Hamptons Cheat Sheet: Property owners rush to prepay taxes, Hampton Bays inn and restaurant up for sale … & more

Hamptons homeowners rush to prepay property taxes
Homeowners across the East End flooded tax offices to prepay property taxes in the hopes of keeping their deductions despite coming changes to tax laws in 2018. Republicans in Washington passed a massive tax bill that will limit the deduction on state, local and property taxes to $10,000, but those who prepaid before January 1 could claim the full deduction. East Hampton Town and Southampton Town kept their tax receiver’s offices open late and brought in extra staff to handle the crowds. [East Hampton Star]

Inn Spot on the Bay in Hampton Bays for sale for $4.75M
What’s now the Inn Spot on the Bay could be your spot for $4.75 million. The Hampton Bays property features 4,000-square-feet of commercial space that includes a 13-room inn, private cottages and a restaurant with a veranda. The nearly 1-acre plot on Lighthouse Road has 140 feet of waterfront on Shinnecock Bay. Sotheby’s International Realty agents Gloria Joseph and Lawrence Ingolia have the listing. [Curbed]

Buyer takes Southampton manse for $19M less than ask, but buys vacant lot next door for $14M over list
The 23,000-square-foot home at 6 Olde Towne Road in Southampton sold for $16 million, but the 9-bedroom, 14.5-bath, which had been featured on CNBC’s “Secret Lives of the Super Rich,” had been listed for $35 million. The same purchaser, Old Towne Development LLC, also snapped up the neighboring 3.88-acre vacant lot for $24 million, which was far in excess of the $10 million asking price, 27 East first reported. [27 East]

East Hampton glass house with architectural pedigree cuts price to $995K
A modern home in East Hampton featuring walls of glass is on the market for $995,000 after being listed at $1.2 million earlier this year. The 1972 home was designed and built by architect Harry Bates and sits on just under an acre in the Northwest Harbor neighborhood. With 1,200 square-feet of space, the double height living areas are surrounded by windows and cedar beams. Included in the asking price are beach and docking rights. David Mazujian of Corcoran Group Real Estate has the listing. [Curbed]

East Hampton pays $4M to ensure food-only farming on 30 acres in Wainscott
The East Hampton Board voted to spend $4 million from the Community Preservation Fund to guarantee food-only farming on a nearly 30-acre property in Wainscott. The town purchased “enhanced rights” from owner Peter Dankowksi that will prevent the property from being developed as a landscape nursery or horse farm. The town can also lease the land to a new farmer if the land sits fallow for more than two years. [27 East]