to rent in June because of the weather, kids are in school, graduations, Memorial Day, Father’s Day, et cetera.” An even better reason? More people are buying, not selling, some experts said. [TRD]

Limits on Airbnb aren’t so bad after all, insiders say

When East Hampton cracked down on Airbnb and other short-term rental platforms last year, some were concerned that the seemingly draconian measures would damage the market. But so far, havoc has not arrived. In fact, some are conceding that the rules are actually effective in eliminating rowdy behavior. “It really hasn’t taken that big of a bite out of the rental market this season,” Gene Stillwell of Town and Country Real Estate told The Real Deal. Even the rental registry rule, which requires landlords to disclose their rentals to the town, was embraced. Since May 1 of last year, nearly 3,600 houses were registered. [TRD]

East Hampton looks to spend $4M on preserving farmland for food

What does $4 million buy the East Hampton Town community preservation fund? Not exactly 30 acres of land, but the rights to restrict its usage. Suffolk County already owns the development rights to the Dankowski farm at 7 Osborn Lane and 97 Wainscott Hollow Road, which means its usage is already limited to agriculture. The additional $4 million acquisition would further narrow the function of the land to food-crop only. The Town Board will consider the purchase Thursday. [EHS]

What inspired the architect of the $45M Bridgehampton glass house?

Light and personal luxury, Andre Kikoski told The Real Deal in an interview. For developer Jay Bialsky, Kikoski designed a $45 million spec house that hit the market in March. Renderings that revealed the home’s all-glass facade and striking transparent infinity pool instantly made a splash in the media. “In Bridgehampton and East Hampton, the light is extraordinary,” he said. “Every nuance of cloud cover or the setting sun becomes its own magnificent tableau.” The property was originally intended to be a personal residence for Bialsky but it remains on the market today. Cody and Zachary Vichinsky of Bespoke Real Estate have the listing. Read the full interview with Kikoski here. [TRD]

Hampton luxury sales are on an upswing: report

Thanks to a robust stock market, luxury sales saw an uptick in the second quarter of 2017, according to a Town and Country report on East Hampton, Southampton, and Bridgehampton. Four sales over $20 million closed between April and the end of June, while 10 sales between $10 million and $19.9 million also closed during that period, CNBC first reported. These sales signify a sunny forecast for Wall Street, according to Town & Country CEO Judi Desiderio, who argued that real estate in the Hamptons and the stock market are very much linked. The median home price in the three towns also jumped more than 10 percent to $1.1 million. [CNBC]