Real Estate

Peek inside the pricey Hamptons homes fueling bidding wars

Scoring a Hamptons hideaway has by no means been extra aggressive: Douglas Elliman reviews that East End offers greater than quadrupled this summer time in comparison with final. And all that buzz means the worth tags on big-ticket listings are getting even greater.

“People are taking advantage of the much stronger market,” says Corcoran’s Gary DePersia. “I’m seeing bidding wars and multiple offers at all price levels. And many properties that traded pre-COVID would trade for a higher price today.”

DePersia is presently advertising and marketing the final instance of this phenomenon: a $72 million property at 26 and 32 Windmill Lane in East Hampton. The seven-acre oceanfront compound bought in April for $45 million, then popped proper again onto the market in October asking $27 million extra. More jaw-dropping nonetheless, the five-bedroom, 5,900-square-foot house and three-bedroom, 2,300-square-foot visitor home will seemingly be seen as a teardown to consumers prepared to pay this type of premium. The grounds have room for a brand new 12,500-square-foot oceanside residence in addition to a 6,000-square-foot visitor home and sunken tennis courts.

Over in Bridgehampton, the six-bedroom, nine-bathroom fashionable property at 144 Meadowlark Lane hit the market again in January 2019 asking $14.5 million. Today, it’s asking $18.9 million with Corcoran’s Susan Breitenbach — yet one more reflection of the Hamptons bull market. The 8,000-square-foot mansion options walnut and terrazzo flooring, teak and leather-wrapped stairs, three fireplaces, a marble steam room and a “green” design by architect Tommy Zung.

The red-hot residential gross sales scene can be attractive properties to make their debut. The 10,500-square-foot, seven-bedroom, seven-bathroom mansion at 28 Halsey Ave. in Westhampton has hit the market for the first time. It’s asking $9 million with Enzo Morabito of Douglas Elliman. The property boasts a deep-water dock with boat slip, a water-facing gunite pool, a spa, a sunken tennis court docket and landscaping by famend designer Edmund Hollander. 

Welcome to the new regular.

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