Hamptons Cheat Sheet: Condos sold like hotcakes in 3Q, Bridgehampton home caught up in Trump-Russia inquiry … & more

By Jennifer White Karp | October 31, 2017 03:25PM

Clockwise from left: An equestrian estate at 172 Cedar Street in East Hampton, plans call for a modern home in Sagaponack and the Watchcase Condominiums in Sag Harbor.

Hamptons buyers go for condos in Q3, propelling median sales price by 54%

Condos came on strong in the Hamptons for the third quarter and spent the fewest days on the market yet, part of a strong showing overall for mid-priced homes in the $1 million to $5 million range on the East End, according to Douglas Elliman’s most recent market report. The median sales price for condos in the Hamptons was $567,500, a nearly 54 percent gain over the year-ago quarter. Days on the market for condos was 97, down from 148 a year ago — the fastest marketing time in the six years Elliman has tracked this metric. Carl Benincasa, Elliman’s regional vice president of sales for the Hamptons, said condos like the Watchcase Condominiums in Sag Harbor are seeing success. “People in the luxury market are trading size for convenience,” he said. [TRD]

Former Trump campaign manager may have to forfeit Bridgehampton home

One of the key figures at the center of the Trump-Russia inquiry, President Trump’s former campaign chairman Paul Manafort, may have to bid his Bridgehampton home goodbye if he’s convicted by the feds. Manafort, who was indicted Monday on 12 counts of money laundering and conspiracy against the U.S., may have to forfeit his 10-bedroom home at 174 Jobs Lane, according to Newsday. Manafort pleaded not guilty to charges that he used overseas shell companies to launder millions of dollars — funds which he used to buy homes and cars, among other luxuries. These expenses allegedly include $5.4 million to a Hamptons home improvement company and more than $820,000 to Hamptons landscapers, according to the report. Still, Southampton Town Supervisor Jay Schneiderman told Newsday, it is “not unheard of” to spend millions on home improvement and landscaping in the Hamptons. [Newsday]

$18.3M Sagaponack parcel comes with plans for a modern mansion 

A parcel of land in Sagaponack that comes with blueprints for an unbuilt home is on the market to the tune of $18.3 million. The home for the 1.8-acre property on Parsonage Lane has been designed by Wolfgang Ludes, a fashion photographer and architect who has designed hotels in the Caribbean, and Hamptons developer Jay Bialsky, according to Mansion Global. Plans call for a modern, symmetrical 6,700-square-foot structure with two wings flanking a double-height foyer and panoramic views of a neighboring 10-acre preserve. The seven-bedroom, eight-and-a-half-bedroom home would also have amenities like a theater, wine room, gym and eight-car garage as well as lap pool and sunken tennis court. Zachary and Cody Vichinsky of Bespoke Realty have the listing. [MansionGlobal]

Enormous equestrian estate sees first price cut to $35 million

An enormous 23-acre equestrian estate in East Hampton just had its first price cut since coming on the market in March, reducing its $39 million price tag to $35 million. A buyer would get a lot for the money, it seems: The compound at 172 Cedar Street has 11 parcels of land, a 12-bedroom main house, plus multiple guest houses, Curbed reported. There are also horse stables, a barn, and riding fields for horse lovers and a tennis court, fully equipped gym, theater and saltwater gunite pool for additional recreation. The property last changed hands in 2009 for $12.5 million, the report said. Zachary and Cody Vichinsky of Bespoke Real Estate and Dana Trotter of Sotheby’s International Realty have the listing. [Curbed]

Efforts underway to repair a historic tribal home in East Hampton

The race is on to shore up a historic home in East Hampton, considered to be last existing 19th-century home of the Montaukett Tribe. The Fowler House, which sits on a 1.7-acre site near where Springs-Fireplace Road meets North Main Street, may be eligible for inclusion on the National Register of Historic Places, according to the East Hampton Star. The home is thought to have been relocated in 1890 from Montauk, part of a developer’s effort to encourage the tribe to vacate ancestral land to make way for a resort. Restoration efforts for the home, which is dilapidated and boarded up in some parts, are underway with funding from the town’s capital budget. [EastHampton Star]