Inventory levels in the Hamptons are at historic lows after 18 months of record-high sales numbers. Though there are fewer transactions, recent high-end sales moved the market as summer quickly approaches.
In the $20 million-plus category, 82 Wheaton Way in Water Mill sold. The 13.3-acre property boasts a brand new, modern home with 9,951 square feet of space, designed by Blaze Makoid Architecture.
Outdoor terraces on the first and second levels face Mecox Bay, plus there are ocean views from the higher level.
It sold for $23 million, $1 million less than the last asking price, on March 8. The Terry Cohen Team, which at the time was with Saunders & Associates, had the listing. Christopher Burnside of Brown Harris Stevens brought the buyer.
An equestrian estate in East Hampton, totaling more than 20 acres, sold in two deals, for a combined $22.5 million, in late April.
A private buyer paid $12.7 million for the main house, an agricultural reserve and an additional lot —approximately eight acres in total.
The Town of East Hampton purchased the remaining six lots and one reserve — approximately 12.37 acres — for $10 million, using the Community Preservation Fund.
Douglas Elliman’s Enzo Morabito and Dana Trotter of Sotheby’s International Realty had the listing. Morabito brought the buyer.
“It was a privilege to represent such an exceptional property and we’re happy to see it to a successful closing,” Trotter says, adding that she was also pleased that approximately half of the acreage was preserved.
A compound at 25 Shaw Road overlooking Sag Harbor Bay sold for $17.5 million on May 9. The 8,000-square-foot Nantucket-style house sits on two acres in the Village of Sag Harbor with 200 feet of waterfront and a swim dock.
The new owners will surely enjoy summer on this property. There’s a 50-foot heated gunite pool overlooking the harbor, a covered outdoor entertaining pavilion with a full kitchen and bar, an oversized farm table with a comfortable seating area and a stone fireplace. There is also a cabana bath by the pool, a four-car garage, a bocce court, a croquet field and a meditation garden.
The Corcoran Group had both sides of the deal; Susan Breitenbach listed the home and Mala Sander represented the buyers.
Another modern home, this one an oceanfront spread on Southampton’s Meadow Lane, sold for $16.4 million on April 25. The 5,3530-square-foot home at 1580 Meadow Lane offers panoramic views of not only the Atlantic Ocean but the Shinnecock Bay thanks to large windows, expansive terraces and second-floor entertaining areas. There is also a heated pool and spa and a private walkway over the dunes that leads to the sandy beach. The property offers 240 feet of direct oceanfront.
“This home on Meadow is a special piece of property, perfectly perched amidst the dunes with the most amazing views of both ocean and bay,” says Erica Grossman of Douglas Elliman, who had the listing.
“As always, location is key, and this modern home on the ocean in Southampton will always be in demand,” says Andrea Ackerman of Brown Harris Stevens, who brought the buyer. “It was the right time and right place for these savvy buyers, and now they will be in their new home on the ocean before the summer begins.”
Over in Water Mill, another residence in the famed Fordune enclave sold. The home at 122 Jule Pond Drive traded for $13.5 million on March 16. The 8,600-square-foot, shingle-style home offers sunset views over the pond, open fields and the Atlantic Ocean. Tim Davis and Emily J. Demone of The Corcoran Group represented the sellers, and Geoff Hull repped the buyers.
Mother-daughter duo Michaela and Paulina Keszler of Douglas Elliman recently sold the longtime Southampton Village home of Carole Guest and the late Fred Guest. “Folly Fields,” as the home at 359 Wickapogue Road was known, boasted exquisite gardens that recently hosted the Southampton Rose Society annual cocktail party and fundraiser.
The home sold for the full asking price of $11.49 million on April 20. It was listed in early February and went into contract in under one week. Cindy Scholz of Compass brought the buyer.
A unique home on a coveted block sold April 28 for $11.525 million. James J. MacMillan and Peter M. Turino of Brown Harris Stevens represented the listing at 386 Further Lane in Amagansett, which had a last asking price of $12.995 million.
Arlene Reckson from The Corcoran Group represented the buyer.
“It is two full acres surrounded on two sides by agricultural reserve which protects it from intrusive residential development,” says MacMillan.
The main house, a stucco post-modern home with 7,500 square feet of space, is situated down a long, private driveway and behind a gated entrance. The five-bedroom, eight-and-a-half-bath house was completed in 2001 by John Hummel, a prominent South Fork builder.
The property also includes an award-winning freeform pool — which cost a reported $3 million to build about 10 years ago — and a large pool house.
Located in Southampton’s estate section, the luxurious home at 535 Ox Pasture Road sold March 4 for $10.1 million. The amenities at the 4,000-square-foot, turnkey home include a heated gunite pool and spa, a pool house, an all-weather tennis court and a practice golf green, sand trap and chipping area. Rik Kristiansson of Corcoran and Erica Grossman of Douglas Elliman listed the two-acre property. Terry Cohen, then of Saunders & Associates, brought the buyers.
Lastly, Mickey Drexler, the former CEO at J. Crew and The Gap who is no stranger to real estate in the Hamptons, recently purchased another oceanfront home in the Hamptons, this time in Amagansett.
Drexler purchased 51 Marine Boulevard for $9.5 million in an off-market deal in April. Martha Gundersen and Paul Brennan of Douglas Elliman represented both sides.
“It’s one of those iconic Amagansett, Marine Boulevard beach houses,” says Brennan.
“He’s going to renovate the whole thing,” Brennan says, adding that Thierry Despont, the noted architect and interior designer, has taken on the project. “The renovation will really be spectacular. It will be a small but elegant beach house.”
The approximately 2,000-square-foot home sits on a 0.67-acre lot, but despite the small lot size, typical for the area, there is even a pool, on the roadside part of the property.
The house is pre-existing, nonconforming and is set closer to the ocean than current zoning would ever allow, we’re told. It enjoys 110 feet of ocean frontage.
This article appeared in the Memorial Day 2022 issue of Behind The Hedges. Read the full digital version of the magazine here. Read more features from our magazine here.