Latest News: Realty Check

Realty Check

By Barbara Baker - June 24, 2020

Now that Hamptons real estate is back in business, agents are expecting to stay very busy now through the end of the year and beyond as high demand continues to rise for second homes. Additionally, though we are now fully in season, the hunt for long-term rentals has not slowed a whit, especially as experts predict the possible return of Covid-19 infection waves through the fall. Stay tuned.

The Updated State of Real Estate
As of this writing, real estate has been allowed to resume here in Phase 2 of New York on Pause. That doesn’t mean that life goes back to the normal we knew prior to mid-March. To help clear up the confusion for those who are not professional real estate agents, here is a brief guide to what is allowed and what is not allowed, industry-wide, at this time, according to the New York State Association of Realtors.
Brokers are encouraged, but not required, to conduct remote walkthroughs and other activities that involve clients and customers whenever possible. If meeting with others, agents and brokers are also expected to wear appropriate face coverings and to maintain social distance. NYSAR also strongly encourages members to only hold meetings in open, well-ventilated spaces if they must conduct business in person, and they are strongly advising that agents and brokers should not be driving others around with them in their vehicles.
Traditional open houses are discouraged. Property viewing should only be conducted in unoccupied properties, with limited numbers of individuals gathering. It’s also recommended by NYSAR that agents and brokers remotely screen potential clients and customers about their Covid-19 exposure and risk before meeting with them.

Business Unusual
As any savvy businessperson knows, with tremendous change and disruption comes even more tremendous opportunity, for those who know where to venture.
Nowhere is this adage more evident than here in the Hamptons, where even more people with means than usual have been gathering for the past several months. As a result, expect to see a slew of Manhattan businesses moving in on South Fork and North Fork turf.
Manhattan restaurateurs, in particular, are even more keen than usual to claim table space this season. Those who are expected to pop up include: Carbone (Southampton), Dante (Wainscott), NAIA (Southampton), NoFoRoCo (Westhampton Beach), Sundae Donuts (Montauk), Delivery services straight from the city are being offered by Amorino, Big Brunch Box, Marea, The Smith and Tony’s Di Napoli.
Other major disruptors that East Enders will see more of are the blue-chip art galleries, which are setting up shop in the Hamptons quicker than you can make your own Pollock-inspired drip painting. Big art world names that have already committed to the Hamptons for the immediate future include: Sotheby’s private sales, Pace, Skarstedt, Max Levai and Van de Weghe, which have or will be showcasing their wares in East Hampton.
Other new business developments include Sunflow beach brand, which has opened a pop-up in East Hampton for the summer and Avenues for-profit private school, which is setting up a Hamptons outpost and offering one-on-one private in-person instruction for $65,000.

Of course, we can’t talk about East End real estate and business without mentioning the noticeable shifts in the hotel industry, which has had to dramatically pivot after being dealt near-death blows. As many local hoteliers and inn keepers — such as Surf Lodge in Montauk, Hedges Inn in East Hampton, Shou Sugi Ban House in Water Mill and South Harbor Inn in Southold on the North Fork — have had to redraw their business models, the changes could impact how people choose to vacation. Updated amenities being offered now include apartment-type lengthy stays; full-resort buyouts; and such luxury ante-uppers as private chefs, health instructors and shoppers; delivery services; and certified disinfected beach chairs and umbrellas.
The opportunity for a new kind of lodging business model has even brought hotel giant Marriot out east. The company’s short-term rental business, Homes & Villas by Marriot, has recently partnered with Hamptons-based StayMarquis to offer hotel-quality properties and concierge amenities to guests. The model includes approximately 150 properties from StayMarquis’ 600-property platform.

Buy Your Own Bouvier
Widmoor in East Hampton, noted as “the original Bouvier property,” is now on the market for $7.5 million. Located on Apaquogue Road, the circa-1895 shingle-style stunner commands an acre and comes with six bedrooms and four-and-one-half baths.
The home where the late First Lady Jacqueline Kennedy Onassis summered as a child and where her father, “Blackjack” Jack Bouvier, hosted polo matches and entertained glamorous friends was later owned by artist Adolph Gottlieb.
The elegant property features a standalone artist’s cottage with loft, wraparound porch and second-floor wraparound deck, a wisteria covered-arbor, multiple fireplaces, wood floors and a light-filled solarium. It’s represented by Paula Butler of Sotheby’s International Realty.

Rihanna’s Hamptons ‘Stay’
Super successful singer, songwriter, actress and entrepreneur Robyn “Rihanna” Fenty has settled on a waterfront pad for the summer. Celebrity watchers will recognize the expansive North Sea property, where RiRi has reportedly paid $415,000 to stay from mid-July to mid-August, as the place where Kourtney, Khloe and Kim Kardashian came to “Take the Hamptons” back in 2014.
Included on the 2-acre peninsula property: an 85-foot boat dock, Jet Skis, pool, and 8,900-square-foot shingle-style home with five bedrooms and six-and-one-half baths. Dylan Eckardt of Nest Seekers is credited with locating the home, which is listed for $10.995 million with Danielle Lise Desrochers of Douglas Elliman.

Divesting on Drew Lane
Bold-faced investor Barry Rosenstein has sold one of his Hamptons homes for $35.75 million. The modern 13,626-square-foot mansion at 27 Drew Lane in East Hampton sits on 1.5 acres and comes with a seven-bedroom main house, two-bedroom guest cottage and lap pool. It had been listed for as much as $70 million when it first came to market in 2018. No word on who represented the sale.

Calvin Quietly Quit Southampton
In long overdue news, it appears that American fashion design icon Calvin Klein has sold his 650 Meadow Lane home in Southampton Village. The off-market deal looks to have been finalized back in March. The reported buyer was billionaire Ken Griffin, who snapped up the 7-acre oceanfront property on “Billionaire Lane: for $84 million, according to deed transfer reports.
Featuring impressive views and walls of windows, the sleek minimalist structure is sited on a property that Klein paid $28.9 million for back in 2003. Formerly owned by Henry Francis du Pont, and then later by “Baby Jane” Holzer, the land previously boasted a turreted and fortress-like home named “Dragon Head,” which Klein had razed back in 2009 to make way for his modern dream home.

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