Real Estates

?This season has brought much excitement to the world of East End real estate, where there is always something new happening. And it is the big money that is spent on big estates that brings big excitement. The high-end market has remained in the forefront with multi-million dollar listings and sales taking place all season long. It began before Memorial Day when a Southampton oceanfront sold for $26 million.
Not only did high-end sales make news, but oceanfront rentals in the hundreds of thousands of dollars simply flew out the realtor’s doors early this season, most gone before the first holiday weekend. The proof was not only in the listing price-tags but the sales too. Celebrities continue to flock east, paying what ever it costs to be here. Katie Couric was added to that very long list this year when she purchased a 7 bedroom, six bath summer home in East Hampton at $6.3 million.
This summer was no different than any other when it came to East End realtors finding unique & inventive ways to sell properties here. It is something they have become known for. There were exciting open houses such as the one that took place at the Church Estate in the Montauk Moorlands that combined a fashion event and broker’s open house and included a runway show featuring Victoria’s Secret models. The open house drew more than 70 East End brokers.
The Corcoran Group began a new advertising campaign that was tailored for the East End and focused on luxurious and coastal living. We saw interest by some of New York’s major publications as they turned to the East End to feature not only the mansions and house tours but our tiny cottages and beach bungalows tucked away in fantastic locales.
The North Fork has also spiked much interest this summer with the exchange and sales of vineyards and the growing number of historic estates turned Bed and Breakfast. Last season’s North Fork designer showhouse, The Jedediah Hawkins House, opened this season as a luxury inn and restaurant. Duck Walk Vineyards of Water Mill is now expanding to the North Fork, in Southold, where they are building another tasting facility.
What stood out most this season was the number of commercial listings that came onto the market. A record number of motels, marinas, vineyards, equestrian properties, retail space & restaurants have either gone up for sale or sold in just this past year. Early in the season, it seemed as if every motel in Montauk was on the market: the Memory, Ruschmeyer’s Inn, the Lido, Shepherds Neck Inn and the Oceanside Motel. Shepherds Neck Inn sold to a New York developer who plans to transform it into a luxury resort and spa. Even the famed 22 acre Deep Hollow Ranch, known for its series of “Back at the Ranch” concerts, entered into the mix, listing at $17 million earlier this summer. Many of these properties have been family owned for decades. It seems property owners plan to cash in while the high-end market is still hot.
Making big news was East Hampton Point Resort & Marina in East Hampton entering that market with a $55 million listing price. A corner store in East Hampton, Calypso, sold at an unbelievable $8 million and will become Tahari in the spring. On Shelter Island, it was the two historic sister inns, The Chequit and The Ram’s Head that went on the market. The Island Boatyard on Shelter Island jumped in as well, at $12 million, as did the palatial Bumble Bee Manor on the island at $35 million.
And in Amagansett, the Farmers Market on Main Street went up for sale. The Peconic Land Trust, the East End conservation group that has saved numerous acres and historic sites on both Forks, has recently made an offer on this historic piece that also includes an 1884 Victorian. The Land Trust has offered $9.5 million for the landmark 9 and a half acre property.
Just this past week an offer was made on a church in Southampton. It seems the King Kullen supermarket chain would like to expand onto Montauk Highway near Burger King and has offered The Southampton Full Gospel Church $10 million for the property, which they have reportedly turned down.
You can reach Diane at eastendrealest@yahoo.com.