In May 2022, the single-family Hamptons real estate market east of the canal saw some adjustments from past sentiment. After several representing brokers and price adjustments since May 2021, the property at 63 Duck Pond Lane in Southampton finally went under contract after 368 days.
NEW LISTING ACTIVITY
The highest priced new listing on the market in May was the property at 71 Cobb Lane in Water Mill which traded as a package of four parcels in late 2021 for $118.5 million is now offered separately for $72 million by Hedgerow Exclusive Properties, leaving some of the Hamptons top brokers scratching their heads as to what the pricing play represents as this particular parcel traded for $60 million in the last trade.
Though usually the most value can be found by keeping multiple lots packaged together, it seems splitting the estate home off from the land parcels is a hedge to the future increase value of raw land while attempting to capitalize on the current high value of built out homes.
The median new listing of the month was 1 High Point Road in East Hampton’s Northwest Woods listed for $3.2 million by Joe Piccinnini of Compass.
The lowest priced listing new to the market east of the canal in May 2022 was 26 Bay Avenue in North Sea listed for $725,000 on May 26, 2022 and has already been lowered to $649,000 by Jennifer Reiner of Saunders and Associates.
CONTRACTS SIGNED ACTIVITY
The highest priced listing that went under contract in May 2022 was the property at 63 Duck Pond Lane in Southampton. Originally listed by Nest Seekers ahead of summer 2021 for $35 million, the listing then gained two new brokers, Hedgerow Exclusive Properties and Douglas Elliman and lowered its price to $33,900,000 in November 2021. It is now under contract.
One listing at the median that went under contract and has now closed in June was 49 Windward in East Hampton last asking $2,695,000 and listed by Dierdre Jowers of The Corcoran Group. It last sold in March of 2021 for $1,250,000 and was completely renovated before it went back on the market in April 2022.
The lowest priced property that went under contract was the property at 45 Woodbine Drive in Springs listed for $950,000 in April 2022 by Lisa Jill Levitin of Rosehip Partners and went into contract in ten days.
SOLD LISTINGS ACTIVITY
The highest priced sold listing was the properties at 35 Potato Lane and 543 Daniels Lane in Sagaponack, across the road from each other and sold together for $46.5 million. Christopher Covert of Compass had the listing.
The median sold listing was the property at 44 Dayton Lane in East Hampton Village listed by Sarah Minardi of Saunders and Associates and closed for $2,599,000 in May.
The lowest priced sold listing was the property at 17 Third Road in North Sea listed by Norman Gunderson of The Corcoran Group and sold for $850,000.
Adrianna Nava is the founder of Hamptons Market Data and Licensed Real Estate Broker with Compass.