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Well, as we know, Hamptons and Manhattan real estate lag in a downturn and lead in a recovery, so if Lampert is betting big on the recovery (not that he’s done so well with Sears), then that’s a cue…![]()
Lampert Puts Money
On Housing Rebound
In Battered Builders,
Lenders and Retailer
June 12, 2008; Page C4
Billionaire hedge-fund manager Edward S. Lampert is placing new bets on a U.S. housing recovery, buying stakes in beaten-up home builders, mortgage lenders and a home-improvement retailer.
Mr. Lampert’s ESL Investments Inc., which owns half of department-store giant Sears Holdings Corp. and 40% of car retailer AutoNation Inc., has previously focused with mixed success on retail and bank stocks.
![[photo]](http://s.wsj.net/public/resources/images/MI-AQ840_LAMPER_20080611191256.gif)
Recently, the Greenwich, Conn., hedge fund, which controls investments it valued at about $11.6 billion in its most recent government financial report, began picking up shares in hard-hit housing-related stocks. ESL acquired small stakes in U.S. home builders Centex Corp. and KB Home, according to its latest Securities and Exchange Commission filings. At recent prices, the stakes in the two home builders are valued at $10.4 million and $10.8 million, respectively.
ESL also is tip-toeing into mortgage origination and servicing, acquiring about four million shares of CIT Group Inc., a struggling subprime home and commercial lender, as well as 1.4 million shares of PHH Corp., a mortgage originator and mortgage-service company. The shares are valued currently at about $35.5 million and $25.2 million, respectively. ESL spokesman Steve Lipin declined to comment on the investments.
Mr. Lampert’s purchases come as some analysts think the housing market’s decline may be nearing an end.
In another bet on a housing turnaround, Mr. Lampert this spring increased his stake in Atlanta-based home-improvement retailer Home Depot Inc. ESL now holds about 22.7 million shares valued at $590 million, up from 16.7 million shares last year.
Write to Gary McWilliams at gary.mcwilliams@wsj.com
According to our fav real estate gossip guy, Braden Keil of the NYPost, North Haven recently experienced a bidding war on a waterfront property. Check it out:
Warner Music Group chairman Lyor Cohen is spending $6.8 million for a teardown in the Hamptons. Sources say Cohen has just closed on the property in North Haven after a bidding war erupted for the bayfront home, which was listed at $5.5 million.
“Lyor was actually the second-highest bidder,” says a source, “but the guy with the highest offer couldn’t come up with the $7.2 million - and he also lost his $720,000 deposit.”
While the four-bedroom Contemporary is nothing to crow about, the stunning 2.5-acre property has 170 feet of waterfront. Meanwhile, Cohen has taken his Bridgehampton estate with a $9.5 million price tag off the market in anticipation of his lengthy construction project.
see the article here
The story:
Foreign buyers snap up U.S. real estate
By Stephanie Armour, USA TODAY
My take:
Are there foreigners out there buying? Of course there are - there always have been! Foreigners are also leary about buying in this market because of all the negative publicity. No one wants to buy in a sinking market.
And while people like to lament that “eveyone’s a real estate agent”, I find that “everyone’s a writer” (including some ex-real estate agents). With the ease of publishing today, anyone can write a story and, using the right buzzwords, get it picked up. It’s amazing to me how many non-relevent stories get picked up by my Google Alerts where writers insert the work Hamptons in there, just to get the piece picked up by SEO.
That’s why, in my opinion, so many of these dramatic, “the world is ending” and Foreigners Gone Wild for US Real Estate” stories get picked up. Editors and publishers are looking for eyeballs and writers who deliver that get kudos -the integrity of our media has gone down the toilet, just like a lot of other things in the digital world.
As my friend Dave’s mom said to him and I when we were both getting divorced; ‘Well boys, now you did it, and now you’ve got to live with it”.
I’m livin’ with it…
Loreto Mexico is located approximately 400 km North of the tip of the Baja Peninsula between the Sea of Cortez and the Sierra de la Giganta Mountains. The stunning and diverse terrain is like no other in the Baja. There is much biological diversity and varied geological points of interest. The Sea of Cortez coastline at Loreto is home to reefs, mountains, caverns, bays, islands and coves. This natural paradise has been protected as a National Maritime Park since 2000 and is home to many aquatic wonders such as: starfish, sea urchins, killer whales, fan coral, mother-of-pearl, blue whales, dolphins and sea lions.
see the rest of the blogpost here
Did you know that the average listing price for the Top 100 listings in the Hamptons is nearly $20,000,000?
