slide3 Russell “Rusty” Drumm, legendary surfer, fisherman, writer, and co-founder of The Montauk Oceans Institute (MOI), who sadly passed away in January 2016, would have been honored by the event that took place there on August 21 in his memory. The “First Summer Symposium” featured a lecture given by Lia Colabello, Director of Global Partnerships & Community Engagement at The 5 Gyres Institute, located in Los Angeles, CA on “Plastics in the Ocean.” The lecture coincided with a “Memorial to Rusty Drumm,” featuring tributes by Bettina Stelle, MOI co-founder and Gregory Donohue, member, Board of Directors, Montauk Point Lighthouse, and a special song composed, written, and performed by Tony Villar, longtime surfing buddy of Rusty Drumm’s, entitled “Rusty’s Gift.”

By Ruth Thomas Many realtors agree that although the summer of 2016 got off to a slow start, the season is finishing strong as we head into fall. New construction and waterfront properties continue to be hot as are properties in the $1M-$3M price range. With prices holding steady and quite a bit of inventory available, the market is turning from a seller’s to a buyer’s market. Now with an uptick in activity, a busy fall season is anticipated. Judi Desiderio of Town & Country Real Estate says, “While the summer was seasonally quiet—the weather was so gorgeous most would rather be at the beach, on the boat or the golf course than looking at homes. Now, the fall selling season is strong in most markets and price ranges. $3M and below is the most active segment. Being within town limits—from Montauk to Westhampton—is in great demand. Prices are holding strong in most price ranges, other than the high end. Where future prices are headed will be determined by the market’s response to the election and the future moves by the Feds.” Judi observes, “All eight Town & Country offices are reporting heightened activity. Fall ordinarily is our busiest selling season.”

By Ruth Thomas Resort-like Property on 5 Acres with Tennis – $2,495,000 The Goods – This very private property set on 5 lush acres in the Water Mill North estate section offers a 5 bedroom main house plus a 3 bedroom attached carriage house. Resort-like amenities include a heated pool surrounded by a large entertaining deck, har-tru tennis court, a full gym with Cybex equipment, built-in sound system, an open-plan kitchen with cherry cabinetry and granite countertops, and a media/game room with projection TV. Prime Water Mill North location within easy reach of ocean and bay beaches, village shops, restaurants, and much more. IN# 52942. Why it’s a good deal – Listing agent Nancy Grady of Compass says, “This property is in the most exclusive area of Water Mill North, where new homes of similar size are on the market for $5M and up. You can buy into this neighborhood for half that price with this 8 bedroom home on 5 acres with pool and tennis court.”

slide8By Ruth Thomas The 24th Annual Hamptons International Film Festival (HIFF) will take place October 6-10, 2016. The festival was originally founded to celebrate Independent Filmmakers in the genres of long, short, fiction, and documentary films. Approximately 25,000 visitors will attend HIFF with over 150 films and 20 events in 14 venues across the East End. Over 30 countries are represented in the slate of films with cash and in-kind prizes totaling $225,000. The festival’s diverse programs attract celebrities from around the world to the Hamptons as well as film buffs, culture devotees, and tourists drawn to the glamorous East End. This is the first year that Alec Baldwin and Randy Mastro will co-chair HIFF. Alec Baldwin has been a HIFF board member for the past decade and a longtime supporter of the festival, hosting its SummerDocs series for the past eight years. Randy Mastro, on HIFF’s board for the past nine years, is a partner in the New York office of Gibson, Dunn & Crutcher, and Co-Chair of the Firm’s Litigation Practice Group.

