Realty Check

Hot Sales and Listings with A Dollop of Hamptons Gossip 

Are you waiting to dip your toes in the tidepools of Hamptons real estate? Have high mortgage interest rates put you off? You’re not alone. Many potential buyers are sitting on their hands, waiting for rates to drop and prices to go down. Keep in mind, though, that while most expect interest rate cuts this year, the 2 and 3% rates of a few years ago were historically very low. As for prices, most agents believe that asks are not going to come down, and with very low inventory, once the market moves, bidding wars may be erupting for desirable properties. A year from now, you may be kicking yourself for not going after a house you like. Agents expect a lot of activity this year and many buyers will be competing for a few listings.

Sellers, too, have been reluctant to put their homes on the market. Now is a great time to spruce up your place and make it a buyer must-have. The shortages of lumber, materials, and appliances seen during the pandemic are over. Now is a great time to put in that new kitchen.

WEST END BARGAIN   
News comes that the charming oceanfront traditional for sale at 15 West End Road in East Hampton has finally sold after two years on the market. The property closed for $28 million, a whopping $20 million less than the asking price in 2021. The price dropped slowly from $48 million to $39.5 million and then finally $33 million in summer 2023.

We tend to think it’s a bargain at $28 million. Two acres between the ocean and Georgica Pond? Its own sandy beach, 160 feet of
oceanfront, a nine-bedroom Shingle-Style home, a three-bedroom guest house and a pool? Yes, please! If that’s not enough room for you, very luckily the house happens to be outside the flood zone, so it would be possible to expand. Marilyn Clark and Ginger Thoerner of Sotheby’s International Realty had the listing. The new owner is a Mr. 15 West End Road LLC. 

MACKLOWE SELLING
Developer Harry Macklowe is selling his Georgica Pond mansion that sits on nearly three acres at 64 West End Avenue in East Hampton. In a prime Village location, this property is surrounded by preserved land, nestled into its own serene cove, and offers complete privacy situated on the shores of Georgica Pond with breathtaking sunset views. With both ocean and pond views, residents can indulge in swimming and sunbathing at the waterside gunite pool. 

Spanning 2.71 acres on one of the most prestigious streets in East Hampton, this residence boasts an impressive 951+/- feet of linear pond frontage. The home features 5,500 +/- sq. ft. of living space, including four bedrooms, four full baths, and one-half bath. Enjoy abundant natural light and scenic water vistas from nearly every room in the home. Originally designed by Futterman Architecture, this architectural masterpiece is truly one of a kind and is a must-see for discerning buyers. The home is listed with Paul Brennan and Martha Gundersen of Douglas Elliman Real Estate and is asking $38 million.

FAREWELL, HILTONS!
Rick and Kathy Hilton have just put their Water Mill property up for sale. Jared Seligman at Corcoran has the listing. Rick and Kathy purchased the shingle-style house, built in 1992, in 1999 for about $2.4 million. The hotel heir and Real Housewife are asking $14.95 million for the 2.7 acres, located in the gated Fordune neighborhood. And yes, you remember correctly: this area used to be part of the gigantic Ford estate.

Why are the Hiltons selling? Having lived for ten years in the Waldorf Astoria as well as summering here, the couple spend most of their time in Los Angeles these days. Their children, socialites Paris and Nicky (who married a Rothschild), are probably better known than their parents at this point, and they’re still based in New York. One notable family event taking place in the Hamptons was Thanksgiving 2019, when Paris met her future husband Carter Reum. (Nicky and her husband own a large estate in Brookhaven.)

The residence is a grand 10,500 square feet, with six bedrooms and seven and a half bathrooms. There’s a double-height foyer, library, formal dining room, den, three wood-burning fireplaces; most bedrooms have a private terrace. In the back is a gunite pool and spa, and a dining pavilion. A three-car garage, port cochere and a finished basement with staff accommodation round out the property, which includes sought-after deeded access to Fowlers Beach. 

LA DUNE? LA TRISTESSE!   
Last month, you read about the then-forthcoming sale at auction of La Dune, the massive Gin Lane estate. The property had previously asked $150 million. It includes two mansions and four acres of oceanfront land. One of the houses is believed to have been designed by noted architect Stanford White; the other one was originally a guest cottage. 

The most recent brokers repping the
property were Sotheby International Real Estate’s Harald Grant, Corcoran’s Tim Davis and Bespoke’s Cody Vichinsky.

La Dune sold for $89 million at auction on January 24, which wasn’t enough to cover the debts of its seller, art collector Louise Blouin. Acting as her own attorney in Long Island bankruptcy court the following week, she asked the judge, Alan S. Trust, not to approve the $89 million sale because it was too low; supposedly she is millions more in debt on the property, which she was counting on the sale to provide.

According to the New York Times, the judge replied that the sale of La Dune had been fair. Then he approved the deal, saying, “The marketplace has spoken.” 

CH-CH-CHANGES     
Noelle Masini joins The Cee Jack Team at Compass as their new Rental Manager. Her
love for the Hamptons began over 15 years ago, when after just one visit she knew she
would one day live here. A resident of the East End since 2018, she knows what it is like
to be a renter, a landlord, a buyer and a seller in this market. Her goal is to make the process as seamless as possible.

Prior to getting her Real Estate license in 2020, Noelle ran operations for several prestigious healthcare groups within the dermatology and plastic surgery sector. She applies her techniques to home design giving advice on color, décor and decluttering to help landlords and sellers maximize their homes marketability. She is invested in learning what her clients want and then doing everything within her power to deliver. She knows when to move quickly but also when to slow down – a practice she puts to use in her personal life.

Active in the community, she can be found at SoulCycle or Yoga class daily or donating her time to multiple local charities. She is a resident of East Hampton and adores spending time with her Shih Tzu, Chip.