An oceanfront home in Bridgehampton entered into contract just below its last ask as the local market experiences a cooldown.
Situated on 1.3 oceanfront acres, 165 Surfside Drive’s last ask was $26.99 million but went into contract for $25 million, or about $6,250 per square foot. Bespoke represented the buyer and the seller in the deal.
The house has five bedrooms and five bathrooms across 4,000 square feet. The lower level has an open-concept layout with a wing for entertaining, a living room with kitchenette and dining area, along with an ocean-side terrace. There are also two bedrooms.
165 Surfside Drive in Bridgehampton (Zillow, Getty)
The second level also features living and dining spaces, surrounded by oversized windows and glass doors. Access to terraces are available from the dining room and living room.
On the third floor, there is a full primary suite with a sitting area, bathroom and a terrace overlooking the ocean. Outside, there is a heated pool, outdoor shower, a private boardwalk to the beach and 125 feet of beach frontage.
165 Surfside Drive in Bridgehampton (Zillow, Getty)
The property had been listed for rent in September 2021, according to Zillow. It went on and off the market in the following months before listing for sale in April.
The trade comes as New York City and its nearby residential markets have ticked down in recent months from pandemic-era frenzies. Bloomberg reported high mortgage rates, along with simmering concerns over a housing slowdown and looming recession, have dampened competition in the high-dollar enclave.
In the first and second quarters of 2022, the Hamptons counted 46 trades at $10 million and above for a total of $927 million in transactions, according to a report by Bespoke. During the same time period in 2021 there were 55 trades for $1.1 billion worth of deals, and in 2020, 37 deals for a total of $870 million.
165 Surfside Drive in Bridgehampton (Zillow, Getty)
However, prices still remain at notable highs — if below the records seen in the past two years. Bespoke co-founder Cody Vichinsky said he doesn’t see it slowing down anytime soon.
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“Comparing 2022 to any other ordinary year, the markets are at peak performance levels,” Vichinsky said. “We are looking forward to the end of the year, which we believe will set the pace for the new normal.”
The market averaged $1.4 billion in sales volume between 2015 and 2021, Vichinsky said. Only halfway into 2022, the Hamptons is a handful of trades at $10 million or more behind that.
“At this rate, the Hamptons is predicted to see 30 to 40 more trades for the rest of 2022, exceeding the average sales between 2015-2021,” Vichinsky said.