When it comes to the real estate market, the numbers tell a story — but it’s not always the whole story. As of late, it seems a segment of the market is finding buyers more quickly over the last few months than over the past year.
Preston Kaye, the co-founder of Hedgerow Exclusive Properties, points to some properties that have gone under contract soon after listing, thanks to price points “close to land value with older vintage dwellings that still have life in them.”
One example is 81 Ocean Road in Bridgehampton, which went into contract within three weeks of listing in May at $6,995,000. Hedgerow Exclusive Properties and Karena Cameron, Catherine Juracich and Thomas Ventura of The Corcoran Group repped the sellers, while the buyer was represented by Heather Buchanan from Sotheby’s International Realty. The deal was set to close this week, after this issue went to press.
“81 Ocean Road is a timeless classic with pre-19th century history,” says Kaye. “The house was originally built by the Hildreth Family and has been modernized over the years.”
The 4,800-square-foot Colonial home, which sits on a 1.4-acre lot, was first occupied by E.A. Hildreth, a notable civic leader and entrepreneur in 1900, and even once served as the town’s library. The current sellers of the home are not descendants of the family.
Kaye points to the property’s close proximity to both town and ocean, which “presented the property in a very desirable way, especially within the $6 to 8 million price point, for which we are seeing a great deal of demand.”
Over in Sag Harbor Village, another interesting sale was a newly built waterfront home, which was snapped up in less than two weeks after it hit the market. It took 5 weeks from list to closing, trading above the nearly $15 million asking price just before Memorial Day weekend, and setting the record for the second-priciest sale ever in the village.
The 4,200-square-foot home on Sag Harbor Cove traded for $15,518,174 on Thursday, May 23. We’re told the final sale price included some furnishings. Hedgerow Exclusive Properties and Douglas Elliman’s Erica Grossman and Noble Black co-listed the property at 8 John Street, while Elliman’s Rima Mardoyan Smyth brought the buyer to the deal. The home went on the market for $14.95 million and closed within 35 days.
“Claxton House is an incredibly thoughtful design concept that truly relates to the history and charm of Sag Harbor Village. Fully customized and curated by an A+ team of professionals including Bryan Graybill, Historical Concepts and Ocean Building Corp, every inch of the waterfront property was meticulously conceived and built to the highest standard,” Preston Kaye, the co-founder of Hedgerow Exclusive Properties, told Behind The Hedges.
Only one other Sag Harbor Village property has sold for more. The compound at 25 Shaw Road, overlooking Sag Harbor Bay, traded for $17.5 million in May of 2022. The 8,000-square-foot Nantucket-style house sits on two acres with 200 feet of waterfront and a swim dock.
“8 John Street sets a new benchmark within Sag Harbor Village as the highest single trade since 2022, and the second highest in the Village’s history,” Kaye continued. “Based on the timing in which the deal transpired, it is evident that really great product is still in high demand and buyers are willing to pay pioneering prices.”
Graybill was not only the interior designer, but the homeowner, along with his husband, Daniel Dokos, an attorney. They purchased the 0.41-acre property in 2018 for $2.65 million, records show.
“The sale of 8 John Street is particularly special and will remain memorable to me because I sold it to the current sellers the minute it came onto the market in 2018 and then again now to the new buyers,” Mardoyan Smyth said. “Both times, my buyers trust in me, their vision and serendipity in terms of timing made it possible to secure the property for them. This closing really feels like a beautiful, full circle moment.”
brings the outside in. The property set a new record when it sold pre-construction recently.Rendering courtesy of Hedgerow Exclusive Properties/Michael Davis Construction
Also noteworthy, is the record-breaking sale at 332 Parsonage Lane in Sagaponack. The 3.3-acre property sold on a pre-construction basis as a completed package close to its asking price of $29,500,000 — a new record for the highest inland sale in Sagg.
“The recent trade of 332 Parsonage continues the narrative that buyers really want to be in Sagaponack,” says Terry Cohen, a partner in Hedgerow Exclusive Properties. “Having village approvals in place allowed the buyer clarity regarding the plans and timing of what actually could be built for a known cost and delivery date.”
The design and build were created by the esteemed Michael Davis Design & Construction, who held the previous inland record of $24,500,000, Hedgerow tells Hedges.
The buyer of 332 Parsonage Lane was repped by Chris Covert of The Modlin Group. In Southampton Village, a home in the estate section facing west on Shinnecock Bay’s Heady Creek already has a signed contract after just listing on June 17 at $13.75 million. The 2.8-acre property with a house, originally built in 1900, was listed with John P. Vitello at Brown Harris Stevens. With 265 feet of waterfront and a boat dock, no matter the plans for the four-bedroom house, the listing price seemed fair, insiders say. After all, nearby homes, albeit on more acreage, but with comparable views, have asked much more. Sotheby’s International Realty pointed out a few listings as well, including one from Marilyn Clark’s listing at 771 North Sea Mecox Road in Southampton, which went into contract in just 13 days, having been listed on May 28 at $4.2 million. The 0.76-acre property boasts a 2,260-square-foot stylish retreat, designed by Centerbrook Architects to take advantage of farmfield views and perennial gardens.
Overall when looking at data, Kaye says, “It’s so challenging to always paint with broad brushes.” It’s tough to say why certain properties go into contract quickly. “You’re seeing some new inventory come on. You’re starting to hear some whispers about higher-end properties starting to become available,” he says. “Deals are always happening. We’re a very seasonal market and the challenge is capturing buyers and getting them out here to view.”
This article appeared in the Behind The Hedges Fourth of July issue in Dan’s Papers. Read the full digital edition here.
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