Realty Check

Hot Sales And ListingsWith A Dollop Of Hamptons Gossip 

Thierry Despont Estate Back On The Market
“The Rosewood Farm Estate” in Southampton, owned by the late, and legendary architect and designer Thierry Despont, has just re-listed for $19.95 million. It is exclusively represented by Douglas Elliman agents Michaela Keszler, Paul Brennan and Martha Gundersen, and it’s being brought back to market for the first time since Mr. Despont passed in August.

Encompassing over 34 bucolic acres, the property has a rich history as the former home of the Southampton Riding & Hunt Club. Once a horse farm, Mr. Despont transformed the property over the years into the one-of-a-kind estate it is today. The six-bedroom primary residence, once the main barn, embraces on three sides a central cobblestone patio-courtyard with a fountain. In addition to the main house, the property includes a separate four-bedroom guest house, a converted stable/pool house, and a separate converted barn/four-car garage, which also served as Mr. Despont’s personal art studio.

Despont was named to the Architectural Digest AD100 2023 Hall of Fame and notably left his mark on many of NYC’s iconic structures – he designed the interiors at 220 Central Park South, worked on the conversion of the Woolworth Building, and the restoration of the Statue of Liberty – to name a few. Mr. Despont also designed the esteemed residences of industry titans like Bill Gates, Calvin Klein, Jayne Wrightsman, Annette and Oscar de la Renta, Conrad Black, and Peggy and Millard “Mickey” Drexler, who worked with Despont for more than 30 years on the design of several homes.

An accomplished sculptor and painter, Despont was also known for his metal sculptures of insects, orbs, and masks, along with his “cabinets of curiosity,” lunar-shaped tapestries. Despont’s art has largely been exhibited by the Marlborough Gallery in New York, London, and Monaco. Many of his original artworks were created here in Southampton and can be found on display throughout the home and art studio at 320 Majors Path. 

Summer Sales Surge
The Wall Street Journal recently published a report from Douglas Elliman that despite concerns over rising interest rates and economic uncertainty, the Hamptons saw an uptick in third-quarter sales compared to the previous quarter.

Transactions in the region, jumped 11.6% in the third quarter compared to the three months between April and June, the data showed. For luxury deals — the top 10% of the market — sales were up 11.5% compared to the summer.

“Sales rose from the second to the third quarter for only the second time in 18 years,” Jonathan Miller, president and CEO of the appraisal company Miller Samuel, said in the report. Still, the number of deals declined for the ninth consecutive time on an annual basis, and prices have come down from the same time last year, although they “remained sharply higher than pre-pandemic levels,” the report said. A lack of supply is partly to blame. 

Although inventory rose annually for the fourth straight quarter, it remains limited after the rush of sales that closed during the height of the pandemic. Because of that, bidding wars occurred on nearly one in five sales, according to the brokerage.

Meanwhile, the median sale price of a residence on the East End was $1.4 million, down 2.2% since the summer and a fall of 11.4% annually, the figures showed. For luxury, the median price was just under $6.2 million, a 3.2% quarterly decline and an 18.5% year-over-year drop.

Luxury On Shelter Island
Penelope Moore, Licensed Associate Real Estate Broker with Saunders & Associates, has announced her exclusive listing of “Congdon’s Point” on Shelter Island. Listed at $19,975,000, the home is a masterpiece of luxury and tranquility, encompassing an entire peninsula with over 440 feet of Coecles Harbor shoreline. “This is more than a residence; it’s a sanctuary where every element is a testament to elegance, and every view a masterpiece of nature,” expressed Moore. “As you approach the house you realize you are headed somewhere special, a place not everyone will have the privilege to see or experience.” 

The interior features a grand living room with dramatic 24-foot ceilings and 10-foot windows, offering panoramic views of serene saltwater. A scenic boathouse, complete with an entertainment center, library, and a guest suite, adds to the property’s charm. The views over the water include that of Reel Point, Little Ram Island, and Mashomack Preserve, which amasses one-third of Shelter Island.

Designing Womam
Renowned interior designer Nancy Corzine has listed her Bridgehampton home. Built in 2004 and created to the highest standards, the 8,000 square foot home is set on 3.5 acres of lush grounds with incredible views and is only minutes from Channing Daughters Winery, ocean beaches and Main Street village shopping. The seven-bedroom home is complete with a chef’s kitchen, an oversized pool and a easy re-installed tennis court. There are also plans in place for a pool house. Exclusively listed at $9.9 million with Beate Moore of Sotheby’s International Realty’sBridgehampton office. 

America’s Most Expensive Zips
Property Shark has released their annual survey featuring the most expensive zip codes in the country. Once again, the Hamptons were featured prominently for 2023. In particular, Sagaponack’s 11962 zip code and Water Mill’s 11976 zip code earned places among the nation’s top 10 most exclusive areas, coming in at #2 and #6, respectively. Both zip codes saw significant increases in median sale prices with Sagaponack registering a remarkable 40% rise and Water Mill experiencing a 22% YoY increase. Despite a national slowdown, the Hamptons market continues to show strong price trends. 

Ch-Ch-Changes

In The Hamptons

Christie’s International Real Estate Group, the exclusive affiliate of Christie’s International Real Estate in the New York City metropolitan area, has expanded to the Hamptons, with the opening of a new office in the heart of East Hampton at 26 Park Place. The Manhattan-based firm with more than 30 offices and 1,000 associates has a rapidly growing presence in New York City as well as established operations in Westchester and the Hudson Valley, Connecticut, and New Jersey. With its new Hamptons location, the company and its agents can offer high-end homebuyers and sellers access to Christie’s International Real Estate’s global luxury network, exclusive marketing partnerships, industry-leading technology, and relationship with the iconic Christie’s auction house for the referral of the sale of art and luxury goods. 

The East Hampton office also recently welcomed Jane Babcook, a perennial top producer with more than 25 years of experience in the Hamptons market.  Sherri Balassone, Esq, Vice President, and Corporate Broker of Record for Christie’s International Real Estate Group, New York City and the Hamptons said: “Ms. Babcook stands as a renowned authority in the Hamptons real estate market, and her extensive experience extends to successfully handling a diverse range of intricate property transactions in one of the nation’s most sought-after luxury real estate destinations. The inauguration of our East Hampton office signifies a significant achievement for our team and underscores the strength of the entire Christie’s International Real Estate brand. We are delighted to welcome Jane to our team, she has an impressive track record of success that will undoubtedly enhance the experience of our clients and future real estate transactions in this region. Jane has an impressive list of clients who clamor to work with her, a tribute to her truly outstanding professionalism.”

On the North Fork

The Agency has opened a new office on the North Fork. Leading brokers Cheryl Schneider and Regan Battuello have joined the company.  “A changing world requires a flexible business plan and state-of-the-art technology – The Agency provides that and believes in collaboration. We are enjoying the ability to be nimble and pivot with a changing market,” said Schneider.

Cheryl and Regan met years ago when they both moved to the East End to raise their families. Cheryl’s a Connecticut native who made her way out east through Westchester and Fire Island (yes, year-round on Fire Island). 

Regan is Manhattan-born and bred but has been living her best farm life with 2 dogs, a cat, a bunch of chickens, (and her family) for the past twenty-something years. Their shared experiences include raising two boys, the hospitality industry, dance, food and more food, and the unique challenges of exceeding your expectations! 

“Whether selling a beautiful bay-front estate in the North Fork or Hamptons, or purchasing a condo in Arizona, we leverage our knowledge, experience, and many connections, to ensure the best possible outcome for our clients”, said Schneider.