Tuesday, February 18
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Realty Check


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

Welcome to 2025 in the sometimes-crazy world of Hamptons real estate! As many know, the new year usually starts with a screech of brakes in January. Then, at Presidents Day, someone somewhere blows a whistle and the rush is on! 

Many people felt that business was slowing down in the autumn, not just in the real estate sphere but everywhere. People were waiting for the election and then would make decisions based on that, to an extent unprecedented in our experience. 

Many agents felt the same. Greg Schmidt, a Corcoran agent, told us that he is very optimistic about the 2025 Hamptons market. He agrees that the market slowed down because of the election, and says, “Many people postponed making decisions about buying or selling because they felt they needed to know the outcome.” 

The initial numbers are bearing out his opinion. In the first week of January, 21 listings went into contract from Westhampton to Montauk. The same week in 2024, 9 listings went into contract. 2023, same week, saw 16 listings go into contract. It’s a great time to buy or sell. Here’s to a bright 2025, everyone!

The Notorious Big  
Given the fairly dismal total price of the top 10 sold listings in 2024, it won’t be hard for 2025 to improve on it. The top 10 adds up to just $281 million; about half of 2023’s $499 million and way down from $635 million in 2021. The cheaper half of the 2024 top 10 list wouldn’t even have made the list in 2023. 

La Dune Estate — 366 & 376 Gin Lane, Southampton

Of course, it all depends how you figure top 10. Via parcel? What about if multiple parcels are sold together? In our experience, the fairest, most easy way to figure it is by parcel, which means that 376 Gin Lane, Southampton, half of the La Dune estate, which traded for $45.6 million, comes out on top. If you add the other part of La Dune in, 366 Gin Lane, which sold for $43.3 million, the result is a respectable $88.9 million, but still a far cry from the old asking price of $150 million. Times are rough!

The rest of the list is as follows:

3. $29.6 million, 21 Spaeth Lane, East Hampton
4. $27 million, 484 First Neck Lane, Southampton
5. $24.95 million, 9 Hither Lane, East Hampton
6. $24.9 million, 155 Seascape Lane, Sagaponack
7. $22.7 million, 22 Channel Pond Court, Southampton
8. $21 million, 43 Lee Avenue, East Hampton
9. $20.7 million, 383 First Neck Lane, Southampton

Tie for 10! 
$20.5 million, 1953 Scuttle Hole Road, Bridgehampton
$20.5 million, 342 Town Line Road, Sagaponack

On the Break
One of the former oceanfront parcels of land in Ditch Plains, Montauk, that used to comprise the East Deck motel, has sold. $9 million was the price, which is the highest-priced one-acre oceanfront lot ever sold in Montauk. Erica Grossman at Douglas Elliman and Hedgerow Exclusive Properties had the listing; Hedgerow brought the buyer.

44 Deforest Road, Montauk

The seller was investor Heath Freeman, who also owns the plots just west of the recent sale. Two houses have been built on that land, at 40 and 42 Deforest Road, but neither have sold. Freeman, a hedge funder, also controls EHP Hospitality, which owns EHP Resort and Marina in East Hampton, among other entities. The easternmost lot from the former East Deck sold for $8.1 million in 2021 and remains empty.

40 and 42 Deforest, by the way, are available for a head-scratching $1.5 million Memorial Day-Labor Day rental. You and your surf buds will have plenty of room to stretch out, with a total of just over two acres, 14 bedrooms and 12 plus bathrooms. There is just under 10,000 square feet of living space, two pools, and two spas. You can also tell the hoi polloi to get lost from your private beach. Cowabunga!

Bargain on Billionaire’s Lane?  
The very odd property situated at 1320 Meadow Lane in Southampton has recently gone into contract. Last ask for the place was $49 million; the property was repped by Bespoke and Tim Davis at Corcoran.

What’s so odd about the property? There is a massive (18,000 square foot) half-built strange looking mansion on the property. The house has an odd Moroccan feel, with many arches and strange pyramidal rooflines. Work stopped on the property in mid-2018 and it’s been untouched ever since.

1320 Meadow Lane, Southampton

Of course, demolishing a structure that large is extremely expensive, but based on the final price, this unknown buyer might have picked up quite a deal. The oceanfront property is a nearly 10 acres, with 550 feet of frontage.  With 2-acre zoning in the area, a nice compound could be built for a patient new owner. Of course, getting all the necessary permits is never quick and easy. It will be very interesting to see what happens.

Macklowe Chops the Price  
Speaking of necessary permits, not to mention billionaires, real estate tycoon Harry Macklowe has cut the asking price of his Georgica Pond-adjacent property on West End Road in East Hampton. There’s just one problem: Macklowe didn’t get permits for many of the extensions and changes he made over the years so there is no Certificate of Occupancy. Illegal clearance of land has racked up unpaid fines from the village.

Well, actually, there are two problems: the ask is still too high. Macklowe originally put the property up for sale about a year ago, asking $38 million. He has just now cut the price to $32.5 million; the current listing agent is Bespoke Real Estate. Most insiders price the property about $15 million. Macklowe paid $10.35 million for the home in 2017.

64 West End Road, East Hampton

There are 2.7 acres of land, nicely surrounded by preserve, on which site the 5,500 square-feet house and a pool. The residence is pretty small for the East Hampton estate area with just four bedrooms and four-and-a-half full bathrooms.

Ch-Ch-Changes 
With over seven years of experience in the Hamptons’ luxury residential market Chris Furchert of Compass is known as a trusted professional. Starting his career with a top-performing team at a leading brokerage, he facilitated over $100 million in annual transactions. His expertise spans waterfront estates and inland homes, making him a versatile asset for buyers and sellers.

Chris Furchert

As a Long Island native, Chris offers invaluable market insights and tailored guidance, whether clients seek a primary home, vacation property, or investment. A Baruch College business administration graduate, he combines strategic thinking with local expertise to deliver exceptional service. Chris’s client-first approach emphasizes long-term relationships, seamless transactions, and informed decision-making. His dedication and negotiation skills have earned him the trust of clients navigating significant investments. Whether acquiring a primary home or a second residence, Chris ensures a smooth, rewarding real estate experience tailored to each client’s unique needs.

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