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Fewer McMansions on the Horizon By June Fletcher, WSJ

Builders Have Little Incentive to Create More McMansions and Hardly Anyone is Buying. There are Deals Out There, But You Better Act Fast.

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Vornado Realty’s Roth Buys Madoff’s Montauk Estate WSJ

Real-estate mogul Steven Roth has bought Bernard Madoff’s beach house in Montauk, N.Y., for $9.41 million, nearly 6% more than its asking price.

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Hamptons Luxury Homes: One of Country`s First Builders to Become Carbon Neutral
Reuters
Dalene is the co-founder of the Hamptons Green Alliance (www.hamptonsgreenalliance.org) and the developer of a unique methodology, The International Carbon

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Michael Jackson Pepsi ad exec’s North Haven house for sale

The North Haven property belonging to the advertising executive who did the Michael Jackson Pepsi …

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Hamptons real estate is suddenly sunnier
Crain’s New York Business
Home sales in the Hamptons—Long Island’s beach oasis for the rich and famous—are making a comeback. Sales rose 32% during the third quarter from the same

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Good News/Bad News on Long Island Foreclosure Filings

As predicted, the 3rd quarter number of foreclosure filings (Lis Pendens) on Long Island has already surpassed the record set in the 2nd quarter with 8% of the filing periods still unrecorded.

http://moneywatch.bnet.com/

Bernie Madoff’s Beach Home Sells For More lg_iglink_130x100Than List Price

By Ilyce Glink | Sep 17, 2009 |

Guess the home sale pundits were wrong: Bernie Madoff’s beach house location is worth more – not less.

A spokeswoman for Corcoran, the listing agent, confirmed today that Bernie Madoff’s Montauk, NY beach house went under contract for more than its $8.75 million list price. She didn’t have information on when the property would close or how much more than the list price the buyer or buyers were paying.

The sale is bound to raise some eyebrows and heighten suggestions that the housing crisis has turned the corner. Over the past year, sales in the Hamptons, some of the most expensive and exclusive property east of Aspen, Colorado, have slumped. The few properties that have sold have taken a big beating on price.

But as Wall Street goes, so do home values in the Hamptons, not to mention Manhattan. While Madoff’s 3,000 square foot beach house was spectacularly located (the house was built closer to the water than current building codes allow), the truth is that Wall Street now has a quarter or two of immense profits under its belt.

Profits = bigger salaries and bonuses. And bigger salaries and bonuses often translates into real estate purchases. If the money men (and women) of Wall Street believe that New York (or Hamptons) real estate is undervalued, and they have bonus cash in their pockets, you can expect them to pounce.

Does the Madoff beach house sale signal a true end to the housing crisis? Maybe. Let’s wait and see what his and Ruth’s co-op sells for.

The former St. Gabriel's Spiritual Center offers 1,500 feet of beachfront, but hasn't attracted a buyer.

The former St. Gabriel's Spiritual Center offers 1,500 feet of beachfront, but hasn't attracted a buyer.

see it here

East Hampton Launches CPF Website To Provide Transparency
Hamptons.com – Southampton,NY,USA
two percent tax on real estate transactions and the state and town legislation that created the fund, as well as information on the acquisition process.

Two-week Hamptons rental goes for $425000
The Real Deal New York – New York,New York,USA
An Eastern European businessman will be paying $425000 to rent a Hamptons home for two weeks in August, the most money ever paid for a two-week East End

Hamptons Green Alliance Starts Work on a Net Zero Energy
Business Wire (press release) – San Francisco,CA,USA
Following the December 2008 fire that destroyed the home of the David Dubin family, the members of The Hamptons Green Alliance

Hamptons Home Inventory Increases 12%, Prices Fall
Bloomberg – USA
in the Hamptons plunged 58 percent in the second quarter to 175, the second biggest decline in records dating to 1982.

Soldier Ride – The Hamptons – July 25
About – Cities & Towns – New York,NY,USA
On Saturday, July 25, starting at 9 am, the Second Annual Soldier Ride The Hamptons, Bike Ride and Walk will take place in memory of Marine Lance Corporal

Hamptons Home Sales Plunge as New York Financiers Conserve
Bloomberg – USA
By Oshrat Carmiel July 14 (Bloomberg) — Home sales in the Hamptons, the oceanside summer getaway for Wall Street financiers and celebrities,

Suffolk Research Says Signs of a Turnaround in 2nd Quarter ’09

According to George R. Simpson, President of Suffolk Research Service, Inc., the real estate market on the East End of Long Island is showing strong signs that a market turnaround has happened in the 2nd quarter of 2009.

