Realty Check

Hot sales and listings…along with the latest real estate news in the Hamptons

Happy Columbus Day! As we head into fall, let’s take a look at the rental season that was and get a handle on the current market. The New York Post trumpeted that “Summering in the Hamptons is dead: budding influencers are trying to outdo each other vacation-hopping” to Europe and farther afield. Funnily enough, traffic in the Hamptons was heavier than ever this summer – so much for the opinions of influencers!

Reading down, the Post’s point, which is nothing new, is that it’s hard for younger people to afford, in time or money, an entire summer’s rent. This has meant some disappointment for many landlords, as they prefer to rent all summer and strict laws about short term rentals can make that option unfeasible. Pandemic-era pricing for rentals is also gone. Many properties purchased during the Covid era were being offered as rentals, creating a glut in the market.

East End agents are very optimistic about upcoming sales this fall, as more properties hit the market. In the first six months of this year, brokers closed 679 deals, a 57% increase over the first six months of 2023. And if interest rates are cut by the Fed, agents predict a sales frenzy.

Gin Lane with Provenance  
Several interesting new properties have hit the market recently. On Gin Lane, the home once occupied by late pop artist Roy Lichtenstein and wife Dorothy has listed for $20 million. Roy passed away in 1997, while Dorothy, donator of hundreds of works of art of her husband’s, died this past July. Roy said regarding the house, purchased in 1970, “We came for several summers, and one fall just didn’t leave.” 

The former carriage house, with a deeded path to the beach, was built about 1910 in the former “Meadow Beach” estate, which once included ten oceanfront acres. Today, the property includes a generous 1.93 acres, along with the house, which was of course renovated over the years, and Roy’s painting studio. 

The Southampton classic summer house sports three levels (which can not be built in the village any more), as well as five bedrooms and six bathrooms in 5,825 sq.ft., surrounded by beautiful, lush gardens with hostas and specimen trees. There’s room for a pool, too. Interested? Get on the horn to Harald Grant, Bruce Grant, and Caitlin Walsh of Sotheby’s International Realty, or Tim Davis of The Corcoran Group, the co-exclusive brokers representing this amazing property.

Was It Something We Said?
Seven months after listing, the Water Mill home of Rick and Kathy Hilton has gone into
contract. Yes, the hotel Hiltons, the Real Housewives Hiltons, parents of socialites Paris and Nicky. Those Hiltons. Located in the Fordune enclave, the 2.7 acre property was originally asking $14.95 million; the Hiltons then chopped $4 million off the ask for a price of $10.99 million. Of course, we don’t know what the final price will be until closing. The Hiltons paid $2.38 million for the place in 1999. Jared Seligman at The Corcoran Group is the selling agent.

Built in 1992, the house’s interiors definitely date from the 90s, despite a 2018 refresh. Whether or not the new owners will demolish and build new will be interesting to see.

The Hilton clan has spent less and less time at the house ever since mostly decamping to the West Coast in the past 20 years, though Nicky, married to James Rothschild, has her own place in Southampton.

The 10,500-square foot home includes six bedrooms and seven and a half baths. There are three woodburning fireplaces and a finished lower level. Outside features a pool, outdoor dining and terraces to make the most of the summer, as well as a three-car garage and a porte cochere. Best of all, the property includes deeded access to nearby Fowlers Beach.

Bethenny Frankel Lists in Bridgehampton
Reality TV alum and businessperson Bethenny Frankel has just listed her long time home with Douglas Elliman agents Noble Black and Erica Grossman. Asking $5,995,000, this charming compound property features a main house, guest cottage, 40 acres of open fields, and a backyard oasis, complete with pool, spa, pool house, outdoor kitchen, and meticulously landscaped gardens.

Frankel, the celebrated television personality,philanthropist, entrepreneur, and author, purchased the compound estate over a decade ago and extensively and lovingly remodeled the home. Recently renovated, the main house offers expansive views and abundant natural light. A newly renovated chef’s kitchen features custom millwork, high-end finishes, and appliances, while the living room seamlessly integrates indoor and outdoor living spaces.

All Singing, All Dancing
Another new listing also offers interesting owners and a fab location. Dancing Oaks, as the house is known, belongs to Stewart Lane, a Broadway producer who has won six Tony Awards. Lane, best known for La Cage aux Folles, The Will Rogers Follies and A Gentleman’s Guide to Love and Murder,
purchased the property in 2002 for $2.625 million.

Dancing Oaks located on the Grace Estate in Northwest East Hampton, which includes 623 acres of protected beachfront, forest, and tidal and freshwater wetlands. The Sotheby’s listing points out that “In 1985, East Hampton Town embarked on one of the most successful land preservation acts in the northeast. …only 100 acres [were] allowed for only 30 building parcels and the remaining 500 acres remain as a protected nature preserve. The Grace Estate historical and ecological importance is a success story as to how acres of land can be planned and protected for future generations.”

The house, built in 2000, is asking $12 million via Catherine Debackere at Sotheby’s. The 8,500 square foot stucco house includes eight and eight-and-a-half bathrooms, including a luxurious primary suite. The owners’ suite features a sitting room with a gas fireplace, a walk-in closet and its own terrace, while the bathroom features a large jacuzzi tub and a double shower stall with six shower heads and spray features. The four acres of land include a tennis court and a fabulous pool. It’s in the pond style and includes fountains and a double waterfall.

CH-CH-Changes
Kelly Canavan has assumed the role of full time brokerage manager at Sotheby’s International
Realty – Hamptons Brokerages. Through a collaborative senior management partnership, Kelly and Nanette Hansen will strategically co-lead three Hamptons offices (Bridgehampton, East Hampton, and Southampton).

Kelly joins Sotheby’s with an extensive background in real estate law. Most recently, she was a partner at her own Hamptons based firm, Canavan Law Group, where she led the practice, representing buyers and sellers, landlords and tenants, brokers and developers, architects, contractors, and business owners with all aspects of residential and commercial real estate. Prior, she was an attorney with a premier law firm on Long Island.

“I said yes to Sotheby’s International Realty when Nanette Hansen approached me to be a co- manager with her. I had known Nanette for years, first on the tennis court (she is an incredible tennis player) and as an attorney closing her deals when she worked as an agent. The prospect of working together was exciting and a new chapter for me after 33 years of practicing law. Sotheby’s International Realty is a brand with global reach and even more importantly, our agents are not only knowledgeable, but deeply embedded in our local Hamptons community. We have an incredible and dynamic team which I am grateful to be a part of,” said Canavan.