There were 3 sales in East Hampton South in the 2nd Quarter (excluding Georgica where there were an additional 3 sales). In the first Quarter there were 13 sales in East Hampton South, and 10 in Georgica.
We will have to wait until later to see which quarter is more representative of this year’s norm. Overall, sales volume in the Hamptons was up about 20% in the 2nd Quarter compared to the 1st Quarter (and about 90% compared to the 2nd Quarter of 2009), so I don’t think the volume drop in East Hampton is meaningful.
The current quarterly reports show prices in the Hamptons rising, but this is a distortion based upon the increased level of high-end buying which has driven the average and median price calculations up over last year. Prices in the Hamptons have largely stabilized, and East Hampton South is no exception. Improved market conditions are attracting new sellers, and the financial markets are now strong enough to generate new buyers, so I expect that going forward there will be a rough balance between supply and demand and well-priced homes will sell relatively quickly.
As market conditions have improved, some notable high-end sellers in East Hampton who have been waiting patiently on the sidelines have begun to list their homes. A selection of this currently available inventory appears at the end of this report.
The following properties transferred in East Hampton South of the Highway excluding Georgica in 2Q 2010, and by coincidence each is on Skimhampton Road:
56 Skimhampton Road, $1,400,000
83 Skimhampton Road, $2,850,000
197 Skimhampton Road, $1,525,000
Average Price: $1,925,000
Median Price: $1,525,000
(Last Quarter's more representative Average Price was around $6,000,000 and Median was around $5,000,000).
Notable Inventory
20 Drew Lane. Oceanfront with pool. 7,0000 square feet, 1.7 acres. $34,995,000.
8 Hither Lane. Excellant house built by Jeff Colle, 8,500 square feet, 1.9 acres, $14,000,000.
35 Huntting Lane. Beautiful 3 story traditional. Owner motivated, just reduced to $5,600,000. Likely to Sell Soon.
Notable Sales From my Weekly "Transaction Highlights" column in the Southampton and East Hampton Press:
83 Skimhampton Road.
Seller purchased this .75-acre vacant parcel in 2005 for $830,000. The lot is square and flat, south of the highway with good proximity to East Hampton, Amagansett and the ocean.
At the height of the market, the seller began construction of a 3,200-square-foot, four bedroom farmhouse with living room, dining room, den and professional eat-in kitchen. There are many extras, including a butler’s pantry, sunroom with radiant heat brick floor, and fireplaces in the living room and master bedroom. Outside improvements include a full-size Gunite pool and detached two-car garage.
Assuming a cost of $400 per square foot—about $100 above average—plus $250,000 for pool, patio, garage, lawn and landscape, it appears that the seller managed to make a profit on this speculative build-out during the period when many others did not. Quality construction and an excellent location are always attractive. And since the crash, farmhouses have been especially popular, perhaps because their traditional design is reassuring during this period of economic uncertainty.
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