The Hamptons’ red-hot home market seems to be cooling — the pace of sales is slowing and closed contracts were down in May.
While about 1 in 5 sellers are still closing deals above their asking prices, it took several price cuts to move two high-profile properties — one in Water Mill and another in Bridgehampton — that have been on the market since 2018, according to Behind the Hedges.
A 6,900-square-foot home on 2.6 acres in Water Mill, dubbed “The Point at Water Mill,” went into contract on July 1. The home, at 35 Morrison Lane, listed for $23 million in 2018 and later got two price cuts, including a $2 million haircut at the end of April that brought its final ask down to $16.5 million.
A price cut also moved a 16.5-acre equestrian property at 6 West Pond Road in Bridgehampton. The final asking price represented a $2 million drop to $20 million in May. It first listed in 2018 for $40 million and was later priced at $35 million and then $25 million.
If the deals close, the sale prices will be revealed in public records. [Behind the Hedges] — Dennis Lynch