| Issue #32, November 3, 2006 |
Real Estates by Diane Strecker
Most people would love to own a house in the Hamptons but more specifically, most people would love own a beach house in the Hamptons. It is just not the oceanfront that buyers seek although the oceanfront is always in the highest demand. The beaches that stretch from West Hampton to Montauk are among some of the most desirable and the most valuable shoreline in the country. Water is everywhere on the East End and any piece of real estate near or in some reasonable proximity to the water is a hot commodity. To be on the water on the East End understandably comes with hefty price tag.
Prices on the shore will vary in accordance to just what Eastern shoreline you desire and there are so many forms of waterfront on the East End to choose from. Some prefer the bays and others prefer the wetlands. Some want the ocean and others like ponds or lakes. Boaters may look in harbor-side areas such as Three Mile Harbor in East Hampton, that allows for deep water dockage. A resort and marina here is currently on the market at $55 million. Sailors may look to an old captain’s house on Shelter Island in the Heights where they can have a view of their mooring. For ocean beachgoers who want to be in the mix of things, maybe its Sagaponack or Bridgehampton. The surfing crowd wants the waves at Montauk whereas an artist may prefer the light on the wetlands in the Springs.
It is the distance between you and that water however, that will make all the difference when it comes to the price. North of the Highway, or South of the Highway, translated by Hamptons standards simply means near to the ocean or far from the ocean. In addition to the ocean there are canals, marshes, bogs, steep ocean cliffs, ponds, lakes, bays, sound front, inlets, and of course the oceanfront dunes. There are even islands, such a Shelter Island, Gardiners Island, and Little Ram Island.
A prime acre of oceanfront land in Southampton can cost as much as $10 million dollars. Howard Stern paid $20 million for just two last year–yes, just for the land. Tommy Hilfiger paid $18 million for a little less than 5,000-sq.-ft. home on Further Lane in East Hampton in the spring of this year.
A sizeable oceanfront home in the 5000 sq. ft. range on about an acre in Sagaponack would be priced at about $10 to $15 million. A more elaborate estate in the same area on the ocean consisting of 10,000 sq ft on more than 2 acres comes in at about $25 million. In the Amagansett dunes; not on, but near the ocean between $5 and $6 million will buy a similar sized beach house. This past season actress Gwyneth Paltrow and her family purchased a 7,000-sq.-ft. home in Amagansett for just over $5 million with views of the ocean. You can also buy a 23-acre ocean view farm in Amagansett for $40 million.
As prices have risen here, waterfronts have gone up dramatically and some owners are astounded when they learn the prices their estates will now bring. Many have sold for that very reason and have made an absolute fortune from their almost instantly grown equity. The market exploded over a very short three-year period. Numerous estates in Southampton could easily fetch $50 million if they were to enter the market today. Others are worth even more such as the 40 acre deMenil estate in East Hampton that East End realtors believe to be worth an estimated $90-$100 million. That property is also located on Further Lane. The price tags on the more elaborate or historically valued estates have become staggering. Three Ponds Farm, a lavish 60-acre spread in Bridgehampton is on the market for $60 million. The water on this property includes three private ponds that grace its grounds, one of which has been packed with trout. The Georgica Pond area is located in Wainscott, also a part of East Hampton, simply leads out to the ocean yet occupies some of the most desirable parcels of real estate on the entire East End. The peninsulas that make up what looks like a hand spreading out into the ocean, is filled with countless, ultimately private estates of the very rich and very famous. It is home to the estate of Steven Spielberg, Martha Stewart and Kelly Klein as well as a host of other prominent and celebrity residents. Just two years ago, Burnt Point, a 25-room mansion on 25 acres sold there for $42 million.
You can reach Diane at eastendrealest@yahoo.com.
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