Amagansett Lanes Report – 2nd Quarter 2010

This was a slow quarter in the Amagansett Lanes with only two transfers, after 6 the previous quarter.  We had quite a rush of sales in the Lanes in the last year or so since the very bottom of the market, and as a result there isn't a lot of inventory left.  Both of the transfers this quarter were older, less expensive homes, as the average price for a .5 acre lot in the Lanes is approximately $2 Million and these transfers were both under that mark.

The following properties transferred in the Amagansett Lanes in 2Q 2010:

15 Old Montauk Highway, $1,250,000

43 Hedges Lane, $1,585,000

Average Price:$1,4175,500

Median Price:$1,417,500

Notable Inventory:

There are a few interesting houses for sale in the Lanes at this time, but most are either projects or very expensive, or both.  There are some very nice houses that were taken off the market in the lanes when the market went soft and maybe some will come back on again in the near future.  As market conditions improve I am seeing some very nice homes come on the market in other areas from sellers who have been waiting on the sidelines and hopefully improved conditions will attract more sellers in the Lanes.  Any buyer who is interested should be ready to act quickly, because there are lots of people waiting to buy in the Lanes and good houses that are priced well go very quickly.