It’s likely safe to say that nobody on the East End was terribly shocked when Joe Farrell’s Sandcastle recently hit the market again, this time for about $50 million — the developer himself can’t remember how many times his sprawling, occasionally celeb-inhabited estate has been listed.
But what is surprising is that despite the mansion’s on-again, off-again relationship with the MLS, Farrell believes the bet on Sandcastle has actually paid off handsomely, if not in actual dollars (yet): “The house has done great things for Farrell Building and our brand,” he told The Real Deal. Perhaps that was his secret plan all along, though one would hope for less expensive marketing tactics.
Of course, this is the East End we’re talking about, so heftily priced homes are not exactly headline news — except when they are, as is the case with our ranking of the most expensive sales to close amid a markedly slow year for über-luxury. Topping the list was a $37.5 million sale on Murray Lane in Southampton by Bespoke’s Vichinsky brothers — check out here.
And it wouldn’t be summer here at TRD without our annual ranking of the Hamptons’ top brokers and brokerages. The high-dollar deals get the most attention, agents said, but volume adds up. Either way, the agents and firms with the most game were all in on tech, whether building proprietary databases or bagging millennial buyers on Snapchat.
Meanwhile, these sought-after younger buyers are sending ripples through towns west and north of the traditional Hamptons boundaries, such as Hampton Bays and Springs, as they prioritize affordability and shorter commutes when second-home shopping.
Those looking for shorter stays can explore the expanding options offered by the Gurney’s brand, which followed up its Newport resort acquisition with the purchase this May of the Montauk Yacht Club Resort & Marina. Trace its path from troubled timeshare to now here.
The Hamptons aren’t, however, just a playground; people do, sometimes, have to work. To that end, a few players are testing the co-working waters, and the industrial market is getting red hot as it strives to support the second-home economy.
Being that this is the East End, an examination of star power is virtually mandatory, and in this issue we do so with a look at whether starchitects actually add dollar value when it comes time to sell.
Enjoy the issue!