| Issue #41, January 19, 2007 |
Real Estates
Grounding Experience
by Diane Strecker
It seems that the sky is the limit when it comes to pricing East End estates. There are currently 17 properties listed here that are priced upward of $30 million. That number represents only what is listed publicly and does not include the many estates sold quietly in private deals each year. Because of the scarcity of land on the oceanfront and other desired locations throughout the Hamptons, there are high-end buyers out there just waiting for tips from savvy East End realtors. In some cases, buyers with big money that long for a certain estate that is not for sale, will sometimes make an offer on a property that a current owner simply cannot refuse.
The highest-priced property for sale at this time rings in at a reportedly astronomical $75 million. The unique, 60-acre Three Ponds Farm in Bridgehampton, has been on the market now for a few years. The price has gone up substantially since it originally entered the market and is on the Forbes list of the ten highest-priced residential homes for sale in the U.S. In Sagaponack, there is a 15-acre oceanfront compound priced at $65 million. East Hampton Point Resort & Marina comes in third on the Hamptons list at $55 million, alongside Gosmans Dock in Montauk, also priced at $55 million. The landmark estate, called The White House, sits on the corner of Route 27 and East Hampton pond and is priced at $50 million.
It is hard for some to believe that these properties will actually sell at these prices, but anything goes in a market as high and unique as this one. You never know whether a property will sell at a much lower price than it originally listed, or much higher. During the life of these listings, it is common for a broker to get many offers – some too low or with unreasonable conditions attached. Some may even go to contract but never come to fruition, due to sensitive issues such as environmental preservation, variances or future plans for the use of the property.
The Villa Maria in Water Mill sold, after multiple offers, to a buyer that paid $10 million more than the asking price. This proves that, sometimes, a property can be as valuable as a buyer is willing to make it. If a buyer has enough money and a strong desire to own a piece of real estate, they can make an offer that, in many cases, ensures that will.
If this sounds easy, think again. As any seasoned realtor in the Hamptons will tell you, the Hamptons are a fierce market. Closing sales on estates priced in the high millions are sometimes multifaceted deals that must be handled with careful consideration. When the stakes are this high, competition can be intense. Needless to say, Hamptons brokers are on their toes. The Hamptons are, of course, considered to be in the upper echelon of the real estate world, comparable only to Palm Beach, Florida or Beverly Hills, California. The Hamptons market is one of the most competitive markets in the world.
In Amagansett, a 23-acre oceanview farm is priced at $40 million. On Shelter Island, there is the beautiful waterfront estate, Bumble Bee Manor, on over three acres and priced at $35 million.
Who would think that pond-front property could demand a price of $25 million, but when this pond is named Georgica and the location is Wainscott, it is a given. Recently, Sheldon Snow, a New York developer, reportedly paid $25 million for a near-15-acre parcel there. It is said to be one of the last large tracts of land left in the exclusive hamlet. The property, which includes 1,200 feet of waterfront has room for a sizable estate compound with all the trimmings. In and around this famous pond are some very famous people’s homes, such as Steven Spielberg, Martha Stewart and Kelly Klein, who all own estates there. The area, actually part of East Hampton Township, is literally packed with celebrities and other high-profile individuals. If a rental is more to your liking, you can lease the Goose Creek Estate there for the season at $600,000. This 5.5-acre estate, where Madonna celebrated her 30th birthday, has just about every amenity one could imagine. The 25,000-square-foot mansion can also be purchased and is listed with Sotheby’s in Bridgehampton.
You can reach Diane at eastendrealest@yahoo.com.
.
 |
