Hamptons Cheat Sheet: South Fork home sales drop for third consecutive quarter … & more

Oct.October 30, 2018 07:00 PM

Clockwise from top left: Buy prefab ‘Butterfly’ home in Sagaponack for $14.94M or just its empty plot for $8.4M, $10M Orient Point compound finds buyer after more than a year on market, number of South Fork home sales drop in Q3 and 3-building East Hampton property on the market for $8.95M.

Number of South Fork home sales drops for third consecutive quarter
South Fork home sales slipped by more than 10 percent for the third quarter in a row, 27east reported. The third quarter dipped more than 13 percent compared to the same quarter in 2017 according to a Miller Samuel report conducted for Douglas Elliman. Sales at both the low and high end have fallen off, bringing the median home sale price in the area up, by about $100,000, to $965,000. Insiders like Judi Desiderio, the CEO of Town & Country Real Estate, told 27East that the slide in the number of sales is due to Wall Street being unsettled by market “gyrations” and “geopolitical events.” Experts also credit a tax migration wherein homeowners in high-tax areas like Connecticut flee to lower-tax areas like Florida. The Hamptons luxury market is also often in sync with Manhattan’s, which had 11.3 percent fewer sales in the third quarter, year-over-year. [27east]

Southampton pauses plan to buy Hampton Bays motel and turn it into condos
The Southampton Town Board tabled a proposal to buy and raze the problem-plagued Bel-Aire Cove Motel in Hampton Bays motel in order to turn it into a condo development, Newsday reported. The board is expected to vote on the proposal in November. Town Supervisor Jay Schneiderman put the plan forward in August, to sell the land to a developer and using any profits to finance similar proposals in the future. The owners of the motel property have said they’re willing to sell to Southampton Town for $1,060,000. The deal would be handled by the town’s Community Development Agency. [Newsday]

Orient Point compound finds buyer after more than a year on market
A 27 acre-property in Orient Point that has sat on the market since August 2017 with the same price — $10 million — is now in contract, according to Curbed. The property, which has 500 feet of water frontage on the Long Island Sound, has a 5,700-square-foot main house with six bedrooms, four-and-a-half bathrooms and three fireplaces. Elsewhere on the grounds stands a two-bedroom guest cottage, a pool, a pool house, tennis court and a three-car garage. Sheri Winter Clarry of the Corcoran Group represented the listing. [Curbed]

Buy prefab ‘Butterfly’ home in Sagaponack for $14.94M or just its empty plot for $8.4M
A 12,430-square-foot prefab home designed by Davinci Haus called the Butterfly has hit the market for $14.94 million, Curbed reported. The Sagaponack home, if bought and built, will contain seven bedrooms and seven-and-a-half bathrooms. But a buyer could also just opt to purchase the empty 2-acre property for $8.4 million. The architects at Davinci Haus have said they can build the custom home in 32 weeks with on-site build time lasting as few as four days. John Healey of Sotheby’s International Group is handling the prefab listing. Those who want just the empty land to pursue their own build opportunity can contact Linda Nasa at Corcoran. [Curbed]

Mixed-use property in East Hampton hits the market for $8.95M
A property containing a 10,783-square-foot main building, a detached garage and a four-bedroom house has hit the market for $8.95 million, Curbed reported. The largest building has two ground-floor storefronts with eight one-bedroom apartments above. The apartments are 500 square feet and each have a bathroom along with an open concept living room and kitchen. Its storefronts are currently occupied by Mary’s Marvelous and Elegant Touch. The shingled main house on the other side of the 1,105-square-foot garage has three ensuite bedrooms on the second floor and a “bonus” room on the first floor. Brown Harris Stevens agents Anthony Cerio, Mitchel Natter and Jared Schiavoni are representing the listing. [Curbed]

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