By Ruth Thomas As another great summer winds down in the Hamptons, the real estate market is experiencing an uptick in activity. The entry level-$1.5M range is as strong as ever, while there are multiple bid situations on well-priced properties, and new construction is doing very well. As fall approaches, buyers will always be in the market for unique locations, historic properties, and great projects in any of the Villages in the Hamptons. Judi Desiderio of Town & Country Real Estate says, “The terms for rentals were shorter than usual this summer in the Hamptons and prices were stable or lower depending on location. As for sales, the year began with a drag, but as soon as the Dow returned to positive territory, every T&C agent in every office was busy. The $1M-$3.5M range was the most active segment. Hot areas are Sag Harbor, Shelter Island, and Westhampton Beach. Prices are stable, while certain segments are very low in inventory and others are top heavy.” Judi believes, “The balance of the year should be steady, though being an election year anything’s possible after November. I still prefer my investment dollars to remain in East End dirt.”

Busy Summer Season Predicted Buyers Remain Motivated To Invest In The Hamptons By Ruth Thomas

Matt Lauer has had a busy summer in real estate. First the Today Show anchor purchased Strongheart Manor, the North Haven compound of Richard Gere, for a reported $33M. We noted in a recent column that now that the property had been reduced to a salable figure it would go fast, and it did. Within a Hamptons minute of the price being lowered to $36.5M, Lauer scooped it up. The 6.2 acre waterfront property was listed originally in 2013 at $65M, nearly double the final ask. Lauer then proceeded to put a waterfront North Sea house on the market for $3.95 million, which he’d bought for $2.15M in 2009. The Cape Cod-style 1,800 sf abode is set down a nearly mile-long drive and overlooks a cove with bulkhead and private dock. As if that weren’t enough activity, in July the Lauers listed the 25 acre Deerfield Road estate where they hold court in the Hamptons for $18M. We hear that Lauer and his equestrian wife, Annette, will be holding onto Bright Side Farm, their 40 acre Water Mill horse farm. But we’re not so sure.

  Best Deals In The Hamptons Get them While They're Hot! Peaceful Sanctuary in Wainscott South $21,500,000

The Goods – This luxurious 2.3 acre beachfront residence has been intuitively crafted to create a magnificent entertainers’ retreat caressed by the gentle sounds of the surf. With 315 feet of ocean frontage and unobstructed views over Wainscott Pond, this home sets a high benchmark in quality oceanfront living and enjoys a blissfully secluded setting at the end of a private drive. The home blends traditional features with a smart modern design for a warm, inviting ambience. There is an emphasis on alfresco entertaining with wide wrap-around decks and a wooded boardwalk that provides direct private access to the beach. Undoubtedly, it is one of the Hamptons finest offerings on the market today.  Web #38310

Montauk will not be the same without Russell “Rusty” Drumm, legendary surfer, fisherman, writer, and co-founder of The Oceans Institute of the Montauk Lighthouse Museum, aka The Montauk Surf Museum, that just opened last summer. Born in Syracuse, NY on February 8, 1947, raised in...

 

Buyers Remain Motivated To Invest In The Hamptons by Ruth Thomas

The Hamptons real estate market is expected to be vibrant this summer! New construction and waterfront are in great demand. Properties under $2M are seeing historic activity. And Westhampton Beach, Sag Harbor, and Montauk are hot. Predictions are that this will be the busiest summer yet for the Hamptons!

Magnificent Home in East Quogue – $1,195,000 The Goods – Mint condition estate-like custom designed home features a soaring center hall entrance, vaulted ceiling living room with a stone fireplace, open floor plan family room, gourmet Thermador kitchen and dining room with access to an outdoor deck. A lovely double door entry into the grand, first floor master suite, appointed with vaulted ceilings, an enormous marble bath and a walk-in closet. Four additional bedrooms include a second master suite. The fifth bedroom can be used as an added family room. A 9’ ceiling height basement with French doors to the rear patio, and a large two-car garage completes this magnificent home. All sited in a quiet estate-like location. Web #37274. Grossman BHS 71 Corbett DriveWhy it’s a good deal – “Where else can you get a 4,250 square foot mint-condition home with the potential to finish a 9’ walk-out basement (and arrive at 6,200 square feet) for close to $1M?” says listing agent Philip Grossman of Brown Harris Stevens. “Nowhere else, from Southampton to Remsenburg can this size and quality home be found at this price. Put in a pool and you have the perfect Hamptons home.”