What’s Happening In The Hamptons?

It’s that time of year when New York City’s residential reporters turn their attention out East.

As the Hamptons’ busy season approaches, we’re keeping an eye on the rental market, home sales and new hot spots opening up across the luxury enclave. If the first quarter’s results are any indication, the South Fork is shaping up for a bustling summer.

Prices hit record highs in the first three months of the year, while deals outpaced the region’s decade-average, according to a report by Miller Samuel. Big ticket sales are already underway, including a $40 million waterfront estate in Southampton that landed a buyer last month.

Though more homes have been hitting the market over the last few months, the Hamptons is still struggling for inventory. Demand is high for renovated or newly developed properties, but as always on the East End, building remains a challenge.

In March, East Hampton approved new building restrictions that will limit the size of a house to 7 percent of the lot plus 1,500 square feet, replacing previous rules allowing homes to be 10 percent of the lot plus 1,600 square feet.

The switch will prevent developers and land owners from building new megamansions, though the restrictions still allow for sizable homes. Compass agent Yorgos Tsibiridis says the shift will likely drive up the value of existing homes that exceed the new limits and encourage gut renovations instead of tear downs and ground-up construction.

Building restrictions aside, it’s tough to find a parcel to develop. Much of the untouched land is wetlands, dunes or designated as preserved, barring owners from building freely and requiring permits from town boards that are often reluctant to grant them.

Some have appealed to the courts. Earlier this week, owners of three waterfront parcels in Sagaponack, one of which includes wetlands and dunes, sued Southampton’s conservation board and zoning board of appeals after they denied their application to merge the lots, demolish existing structures and build a new home with a pool and tennis courts.

The owners of 134 and 142 Sandune Court claim they submitted several alterations to their initial application to satisfy the boards, who were concerned about the impact of the construction on the protected lands. Despite their revisions, the boards still shot down their plans, and the owners now allege they overstepped their authority.

Then there’s the ongoing clash between developer Harry Macklowe and East Hampton Village. The billionaire has been trying to offload his home at 64 West End Avenue since last spring but has been unsuccessful in obtaining a certificate of occupancy after racking up violations for his work on the property.

Macklowe, who’s asking $32.5 million for the property, earlier this week submitted an application to the village’s zoning board of appeals with proposed fixes aimed at mitigating the effects of his previous alterations, which the village claimed amounted to illegal land clearing, among other issues.

Not so fast…

StreetEasy is jumping in on the clash over private listings.

About a week after parent company Zillow took a stand, the New York City-based platform rolled out a new guideline barring agents from publicly marketing a listing to a limited group of consumers. Under the new rules, agents found violating the policy will lose access to programs such as Streeteasy Experts, Streeteasy Concierge and Zillow Premier Agent.

The guideline defines public marketing broadly, including posting listings on social media, sending them out in an email blast or advertising them “on a brokerage website with the lure of exclusive inventory behind a consumer registration,” according to a blog post about the rule.

The policy, which requires agents to submit a listing to Streeteasy within a day of marketing, is largely an attempt at cracking down on private exclusive platforms — a movement spearheaded by Compass but which other brokerages such as Corcoran and Douglas Elliman have also jumped in on.

“Hidden listings harm buyers, sellers, agents, and the real estate ecosystem. It’s not right, and it’s not what consumers want,” StreetEasy general manager and vice president Caroline Burton said in a statement.

NYC Deal of the Week

The priciest deal to land in the city register was Unit 116 at Central Park Tower, which sold to an unknown buyer for $46 million. The five-bedroom condo traded for $7 million below its last asking price and $20 million under the price initially specified in the developer’s offering plan. The apartment spans 7,100 square feet and has a private foyer and eat-in kitchen.