That’s pretty amazing. Here’s a look at the Top Listings:

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One of the Hamptons last great properties. |
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Situated on over 60 acres of rolling farmland, this remarkable waterfront compound has been designed and built with a commitment to excellence. A magnificent collaboration between three brilliant architects, each a master of his field. The architect of record, Allan Greenberg, L.L.D., is regarded as one of the prime interpreters of classicism who has worked on The White House, Princeton University, and Rockefeller Center. The Golf Course (U.S.G.A. rated 18 hole) was designed by renowned golf-course architect Rees Jones, designer of many of the highly-rated courses including Atlantic Golf Club and The Bridge. Landscape architect Edmund D. Hollander, P.C., is among the foremost designers in his field. His inspired transformation of the terrain of this unique property is already legendary. The Gardens, 14 in all, include a traditional English cottage garden, a crabapple allee, a lily walk, a potager (French for vegetable gardens) as well as hydrangea, butterfly and world class rose gardens. Green carpeted grounds are punctuated by three pristine ponds and dock all stocked with bass, perch and pickerel. The 75 ft. flush edge pool with its own pavilion and the grass tennis court and are the definition of leisurely living. Hamptons-based Breitenbach Builders was responsible for executing the plans. The firm incorporated the highest caliber of materials, craftsmanship and unsurpassable quality in this prestigious project. Internationally acclaimed interior designer Michael Christiano added a master’s finesse. Outbuildings include a beautiful guest cottage on 4 acres, pool house, storage silo, barns, pro shop and a unique fish house and Orangerie. |
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Westerly is one of the largest and most celebrated estates on the eastern end of Long Island. Ideally situated in the Estate Section of Southampton, this equisite estate represents the essence of luxury living for the most discerning. Built in 1929 and designed by the firm Hiss & Weekes, this exquisite, 25-room mansion sits on 13.6 acres of vast meadows, formal gardens and specimen trees set behind privacy gates and hedges. Constructed of red antique brick and slate roof, the estate is a classic tale of lavish living inside and out. Beautiful brick terraces, pool pavilion and tennis court cater to privileged summers by the ocean, while grand interior spaces with restored original details and fireplaces are ideal for the most extravagant entertaining. Exclusive. |
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This Extraordinary 12,000 square feet estate is brand new and under construction. This mansion sits on over two acres and has exceptional pondfront views. Includes nine bedrooms, eight fireplaces, magnificent master bedroom, full basement, pool/guest house and much more. |
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Celebrated for its beauty, this expansive waterfront estate is distinctively refined. Majestically overlooking the pristine waters of Quantuck Bay in Westhampton Beach stands a spectacular residence whose sense of elegance and luxury is so impressive that it is truly one of the grandest ever built on the east end of Long Island. The Shingle Style manor house, on 10.37 acres with 1,000′ of water frontage, was built in 1903 for William C. Atwater, a coal baron. He commissioned the architect Henry Bacon, formerly of McKim, Mead & White and best known for his design for the Lincoln Memorial in Washington DC. The main house comprises c. 16,000 square-feet on three floors, with 24 rooms, 6 fireplaces, nine bedrooms, nine full and two half-baths. Exquisite architectural detail, restored original millwork and generously proportioned rooms afford elegant formal entertainment as well as comfortable family relaxation. Superior craftsmanship has been meticulously maintained and adds to the uniquely gracious atmosphere of this historic treasure. From a graceful entry with a sweeping, three-story staircase, a welcoming reception area proceeds to a splendid living room with fireplace and a banquet-sized formal dining room with hand-painted murals and fireplace. A large gourmet kitchen with a waterside casual dining area, an inviting billiards room, sunroom, second-floor office and sitting room and a third-floor living room provide the ultimate in luxurious living spaces. Panoramic water views abound from nearly every room. Offering further accommodations are the poolside original carriage house, covered with century-old grape vines, a guest cottage and the two-story gardener’s house, with a separate driveway, three bedrooms, two baths and living room with fireplace. True to its magnificent setting, the grounds are without peer. Sixty-four century-old catalpa trees line the estate and the main driveway, while sumptuous formal gardens, manicured lawns, a Lord & Burnham greenhouse, Har-Tru tennis court and a 56 gunite pool with spa provide a wonderfully tranquil lifestyle. Excellent boating on the bay is accessed from a deep-water dock, with yacht clubs, ocean beaches and the open Atlantic just a short sail, kayak or motor away. A Brown Harris Stevens Exclusive Offering. Please contact us for more details. |
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Important oceanfront estate on 2.5 acres with 220± ft directly on the beach in the most sought-after prime estate location in East Hampton. Updated 5,500± sq ft traditional house originally built in 1914 with ground floor ocean views, 8 bedrooms, living room, dining room, skylit studio, oceanside pool and pool house. Generous building envelope would permit construction of a 12,000 sq ft residence and tennis court. |
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Set on over 35 acres between the Atlantic Ocean, a freshwater pond and fields and meadows, with 400 feet of ocean frontage, this extraordinary residence is the ultimate retreat. The 7000 square contemporary residence was built to the highest standards, with such featurees as a tiled roof and 3500 square feet of mahagony decking. On 3 levels there are 5 bedrooms, including a sumptuous master suite and 5 baths, stunning living and dining rooms with 16 foot ceilings and walls of glass overlooking the ocean and grounds. There’s a a chef’s kitchen, breakfast room, office and impressive screening room with state of the art JBL system and Creston control. The grounds are spectacular bordered by sagebrush with fragrant white blossoms in the spring, blazing scarlet foliage in the fall and an idyllic flower lined grassy path that leads through private gates to the beach. This is truly the ultimate retreat, a true oceanfront oasis. |
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First offering of published residential compound perched on 4 acres (subdivided to two 2-acre lots) above the shoreline with spectacular ocean views and 315 ft directly on a wide sandy beach. Custom built to the highest standards with 7500 sq ft main house plus 2500 sq ft separate guest house. State-of-the art screening room, high-tech gym, luxurious natural materials throughout, infinity edge pool, hot tub. Private path to beach. |
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Bridgehampton. Originally built in 1898 by local nobility Dr. John Gardiner and named Dulce Domum, this country residence was set upon a twenty-acre parcel two hundred feet above sea level. The soaring vistas viewed southerly across the farm fields to the ocean and north to the Connecticut shore from the 50 ft. observation tower are breathtaking. 475 tons of local rock was used for the base foundation of this twelve bedroom compound, which consists of the considerable main house with multi-level stone terraces, a substantial guest house with a greenhouse conservatory overlooking a botanical nursery and a palatial gunite pool, a substantial barn artist studio with gym, living quarters with a four car heated garage. Lovingly restored and renovated in 1998 accommodating every modern amenity conceivable for a first class life stye. This dignified gated property consists of three single and separate parcels all organic, which consummates rolling distinguished lawns, walking paths, gardens and tennis retreat with basketball court and playground. A most exclusive safe haven of luxuriousness! |
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