High, Median, Low: Hamptons Real Estate Activity in March 2022

East End CPF
The property at 35 Potato Road in Sagaponack sold, along with an undeveloped property to the north, for $46.5 in May, which will help fuel the CPF.
Courtesy of Compass

The most expensive new listing on the Hamptons real estate market was also the highest-priced listing to go under contract in March 2022.

NEW LISTINGS

The highest-priced new listing on the market was the properties offered together at 35 Potato Road and 543 Daniel Lane in Sagaponack, offered for $48,000,000 by listing agent Christopher Covert of Compass. 

The median new listing was 19 Sandgate Lane in Southampton and asking $2,995,000 by Matthew Brietenbach of Compass. 

The lowest priced listing new to the market in March 2022 was 39 Greenvale Lane in Southampton offered at $780,000 by Brenda Giufurta of Douglas Elliman.

CONTRACTS SIGNED

The highest priced listing that went under contract in March 2022 was also the properties offered at 35 Potato Road & 543 Daniels Lane in Sagaponack indicating continued strong demand in the luxury sector. The property never made it to the marketplace, as real estate continues to be a desirable asset given ongoing stock market volatility.

The listing at the median that went under contract was the property at 24 Woodland Drive in Sag Harbor, listed in October 2021 for $2,695,000, reduced in December to $2,550,000, went off-market in January 2022, came back on the market in early March at the same reduced price, and found a contract quickly – it had been offered by Stacy Pennebaker of Brown Harris Stevens. 

The lowest priced property that went under contract was the property at 3 Washington Street in East Hampton listed in September of 2021 for $625,000 by Jennifer Linick of Brown Harris Stevens. 

SOLD LISTINGS

The highest priced sold listing was the property at 82 Wheaton Way in Water Mill, originally listed by Terry Cohen of Saunders and Associates for $29,900,000. It became a co-exclusive offering with Bespoke Real Estate for $23,995,0000 in September of 2020, and quickly increased its price to $24,950,000 that same month. It signed a contract in June 2021 and closed last month for $23,000,000. 

The median sold listings were the properties at 72 Windward in East Hampton listed by William Stoeker of Town and Country in November 2021 for $2,395,000 and closed for $2,300,000, or 3.97% off the list price; and 930 Head of Pond Road in Water Mill listed by Angela Toscano of Douglas Elliman for $3,195,000, reduced twice over the fall to $2,650,000, and closed in March 2022 for $2,350,000, or 11.3% off the last asking price and 26% off of the original price.

The lowest priced sold listing was the property at 124 Tuthill Road in Montauk, listed by Margaret Harvey of Town and Country at the end of February 2022 for $859,000, and closed at the end of March 2022 for $720,000 – a 16.2% discount.

Adrianna Nava is the Director of Market Intelligence for Covert at Compass and founder of HamptonsMarketData.com

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