Archives For Hamptons Real Estate

Articles on the Hamptons real estate market, one of United States’ priciest areas. Read short, insightful news on foreclosures and pre foreclosures, big-ticket transactions, trends, stats and more.

$10M+ Home Sales Surge in the Hamptons

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As activity in the luxury market was booming in Manhattan and Brooklyn throughout 2012, the Hamptons didn’t lag behind either. Here’s the proof: sales in the very high end of the Hamptons housing market ($10 million and over) jumped 44% in 2012!

The overall picture looked encouraging as well. Sellers and buyers of homes in the Hamptons could witness more sales and slightly lower medium sale prices in most quarters of 2012. The total number of Hamptons home sales reached 1,517, a 14% increase over 2011. Continue Reading…

The Most Expensive Streets in the Hamptons

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When billionaire Marc Rowan sold his 322 Meadow Lane home in the Hamptons at the beginning of this year for $28.5 million, he left the most expensive street in this part of the East End.

Southampton’ Meadow Lane is quite famous for attracting high-profile residents, mostly Wall Street financiers but celebrities as well, all looking for a posh place to cool off during the summer. So far, they have paid enough for Meadow Lane waterfront homes  to make the median sale price a whopping $17.6 million! And, according to Curbed Magazine, the trend doesn’t seem to be slowing down.

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Second-home market in the Hamptons – Infographic

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It’s no surprise that 42% of all Hamptons vacation homes are owned by New Yorkers, and more precisely, 35% are owned by Manhattan residents.

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Most Expensive Home Sales in the Hamptons in 2011

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2011 was anything but a banner year for real estate in America, and although many reports hailed the strength of the luxury real estate market, in many regions facts are hard to come by. The biggest sale of 2011 in the Hamptons didn’t even come close to the biggest in 2010, which raked in a whooping $43.5M.

As a matter of fact, the most expensive home sold in the year that just ended would have only grabbed 3rd spot in 2010. However, this doesn’t necessarily mean that 2011 lacks any spectacular transactions, on the contrary. Here’s a top 10 of the most expensive homes sold in 2011.

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Hamptons Distressed Properties Map

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Recently the Business Insider wrote an article featuring the 10 priciest distressed properties for sale in the Hamptons with the house at 33 Mill Creek Close, in Watermill topping the list. With a lis pendens filed in September 2011, this property is currently on the market for $9.45M. According to the listing description, it has an indoor pool within a sunlit atrium, a gym, two saunas and a steam room.


33 Mill Creek

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Million Dollar Price Cuts In The Hamptons

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A dive into Suffolk County’s price-chopper hall of fame revealed the following 3 properties as having the largest total dollar price drops in October 2011. For their address, price history and all the other listings details click on the links below:

24 Elm Lane, East Hampton, NY 11954 (▼ $2,095,000)
The 3 compound parcels at 24 Elm Lane, 283 Old Montauk Hwy and 5 Maple St hit the market in May 2011 with an asking price of $9,995,000. The listing has recently recorded a $2,095,000 price drop and is being offered at $ 7,900,000. According to Corcoran, the listing features a 0.6 acre vacant lot for a guest cottage or tennis court and a fabulous 1.7 acre property with existing ranch plus approved plans for a new 5,800 sq ft residence with 6 bedrooms, 6.5 bathrooms, infinity pool, garages, and landscape.

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The Water Mill estate of former Doubleday publishing chief John T Sargent had its price reduced again earlier this month, this time by $5M. Originally listed at $40M in 2010, the property suffered a previous $12M price chop in February 2011 and is currently on the market for $19.995 million.

186 Crescent

186 Crescen Avenue (Source: Corcoran)

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Hamptons house sees $12 million price cut this week

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The waterfront house at 186 Crescent Avenue in Water Mill has recently suffered a 26% price drop from it’s previous listing price.

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Our attention was drawn by a Curbed Hamptons post on a $485,000 loss (over the previous purchase price) of a Montauk beach house. The property, located at 20 Gilbert Road, was reportedly bought in 2006 for $1.2 million, repossessed by the bank in April 2009, according to our records, and then sold at an online auction for $795,000.  The home was previously listed for sale for $864,000. The Wall Street Journal asked their readers provocatively if this is the ‘deal of the year’ in the Hamptons.

We took a look at whether there are other potential deals coming up at the foreclosure auction in Long Island and the Hamptons. To do this, we searched for distressed properties scheduled for auction which are also listed for sale, and having a lien amount lower than the listings asking price. We found several of them.

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Hampton lis pendens (pre-foreclosures) down 27%

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There were 36 properties in the Hamptons that received at least one pre-foreclosure filing in May 2010. The number is down 27% from May 2009 but up 16% from May 2008.

hamptons_lis_pendens

So far this year there were 29 properties with a lis pendens in the Hamptons with a lien over one million dollars. Here are two such properties that are also listed for sale: Continue Reading…