Montauk Summer 2023: What’s New and the Latest on the Real Estate Scene

Summer in Montauk never disappoints – world-class beaches and beach activities by day, and amazing dining and social scene by night. Check out these latest and greatest spots…

Talya Montauk
Ruschmeyer’s Hotel 
161 2nd House Road
(631) 483-5154

The dining and party space at Ruschmeyer’s has had a major overhaul with the introduction of Talya, a Mediterranean-inspired restaurant also under the direction of Executive Chef Lechantoux. The open plan dining and party space located in Ruschmeyer’s Hotel has undergone a radical transformation, evoking a Greek island get-away and designed by Delphine Mauroit and her team at DMDesign. Enter a sultry jungle, with deep forest greens, vibrant magenta hues, and inviting floral patterns; dance to house music in the bar/lounge, or sit outdoors by the firepits. Reservations recommended; open for dinner Wednesday to Friday, 5pm – 2am;  Saturday and Sunday, 7pm –2am. Brunch is weekends only, 1pm – 6pm.

Mavericks Montauk
51 South Edgemere
(631) 668-8506

James Beard-nominated local chef Jeremy Blutstein (previously of Crow’s Nest and Showfish at Gurney’s Star Island) and Managing Partner Vanessa Price (Wine Director of Wildflower Farms, an Auberge Resort Hotel and author of the wine pairing book Big Macs & Burgundy) have reimagined the steakhouse to vibe with the local Montauk experience. Mavericks Montauk is all about “surf and turf”, serving local Montauk seafood and produce, plus a wide variety of steaks and a global wine selection. Overlooking Fort Pond, the outdoor seating is perfect for a sunset cocktail. Hours: Wednesday and Thursday, 5pm – 9pm; Friday to Sunday, 5pm – 11pm.

Montauk Public Library
871 Montauk Highway
montauklibrary.org

Nothing says summer better than the idea of spending a leisurely afternoon by the water reading a book – and the Montauk Public Library has tipped the books in your favor and upped its game considerably, having completed a major renovation and modernization project. The newly expanded upper level boasts spectacular views from outdoor decks overlooking the hithered hills rolling to the Atlantic Ocean; the Family Room plays host to a preschool-age play area, interactive puzzles and games and cozy book nook. The renovation made way for a new recording studio and meeting rooms on the lower level as well as a local history exhibit center, archival storage and additional meeting rooms. 

Sundae Fundae
478 West Lake Drive

Everybody loves ice cream  – and Sundae Fundae is the latest Montauk spot for ice cream, frozen yogurt and candy to satisfy all your sweet cravings! Located in the Gosman Dock shops, Sundae Fundae is the perfect ending to dinner at Gosman’s or an afternoon stroll through the Dock shops. 

Montauk Yacht Club
32 Star Island Road
montaukyachtclub.com

Formerly a Gurney’s property, the Montauk Yacht Club reopens after a nine-month renovation by Safe Harbor Marinas, which purchased the property in 2022 in what has recently been reported as the highest price ever paid for a Hamptons commercial property at $149 million. The 35 acre property stretches out onto Lake Montauk and includes 200 boat slips, fishing stations, 107 guest rooms and villas, three pools, a pair of restaurants, several bars, tennis and pickleball courts and a private beach. 

Montauk Real Estate: There’s No Alternative

There’s lots of chatter out there about what the latest numbers mean for the Montauk real estate market moving forward through the summer and heading towards year end. Q1 prices were down substantially year over year, while prices remained strong – much of that being a function of low to no inventory. According to the Town & Country Real Estate Report for Q1 2023, Montauk closed only 16 homes in Q1 2023, a -57% drop year-to-year in the Total Number of Home Sales. Let’s tune into some seasoned real estate professionals to get their thoughts on a few topics…

In your opinion, what’s in store for the 2023 market in Montauk? 2023 Q1 average and median prices are down year over year – what does this data really represent for the market? 

The team of Kellie Baranovich, Sarah Birdsall and Chris Coleman of Compass lead off with their response. “As everyone knows, COVID accelerated the market to a place that was not sustainable. It’s not surprising to see numbers coming down, I think the market is stabilizing but with that comes a downturn. I think people will continue to buy properties because of the lifestyle they want, however it will be at lower price points then we saw in the previous three years. The Montauk market is still healthy in my opinion.” 

Corcoran’s Helen Stubbmann is in agreement. “Our region will always hold a unique appeal for buyers, due to our history and coveted lifestyle – not to mention our position on a beautiful stretch of the Atlantic coast. This year, we are no longer in the hyper-fast-paced ‘Covid’ market where prices were very heady and far exceeded those found under ‘more-normal’ conditions. Sellers and landlords are adjusting to this, but well-priced properties that reflect where we are today are moving quickly.”

There seem to be a significant number of houses under renovation in and around Montauk as well as new construction. Are these flips? New purchases being renovated or long term holds?

“Montauk has the amazing benefit of being about 70% preserved due to the Peconic Preservation fund paid into by the buyer at closing,” explains Ms. Stubbmann. “Therefore only 30% of local land is available for construction. Owners know there is little open room to develop so renovations and expansions are the answer, especially if the home is in a great location. In addition, there are ‘knockdowns,’ which make way for new construction on an existing lot — for either speculation or to serve as a long-term residence.”

“It’s a combination of both,” shares the Compass team. “Many people are customizing their homes for their families and there are also a good amount of spec projects being built. We have a great new construction project that has just been completed at 37 Startop Drive. This project has taken longer than pre-Covid construction because the high-end materials that are in the house took longer than normal to obtain. It was worth the wait, the house is top of the line with amazing water views.”

Montauk is a very specific micro-market – how is it affected by or reflective of the general Hamptons marketplace east of the Canal?

The Compass team leads off. “We feel the Montauk market is undervalued; we have a unique area out here surrounded by water and nature preserves, and yet the price of homes is significantly lower than the rest of the Hamptons. Our listing at 42 Old Montauk Highway is an oceanfront home on 35 acres listed for $22.5M, anywhere else in the Hamptons it would be listed upwards of $50M.”

“Montauk is a world unto its own,” states Ms. Stubbmann. “Once you have driven past the Napeague Stretch you get a feeling that this is a very special place. In addition to the absolute beauty, the most desirable beaches, great shopping, world class fishing, and some of the best restaurants in all of the Hamptons, you have the security of Montauk’s unique ambience. It’s laid-back, yet elegant, and in many ways a lower-key alternative to points west. People who want to be here, want to be here. There’s no alternative.”