The Real Deal New York

Hamptons Cheat Sheet: Local home sales slow in September, Shelter Island compound lists for $14.2M … & more

By Aidan Gardiner | October 17, 2018 10:30AM

Clockwise from top left: Price on 4.4-acre Sagaponack estate drops below $20M, Former whaler’s home in Sag Harbor lists for $6.2M, 20-acre waterfront compound on Shelter Island lists for $14.2M and Home sales slow throughout Suffolk County.

Home sales slow in Nassau and Suffolk Counties in September
Rising mortgage rates and an increase in supply slowed down home sales around Suffolk County and nearby Nassau County in September, according to Long Island Business News. There were 2,361 homes contracted for sale, down from the 2,489 during the same period last year. Brokers said the downturn is due to weakening demand and climbing interest rates. Overall there were 12,725 homes listed for sale as of Oct. 8. That’s 5.2 percent more than the number of homes listed at the end of September 2017. [LIBN]

20-acre waterfront compound on Shelter Island lists for $14.2M
Five empty parcels making up a waterfront compound on Shelter Island have hit the market for a total $14.2 million, Curbed reported. The five parcels, which total up to 20 acres, are also available separately. Three of the pieces of the compound are listed for $8.7 million each. Two others, which are connected by a creek, are listed for $5.5 million. In 1915, painter Henry Cooke White bought the compound along with another 30 acres on the island, and five generations of descendants had been using the properties ever since, according to Curbed. Seth Madore of the Corcoran Group is representing the properties. [Curbed]

Southampton votes 5-0 to buy and preserve build site on Shinnecock grave
Southampton Town officials voted to preserve a home construction site that is now believed to be a Shinnecock Indian Nation burial site after human remains were found during the build, according to Newsday. Five town officials voted, without any opposition, to approve the plan to buy the 0.34 acre property for $450,000 from the town’s Community Preservation Fund. The fund is financed through a two percent tax on real estate transfers. The price is 4.6 percent higher than market value because of its cultural significance, according to Newsday. The Shinnecock tribe will contribute another $50,000 to the deal to buy it from KB Southampton LLC. [Newsday]

Price on Sagaponack estate drops below $20M  
Four months of price cuts have brought a Sagaponack estate’s price to $19,995,000, Curbed reported. The 4.4-acre home first came on the market in June for $24 million but got a price reduction two months later, listing at $21.5 million. The home, which was built about 2007, has nine bedrooms, 12 bathrooms, a double-height foyer, chef’s kitchen, butler’s pantry, wine cellar and elevator. There’s also a screened-in patio with a fireplace, a sunken Har-Tru tennis court, a pool, a pool house and yoga studio. Susan Breitenbach of the Corcoran Group is the real estate agent on the listing. [Curbed]

Former whaler’s home in Sag Harbor lists for $6.2M
A 5,300-square-foot home on 0.39 acres of Sag Harbor is on the market for $6.2 million, according to Curbed. Built in 1835, the home was once occupied by a whaleship owner. The home was last sold in 2016 for $3.7 million and was completely renovated and restored. It has five bedrooms, seven full bedrooms, a half bathroom, seven fireplaces, a butler’s pantry, wine closet and a “newel post and railing carved by Nathaniel Dominy V,” the listing states. The home retained its original wide-plank hardwood floors and glass pane windows. Outside, there’s a heated porch, a heated gunite saltwater pool, a pool house with a bar and an outdoor shower. Susan Sprott of Sotheby’s International Realty is representing the deal. [Curbed]