When the COVID-19 pandemic hit, the East End was flooded with people escaping the confines of New York City. Then they decided to stay and bought, bought, bought. What resulted was a lack of turn-key inventory, and now buyers are turning to what land is available to create their own haven out east.
“There’s absolutely a land rush,” says Enzo Morabito of Douglas Elliman. “It’s all across the East End, which is brimming with newly potential knockdowns, and we’re seeing increased activity everywhere, especially on the ocean and in Sag Harbor.”
The first quarter of 2021 has not even closed yet and already we are seeing what could be some of the highest-priced Hamptons home sales of the year — and two of them are neighboring properties.
Topping the list so far are two $60 million oceanfront trades on properties off of East Hampton’s famed Further Lane, while a waterfront estate in Wainscott, last asking $56 million, is in contract.
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The number of listings with signed contracts declined for the fourth week in a row and new listings to the market declined for a third week. So far, the average number of sold listings per week for 2021 has been about 24 properties. But don’t let that fool you. Demand is just as high as it was a few months ago.
Enough properties have gone into contract in the last four weeks that could put the number of closed listings this spring at least 60% higher than the same period in 2019, which was stronger than 2020 at the same time.
A 9.2-acre estate in Southampton Village sold at its asking price of $32 million at the end of the year, according to deed transfers this week.
The property at 137 Coopers Neck Lane in the estate section consists of a 5,900-square-foot traditional, cedar shingle house with six bedrooms and six baths, plus a tennis court, pool, and four outbuildings. Tim Davis of Corcoran listed it at the end of July.
“This home went quickly because it is unique to find a parcel of land of this size in the estate section of Southampton,” Davis explains.