Top 5 Hamptons Real Estate Stories of the Week: ‘Seven Sisters’ Home in Contract, Martha Stewart Sells East Hampton Home

153 Deforest Road, Montauk
The home at 153 Deforest Road in Montauk is in contract.
Courtesy of Compass

One of the historic “Seven Sisters” cottages in what was a summer colony designed by Stanford White, one of the Gilded Age’s most famous architects, has finally found a buyer. The Andrews House at 153 Deforest Road in Montauk, near the legendary talkshow host Dick Cavett’s Tick Hall, is now in contract. The last asking price was $11.95 million.

“Very excited to be representing both sides of this very cool property in my neighborhood,” says Chris Coleman of Compass, who specializes in real estate around the Point. “I have always loved this house and the location is one of the best in Montauk in my opinion.”

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How Much Martha Stewart Got for Her East Hampton Home

Martha Stewart, seen here at the Life, Literacy, Luxe and Education at the Atterbury Estate in Southampton on June 12, 2021, has sold her Lily Pond Lane home.Patrick McMullan/PMC

Martha Stewart revealed back in June that she was parting ways with her home on East Hampton Village’s famed Lily Pond Lane, but now we know for just how much.

Suffolk County deed transfers show this week that Stewart sold 58 Lily Pond Lane for $16.5 million on August 16. The buyer is officially listed as Katherine Sailer, the wife of Kenneth Lerer, the former Huffington Post co-founder and the former longtime chairman of BuzzFeed.

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Thiele Pushes Audit of Peconic Bay Region Community Preservation Fund

Assemblyman Fred W. Thiele Jr., the architect of the Peconic Bay Region Community Preservation Fund, is calling on the office of the state comptroller to perform an audit of the fund.

While the fund has been a success, collecting $1.73 billion since it was created in 1998 and preserving more than 10,000 acres of land in the five East End towns, an independent review is wise, especially following “the dramatic growth” the fund experienced during the COVID-19 pandemic, says Thiele, who sent a letter to Comptroller Thomas P. DiNapoli’s office on September 9.

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The August 2021 Hamptons Market Report

Courtesy of Hamptons Market Data, LLC

Supply decreased again and there is no more listing discount. Though some may look at the 12% decrease in median sold price to $1,849,000 as a sign that prices are declining in the face of more new listing inventory, there is an explanation!

The number of properties priced less than $2 million going under contract continues to impress, tipping the scales down on the sold price for the month of August. The median listing discount hit 0% for the first time since the pandemic and maybe, in all of Hamptons real estate history. Certain properties continue to achieve brow raising over-asking price offers. Even as market activity has returned to pre-covid levels, data show that prices are in fact continuing to increase overall.

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New to the Market: Vacant Land on Georgica Pond Lists at $11.75 Million

Courtesy of Town & Country Real Estate

A vacant 2.7-acre parcel on Georgica Pond in East Hampton — with some famous neighbors — is being offered for the first time.

The property at 18 Jones Creek Lane was listed last week for $11.75 million in a co-exclusive with Town & Country Real Estate’s Linda Batiancela and Douglas Elliman Real Estate’s Martha Gundersen and Paul Brennan.

It is one of the few remaining lots on Georgica Pond, a private getaway for the rich and famous. Beyoncé and Jay-Z are not far away on Briar Patch Lane, a mansion they bought in 2017 for $25.9 million. Steven Spielberg and Ronald Perelman also live nearby.