A wonderful kitchen is a Hamptons homebuyer’s dream. It’s also easy to compare one kitchen to another and assign a dollar value. Many homebuyers enter the Hamptons market from metropolitan areas, like New York City, where price per square foot reigns king in property valuations. Real estate in the Hamptons can be extremely difficult to value.
The market is quickly returning to normal market activity levels. Today’s buyers will wait for the right property to list for sale. However, inventory supply remains historically low and, despite the recent increase in the number of new listings, people have decided to stay — many existing listings were taken off the market. Listing supply is still depleted going into winter. We’re essentially at half strength.
While most aspects of a property here can be placed into calculated buckets, there remains an element at the sole discretion of the buyer — the value of his or her passion for its position — and it may not match the seller’s.
Take, for example, waterfront. There are many types on the East End. Some have active views. Some have passive views. Different folks, different strokes — even within those camps. The ultimate price that homes will sell, in any Hamptons market, depends upon the dollar value the winning bidder will personally place on the property’s positioning. What one buyer feels looking out at a 100 foot walkway to the beach can be quite different from person to person. This feeling can be difficult to predict and agents are often surprised, positively and negatively.
Inspired by this issue’s kitchens theme, we highlight market movement of properties with special kitchens in compelling positions.
Less than half a mile from the heart of Sag Harbor Village, the property at 49 Rysam Street in Sag Harbor was a quaint, renovated country cottage listed by Stacey Cohen of Saunders & Associates for $2,995,000 that achieved 13.5% above the ask for a final sales price of $3,400,000 in early September. It last traded in 2016 for $1,495,000.
A modern beauty featured in more than a dozen publications, the property at 73 Cove Hollow Road in East Hampton was listed in July by the Cee Jack Team at Compass for $5,950,000, reduced its price to $4,995,000 in August and found a buyer in the beginning of September, 61 days after first listing and 32 days after the price reduction.
Custom-built and within minutes of Amagansett’s increasingly popular beaches and shops, the property at 114 Montauk Highway was listed by Romaine Gordon of Saunders & Associates for $4,750,000, went into contract in 93 days, and closed on September 14th for its list price.
The potential of positioning also draws a crowd. A throwback to a different time, 263 Olivers Cove Lane in Water Mill was recently listed for $35,000,000 by Bespoke Real Estate and offers phenomenal direct calm water views with an existing waterfront pool.
The passion for positioning is what will get a home sold for the most dollars today. Sellers are no longer advised to hold out for more if they have timing goals or are trading within this market. Pricing continues to climb and interest rates are forecasted to increase.
While buyers are prudent to be cautious, reevaluating those wishlists to see what else can be flexible may not be a bad idea. Right now, it’s about getting a foot in the door if one plans to stay a while. Though sensitive, the timing is right for both buyers and sellers to get a good deal, if they can be flexible.
To learn more about specific areas and price points in the Hamptons, including charts and stats, please visit HamptonsMarketData.com.
Adrianna Nava is the Hamptons real estate market and transaction expert. She is an associate broker with Compass and founder of Hamptons Market Data.