From the New York website: It’s summertime, so, as the song goes, living is easy in the Hamptons. Yet the East End’s real estate scene is far more complex than the popular vision of it as a rarefied sandy playground for the rich and famous.
The South Fork — with its oceanfront mansions emulating Jay Gatsby’s — is comprised of affluent villages and unincorporated hamlets that exist side-by-side within Southampton and East Hampton. By way of contrast, an area in the western portion of Southampton called Riverside has some gritty residential stock where living isn’t quite so easy.
In the second issue of our Hamptons supplement, we explore the challenges facing new high-density developments that are addressing critical needs — such as providing commercial and industrial space, or housing for year-round residents — yet are bumping up against infrastructure issues and local opposition to new buildings in their Hamptons backyards.
Summer rentals were sluggish in the spring, and some highly-motivated landlords still have million-dollar seasonal rentals on the market. A potential culprit may be the growing popularity of home-sharing websites like Airbnb, and East Hampton passed a new rental registry law to try to limit their impact.
Trophy properties sold for record-shattering prices in their communities. Yet the home market softened in early 2016 — at least relative to the blowout market in 2015 — with experts blaming stock market volatility. However, competition is heating up for the top-performing agents, which has even led to accusations of poaching.
On the design front, we spoke with world-renowned architect and longtime East Hampton resident Richard Meier. And we sat down with Michael and Steven Dubb of Beechwood, who are bringing luxury condos to the East End.
Finally, faster than you can say “Montauk party scene,” many of the East End’s trendiest nightlife spots will have changed identities. Read our nightlife roundup of who’s opening, closing and leasing new bars and restaurants.
Enjoy the issue! – TRD