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With A Dollop Of Hamptons Gossip
By Barbara Baker - September 20, 2019

Another summer season has come and gone, to be replaced by an ever-extending shoulder season that seems to lag more each year into the holidays. Soon, the only times we won’t have traffic jams here on the East End will be between the hours of 10:30 a.m. and 1 p.m. during the grey days of January and February. 

But where is everyone going? That’s the question. 

WHAT’S SELLING NOW

When it comes to real estate, there’s been growing interest West of the Canal, experts say. And even though it’s still a buyers’ market, high or low, the East End’s most active segments are by far the properly-priced properties. Take Douglas Elliman’s Chairman Howard M. Lorber, who took part in the Hamptons first Wealth Report presentation with top brokers Erica Grossman and Tracy Tutor, along with UK-based representatives from Elliman’s partner brokerage Knight Frank at the end of summer at Topping Rose House in Bridgehampton. A lot of the luxury market has been besieged with pie-in-the-sky pricing, according to Lorber, but the air is being let out of the inflated price tag. When buyers and sellers both feel like they are getting value, a property will move quickly. “Nobody is giving anything away,” Lorber said. For those properties that meet the needs of both sides of a deal, interest is on the rise across the East End, according to Grossman. “Pricing has come down, and that’s why you see a lot of buyers coming out now, because they are getting better deals than they would have a couple of years ago,” she said, adding that the top of the market is anything but stagnant. “The market has picked up and the high-end sales have been better than we have seen in a couple of years.” 

TIMELESSNESS = PRICELESSNESS

One such property could be Redcraft in Southampton Village. Back on the market for $28 million, the circa-1870 estate at 420 Ox Pasture Road had previously been priced at $31.7 million back in 2016. Owned by real estate investor Michael Raynes, it’s an impeccably restored gem of a home. Represented by Harald Grant and Bruce Grant of Sotheby’s International Realty, the 6,700-square-foot manse features seven bedrooms and six-and-two-half baths, a number of fireplaces and exquisite interiors throughout by Steven Gambrel. Exterior amenities include 3.5 acres of gated grounds by landscape designer Perry Guillot, including a walled formal garden, a hedgerow fashioned from copper beech trees based on the famed English gardens at Sissinghurst Castle, an allée of age-old horse chestnut trees, plus modern updates such as a generous heated Gunite pool, modern pool house and room for tennis.

NOTORIETY NEVER HURTS

Of course, fame and some great staging can also support a sale, especially when it’s the home of an Academy Award winner. Take the excellent example of high-end value that is the $18.25 million Tribeca home of legendary actress Meryl Streep. Listed with Sotheby’s agents Juliette Janssens and Allison Bandier Koffman, the exquisite penthouse has been staged to sell with crisp contemporary furnishings and an elegant white palette accented by pops of color by Meridith Baer Home. The 3,900-square-foot River Lofts residence boasts a private elevator landing and views to die for of the Hudson River, Statue of Liberty, and the iconic Chrysler and Empire State Buildings.

IT’S A NUMBERS GAME

Meanwhile, back closer to home, at time of publication, there were a total of more than 2,700 properties for sale in the Hamptons. Approximately 50 of them were priced over $20 million. In the $10 million-to-$20-million range, there were 125 properties. The buying pool more than doubled in the $5-million-to-$10-million market, with 285 properties showing as available. The bulk of the inventory was priced between $1 million and just shy of $5 million, with at total of 1,639 listings. Those priced under a million accounted for 612 of the active listings. For the curious, the highest-priced listing was 1080 Meadow Lane in Southampton, at $150 million with the Messrs Grant of Sotheby’s. A $49,999 trailer home in Westhampton Beach with Douglas Elliman was the lowest-priced. 

CH-CH-CHANGES

Compass has announced a new power triad in the Sarraf + Hoffman + Beck team. Comprised of Caroline Sarraf, Alyra Hoffman and Cynthia Beck, the seasoned agents have a total of more than 40 years experience between them. Highly regarded by their peers, their substantial network reach and real estate savvy all work together to maximize the salability of the properties they represent. The power of three is ready to guide you, say the ladies. 

Following a successful 30+ year career in the financial service industry in New York City, William Bancroft embarked on his real estate journey with Brown Harris Stevens. Bancroft resides in Southampton and practices real estate out of the Bridgehampton office. Southampton is his home and having spent over 50 years in the area, he knows it better than anyone.

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