| Issue #49, March 16, 2007 |
Real Estates
with Diane Strecker
As we move into spring, most seasonal residents returning to the East End already have their mind on summer and that house by the beach. The beaches here are some of the most beautiful in the world and are also home to some of the most expensive real estate. The oceanfront mansions on the estates that run along Gin and Further Lanes can rival the most extravagant estates just about anywhere in beauty and prestige. Estates in the area have rented and sold at mind-boggling figures. Oceanfront property, or any waterfront property for that matter, has become so sought after that realtors report year after year that there is just not enough to go around. Everyone wants to be on the beach. Prices are relative in regard to which beach one may desire to live on. In Westhampton Beach and East Quogue there are miles of oceanfront beaches along Dune Road. Most of the homes there are directly on the beach. Seasonal rentals in this area can go for as high as $500,000 for the season (on the very high end), but average for around $150,000.
On the north side of Southampton, areas such as North Sea offer quiet seclusion and those wishing to keep a low profile can retreat to its quiet bays and inlets. The popularity of this area has increased substantially in recent years due to celebrities, such as Paul McCartney, buying property there. North Haven, the private hamlet just beyond Sag Harbor, also offers its many high profile residents the hidden refuge they seek. Jimmy Buffet and Richard Gere both own homes there, in the section known as the Actors’ Colony. Billy Joel is said to be considering an $80 million waterfront compound there, currently the highest-priced piece of residential real estate listed in the Hamptons. On Georgica Pond in Wainscott, properties that sit on any one of the five peninsulas make for some of the most beautiful spots on the East End, where celebrities and high profile individuals own real estate, including Martha Stewart and Steven Spielberg.
It’s not all mansions though. There are still a few little beach cottages tucked here and there, although that number has lessened over the past few years as buyers bought little beach cottage properties and knocked them down to build larger, more elaborate homes. This practice has become more and more common and has transformed hundreds of little fishing shacks into waterfront homes. Areas like Noyak, North Sea, Three Mile Harbor, the Springs and Montauk have all seen their share of knockdowns. On the North Fork, that trend has caught on as well. As many as five out of ten waterfront properties along the Peconic Bay in South Jamesport have been torn down and built anew. The beach there, once dotted with tiny cottages, now has a string of new, multi-million dollar homes lining its shore. A property purchased in the $500,000 range just a few short years ago now showcases a home worth nearly $3 million. It goes without saying that these kinds of transformations have done wonders for increasing property values in the surrounding area.
Whether one wants to live on the bay or the ocean, near wetlands, harbors, or lakes, on islands or beside ponds, the East End has it all. What makes the East End unique is that it is so geographically diverse. The Hamptons have endless nook and crannies to discover and offer refuge. On Shelter Island, there is a beach cottage for sale that is set on a property that seems like an island unto itself. It is made up of a little more than two acres surrounded by nearly 40 acres of preserve, creating a very private natural setting. The property is on the tip of a peninsula that juts out into Coecles Harbor. There is a deepwater dock and almost 500 feet of sandy shoreline. There is a pool, a two-car garage with guest quarters, three bedrooms and three baths in this shingled beach house. The driveway is more than a mile away from any main road. There are water views from just about everywhere. This property is a classic example of the kind of uniquely secluded properties that grace the East End. The estate is listed with Wien Realty on Shelter Island and is priced at $4,500,000.
One can still rent an unpretentious beach cottage in Ditch Plains in Montauk for $45,000 for the season, just a block from the surf break. The draw to this five bedroom, two bath with a wraparound deck and outdoor shower is, quite simply, the beach. It is listed with Martha Green in Montauk.
You can reach Diane at eastendrealest@yahoo.com.
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