Less Is More

In an area known for palatial abodes, it’s odd to note that several highend condominium developments are cropping up. Keith Green a broker at Halstead Property and head of sales at the new Harbor’s Edge in Sag Harbor, attributes the trend to the fact that “one baby boomer turns 65 every 7.6 seconds.” Having reached that certain age, the postwar generation no longer wants to be strapped to a typical Hamptons’ house where “it takes 11 to 15 people to maintain it.” They want to get out of the city, but they don’t necessarily want all that comes with country life, from overseeing the landscaper to the pool guy. What they do want is “more time to travel and spend time with their grandkids.”

Covering the Waterfront
Purchasing a condo, he says, is a “brilliant solution,” allowing a real estate investment in a low maintenance property. Green himself is so enamored of the condo life that he has moved out of a house and into a model flat at Harbor’s Edge, where the units are still under construction.

Harbor’s Edge, he believes, is a perfect storm of condo heaven. “It’s both on the water and in the village [of Sag Harbor]. Geographically that doesn’t happen often in the Hamptons.” Indeed, the 15 units, all of which boast views of Sag Harbor’s marina, are a hop, skip and jump from Main Street. With the spring 2015 reopening next door of Barons Cove, a 67-room inn that will feature a fine restaurant, the neighborhood is undergoing a major renaissance.

“Since working with Donald Trump in the ‘80s I have never worked with a developer who’s worked so hard to get everything right,” he says of Joe Lomonaco. He cites the ten-step process he employed
to make the wide-plank floors resemble driftwood, the handsome rusticity of which creates a neutral backdrop that flatters “everything from antiques to stark contemporary furnishings and makes every
color come alive.”

Lomonaco has fully exploited the unparalleled views by providing each unit with its own terrace or balcony and a rooftop sundeck with lap pool, sun and shade lounges, and an outdoor TV. Loft-like two and three-bedroom units go from $2.250 million and $4.1 million, while top-floor, 2,500-square-foot penthouses are asking $6 million.Big Condo on Small Pond
Still under construction, Bishops Pond, a 69-unit condominium community in Southampton that went on the market last spring, sold out its first phase in ten weeks, and its second phase over the summer. Only the three model units are still available, decorated by Bridgehampton design firm Mabley Handler with furnishings from Wainscott’s Serena & Lily.

Located on a former gravel pit in Southampton, the 13-acre luxury development encircling a manmade pond boasts a clubhouse, pool, fitness center, billiards, tennis court and concierge services. The railroad tracks on its northern border are blocked by a landscaped berm.
“We’re the only new condo in the village,” says Steven Dubb, vice president of The Beechwood Organization, the developer. “The most recent before ours was built in the ‘90s, and the others were
built in the ‘70s and ‘80s,” he said, adding that he believes they are “outdated.”
“We offer more value in terms space and quality,” he said of the units that ranged in price from $830,000 to $3 million. He mentioned 12-foot ceilings, four-inch white oak floors, marble bathrooms, and natural stone kitchen counters.

Bricks and Mortar
For decades the abandoned Bulova watch factory was an eyesore in Sag Harbor, but its real estate potential was never in doubt – due to its bona fide industrial bones and coveted location in the heart of the village. The developers of Watchcase, along with the help of the Corcoran Group, have sold 80 percent of the factory units and 70 percent of the town houses. Sales have been so brisk that the sales team, led by brokers Cee Scott Brown and Jack Pearson, have taken a hiatus to allow construction to be completed. This summer a loft and two townhouses on the property were the site
of a designer show house where top interior designers from Campion Platt to East Hampton’s West Chin Architects and Interior Designers outfitted the spaces to give an idea of how spectacular they could be. Its marketing as a “village within a village,” is not far from the truth. Both the factory units and townhouses face a central “pavilion” containing a year-round heated pool, fitness studio, spa and clubroom, giving it a resort feel. Available residences range from $1,150 million for a ground-floor loft to $10.2 for a penthouse. One person who will be purchasing a unit is broker Brown who sees it as a “sound investment,” and plans to live in it during summers when he rents out
his Sag Harbor house.

While Hamptons’ demand for condos is clearly strong, so is the resistance by local homeowners who don’t welcome the population density and added traffic. So, developments are sure to remain rare.
Zoe Langstrom is a former public relations exec turned Hamptonite who can
be found hiding out in Sag Harbor, dining at the American Hotel, swimming
at a secret bay beach, and attending everything at Guild Hall.