The Real Deal New York

Hamptons Cheat Sheet: High demand for entry-level homes lead to bidding wars on South Fork … & more

By Aidan Gardiner | July 17, 2018 01:30PM

Clockwise from top left: Mary Ann Tighe hand-picked an all-star team to build her Southampton home, Ex-J. Crew president asks for $5.9M for Water Mill home, East Hampton hotel sells for $5M and mid-century waterfront home in Bridgehampton lists for $9.95M.

High demand for entry-level homes leads to bidding wars on South Fork
Inventory for lower-income affordable homes on the South Fork is low and lagging behind the demand for them, experts said. “When we take buyers out looking for properties under $1 million, they often go away discouraged at the lack of selection or must find ways to increase their budgets,” John F. Wines, a broker with Compass in Southampton told 27East. The average worker simply can’t afford a home in Southampton, Wines said, adding that the concern is spreading to Sag Harbor, Hampton Bays, East Hampton and elsewhere. The Corcoran Group reported slow sales in the lower end of the market during the first quarter of 2018 with brisk activity at the higher end. Experts noted “strong demand and limited supply led to fast turnover and bidding wars.” [27East]

Waterfront Bridgehampton home marketed as a teardown lists for $9.95M 
A 1,300-square-foot midcentury home on Mecox Bay hit the market for just under $10 million. Built in 1959, it has four bedrooms, two bathrooms, floor-to-ceiling glass walls and a dock. There are also approvals pending with the town of Southampton for a 6,000-square-foot structure and a waterside pool on the property. The 1.3 acres are also only a short walk from Mecox Beach. Christopher Covert of Saunders Real Estate is handling the listing. [Curbed]

Ex-J. Crew president asks for $5.9M for Water Mill home
The onetime J. Crew president Jeffrey Pfeifle and Corcoran broker David Granville put their Water Mill home on the market for $5.9 million, the New York Post reported. Built in 2003 — though parts of the home date back to the 1700s — the Upper Seven Ponds Road home has seven bedrooms, eight bathrooms, a heated pool with a pool house, two guest wings, a tented deck and staff quarters. It sits on about 2.8 acres that include an apple orchard. Granville is handling his own listing along with his colleague Mala Sander. [New York Post]

East Hampton hotel sells for $5M
After renovating the 1.1-acre property at 490 Pantigo Road under a lease agreement, Manhattan-based Bridgeton Holdings went all-in with the $5-million-dollar purchase of the hotel they christened as Journey East Hampton. It was formerly known as the Inn at East Hampton. Inbar Mitzman, Lisa Ferraro and Dana Forbes of Daniel Gale of Sotheby’s International Realty represented both sides of the deal, Long Island Business News reported. With 22 rooms and 3 cottages, the hotel now rents suites for an average of $750 on a weekday night. [LIBN]

Mary Ann Tighe hand picked all-star team to build Southampton home
Real estate powerhouse Mary Ann Tinghe tackled the building of her Southampton home with the shrewdness she brings to her professional work. Before the CBRE CEO set her hand-picked team on the main house, she had them build the two-story guesthouse as a kind of trial run. She wanted to see how they worked together to execute her vision, she told Architectural Digest. Helping build the mansion were Architect Michael Dwyer, decorator Bunny Williams, landscape architect Quincy Hammond and builder Frank Cafone. “Mary Ann was the orchestrator and we were the players who produced the symphony,” Williams said. [TRD]