Behind The Hedges 07.12.2019 20:03 In Westhampton Beach, A Good Market and Infrastructure Investment

In Westhampton Beach, A Good Market and Infrastructure Investment

September 25, 2019 By Laura Euler

The quaint, charming hamlet of Westhampton Beach has seen real estate prices skyrocket in the past few years. Less traffic, easy commute to Manhattan, and generally lower asking prices make for a very appealing market. No wonder that a heavyweight like Discovery Land Company, who build ultra luxury resorts, has transformed the formerly dowdy Dune Deck into a showplace. Denise Kerrigan Perfido, of Kerrigan Country Realty, says, "The Village of Westhampton Beach is receiving much deserved attention--upgrades being made to both infrastructure and beautification will keep its value climbing and vibrant."

Enzo Morabito, of Douglas Elliman, says, "The transformation of Westhampton Beach has begun! The new leaders that are taking our community forward, the mayor and the Village Board, are fiercely committed to a total renaissance of the village. With their leadership you can't possibly stop them, so Hamptons, you better look out!"

Main Street, the hub of the village, is being transformed. Patrick M. Galway, Senior Executive Manager at Town & Country Real Estate, says the street is "in the process of a major renovation and after completion will be a terrific boost to the real estate market in the area. In addition to our sale of the Westhampton Beach Bakery on Main Street, the building that had a bookstore as a previous tenant has sold, two new buildings have been constructed on Main Street, there are plans to tear down and reconstruct the building that occupied Magic's Pub, and there is good potential for a boutique hotel to be constructed on West Main Street. The revitalization of Main Street has captured the attention of many investors into the village. In the near future we are expecting many more restaurants to follow."

"There are big happenings in Westhampton Beach right now," says Aimee Martin at Saunders. "The multi-faceted Main Street Improvement Project will include the installation of sewers in the village's downtown business district. It also calls for enhancing stormwater management, as well restructuring the street, repaving roadways and sidewalks, and burying utility lines. While inconvenient in the short-term, it will ultimately increase home values, and bring more restaurants and shops to our beautiful downtown.

"The Westhampton Beach Performing Arts Center, the cultural jewel of the village, remains open with an impressive line-up of arts academy, films and Main Stage shows planned for the fall, winter and spring."

All this infrastructure investment must be affecting the residential market, right? "It's on fire," says Natalie Lewis of Corcoran. "The amount of interest that come into the town has grown dramatically. Dramatically!"

Kerrigan says that residential is being transformed as well. "The existing inventory is being purchased and either tastefully renovated or torn down for new builds."

Morabito is building a new home in the village with his wife, Cathy. In some ways it's a homecoming for him, too. "I lived here many years ago before I banished myself to Bridgehampton, circa 1989. Little did I know that I would end up marrying again and be put in charge of growing young boy, my son Alessandro.  We moved back here to Westhampton Beach, because there really wasn't that many choices regarding schools on the East End. We came back because we were so impressed with the community's mission regarding the education of their young people."

"The weather has been fabulous so far and buyers are still coming out. There are 21 homes in contract presently waiting to close in Westhampton Beach," reports Galway.

Antonio Bottero, at Compass, says, "For properties listed close to market value, we are seeing offers come in. Things started picking up the week after Labor Day. We had an influx of buyers come out for showing requests. Meanwhile, most open houses still seem to have low attendance as high res photos and video seem to be taking their place. As of right now, there are 49 listings in contract from Remsenburg through Hampton Bays. Prices ranging from a 1 bedroom condo listed at $210,000 to an over 8,000 square foot home on Penniman Point in Quogue for $5.395 million."

"The under $1.5 million real estate market remains strong with limited inventory. I'm seeing more new construction which is in demand. Third quarter sales definitely picked up and fourth quarter looks promising," says Martin. She sums up: "Homes that are priced to sell are selling."

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