I remember following Alan and Kim through that house, listening intently to Jeff Colle’s best dog ‘n pony…there was no one better than Jeff.   Brazilian hardwood floors, reclaimed barn wood, herringbone brick fireplaces and a guest suite for mother. Radiant heated floors, his and hers bathrooms, superbly engineered heating and cooling with constant humidity control and an extensive land sculpting plan with drainage to accommodate the over-sized gunite pool.  It was the most handsome house I had ever seen.  Alan liked it…Kim HAD to have it…Alan bought it. Nice!

Alan was Paul Brennan’s customer, who I was fortunate enough to meet and start working with as an assistant, soon after I began in the business. I was on the ballz of my ass after my marriage broke up and I moved from Remsenberg to Sag Harbor to launch a career in real estate. After all, I had burned out in the restaurant business after nearly 20 years, I can’t hit a nail with a hammer and have a brown thumb. What else was I going to do to try and make a living on the East End?

Paul had the customers in the Rolodex that he spun through constantly, I did the research on what to show them…he had final say, but I KNEW this was the house…and I was right. Oh, what a feeling! $5,350,000. It should have been an open listing, but Jeff ended up giving the exclusive to a soon-to-be-ex ( if I recall correctly)…gawd!  It pissed Paul off, but I was just happy to be doing business, wanting to give up the bartending  and bookkeepping shifts I had taken on in Wainscott to pay the rent.

The first time “it” happened, was a few months earlier with the first house that David Silvera was building on Halsey Farm Drive in Southampton, with another of Paul’s customers. That one was $3,000,000

Then again, with the house that Barry Brown built for Rob Tanner on Sarah’s Way in East Hampton (which has been on the market for 2+ years)

My how things have changed…here’s Alan and Kim’s East Hampton house, back on the market…9 years later.

Search Redfin.com here

Redfin.com search here

Newsday.com piece here


All Photos

287 Kings Point Road, East Hampton           EH Springs $1,999,000
House Contemporary
2 Stories
Built 1973
2500 Sq. Ft.
OHA Heat
Rooms 6 Bedrooms
3 Baths
Full Bsmt
1 Fireplace(s)
Property 0.50 acres
Taxes: 9,200
Bayfront
One of the best bay fronts in East Hampton. Contemporary house perched up the tip of a cliff with 180 degree views all the way too Gardiners Island and beyond. Lovingly maintained 5 bedroom home with open kitchen/living and dining.

This is an indication of the gap between buyers and sellers in the Hamptons market today – 45% off asking (at least at these 16 houses) that were put on this “internet auction”.

Several of the houses that didn’t sell had offers of more than 50% off asking price and the sellers were not willing to accept that.  It would have been interesting to see the results if this had been a true “absolute” auction, where the houses would be sold to the highest bidder, regardless of price. I imagine some of the bids would have been higher…but I guess we really don’t know, do we?

27 Fair Hills Lane On market for: $3.895 million Highest bid: $1.8 million 5 beds, 6.5-baths, 5,500 sq. ft., ocean view, marble baths, pool

27 Fair Hills Lane On market for: $3.895 million Highest bid: $1.8 million 5 beds, 6.5-baths, 5,500 sq. ft., ocean view, marble baths, pool

Lucky buyers were able to purchase two luxury Hamptons homes for almost 50 percent off at an Internet auction of 16 properties in the tony East End.

see complete NYPost article here

Also, see the UrbanDigs.com post below

2 out of 16: Hamptons Auction Deemed ‘Success’

nofomap

The North Fork, which begins about 80 miles east of Manhattan, is surrounded by the waters of Peconic Bay and Long Island Sound, and encompasses about a dozen hamlets, more than 40 wineries, many farm stands and nurseries and a great number of beaches, many with lighthouse views.

High & Low | North Fork, Long Island

Less Buzz, More Tranquility

Published: January 15, 2009

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