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suffresrch1stq09

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’

red_black_logo1Corcoran has also shuttered its 1,800-square-foot office at 28735 Main Road in Cutchogue on the North Fork, moving the agents to a nearby office, and in February, the company closed its Sag Harbor office at 96 Main Street, leaving one remaining Sag Harbor branch at 155 Main and Madison.

see the complete post here

Traffic into Southampton...a thing of the past

Traffic into Southampton...a thing of the past

Traffic jams in the morning, formerly known as the “Trade Parade” are a thing of the past.    As recently as a year ago (Mar 08), you could leave Manhattan at 6am and get to the Shinnecock Canal by 7:15, then take another 1:15 to get the 6 miles from the canal to Water Mill, all due to traffic congestion trying to get to Southampton and beyond.

Suffolk County did a great job widening the 3 lane CR 39 into 4 lanes, allowing two eastbound lanes to match the two westbound lanes, but the economic slowdown has taken its toll on the number of supply trucks and construction workers coming into the area from the west for the high paying jobs.

Now, the Town of Southampton is looking to lift the building moratorium they enacted along the busy road so they could plan for proper growth.

It seems like taking down the speed limit signs on a closed highway, but…

see the story here6608e

UPDATE: Town Lifts CR-39 Building Ban In Favor Of Sparking Economy

sliver or silver lining?

According to the Long Island Edition of  The Real Estate Report, the total dollar volume reported for East End (Hamptons and North Fork) real estate sales is down 66% for  February 2009. Grim indeed.  A few things to keep in mind:

-these are reported sales during this time period. Some of these transfers actually took place in Nov and Dec ’08 and Jan ’09. Due to the “carrier pigeon technology” Suffolk County still uses and the fact that Hamptons brokers still resist implementation of an MLS, there is NO timely reporting for sales on most of the South Fork.

– there was a fairly large block (50+) of small lots sold for $41,000 in Westhampton by Pulte Homes to another developer in these reports. These 50 of 175 sales did bring down the average and median price somewhat, but imagine if these 50 sales didn’t happen? Then the number of sales reported in Feb ’09 would have been down 46% instead of only 24% ( I think that called a cloud in the silver lining…)

during this 4 week period, there were only 3 foreclosure sales reported.

Here’s some of the numbers:

East End Reported Sales Feb 2009

East End Reported Sales Feb 2009

compiled by m.daly

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My friend and colleague, John Halsted, is someone who I trust and have ultimate confidence in regarding any real estate matter. John gave this very open and honest interview to Dawn Watson, which may be the only “no-spin” interview I have seen from a member of the real estate community (except myself, of course) in the last 6 months.

Click on the link below

Publication: The East Hampton Press & The Southampton Press

Lunch With John Halsted: Finding the silver lining in a bad economy

By Dawn Watson

Feb 17, 09 9:39 AM

From Newsday.com Real LI Blog

Another house on Meadow Lane in Southampton has sold for an impressive price.

Public records show that a six-bedroom, 7-½-bath home owned by John and Lauren Veronis fetched $27 million recently. The sale was recorded Jan. 2.

Veronis is co-founder and managing partner of Veronis Suhler Stevenson, an independent media merchant bank. He also founded the magazine Psychology Today, and was once editor of Ladies Home Journal. Lauren Veronis is a philanthropist and socialite who is also the mother of newswoman Perri Peltz.

According to records, the couple purchased the 1.95-acre property in 2002 for $3.7 million from infomercial king Ira Smolev.

Seems like oceanfront property on Meadow Lane is a very good investment. In 2007, 7.5 acres of vacant land sold for $35 million, and media executive Robert F.X. Sillerman paid $30.5 million for a home next door to the one he already owns. Howard Stern and then-fiancee Beth Ostrosky also reportedly paid $1 million to rent a home on Meadow Lane for a year.

An architectural rendering of the proposed Calvin Klein house.

An architectural rendering of the proposed Calvin Klein house.

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I can’t imagine how anyone would object to the removal of the current gargantuan cyclop of a house that Klein bought about 5 years ago and has throw some terrific parties in.  He’s made it known that he would some day tear it down and replace it…here’s his vision. ..and the stories around the process.

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Publication: The East Hampton Press

More review before potential Dragon’s Head demolition

By Brendan O’Reilly

Jan 14, 09 3:03 PM

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cityfile new york – Hamptons

Calvin’s New Foe: The Lawyer Who Thinks He Has Taste

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Unbeige

Calvin Klein Battles Preservation Board and Neighbor Over Design of His Future Southampton Home

AND HE WINS:

http://www.newsday.com/news/printedition/longisland/ny-lidrag6037966feb16,0,5148813.story

April 20, 2010 UPDATE…

A little known fact is that in mid 2007, Blankfein was in the process of purchasing Old Trees, an estate in Southampton for over of $40M.

Interestingly enough, he backed out of the deal and stayed in his Sagaponack home.

But, guess who stepped in a bought Old Trees a few months later?  That’s right – Paulson.

How many degrees of separation?  md

June 12,2006 Update – SOLD for $9.5M

One of the most difficult things to do in this market is to figure out where prices (values) are.
Seeing median prices fall to 2005 levels doesn’t necessarily mean that properties should be selling for 2005 prices, although it’s clear that buyers would like to see that, if not 2004 or 2003 values.
So, Paulson buys this house in 2006 for $12.75M and has it offered for $1.02 above that price.  The estate areas always hold their values better than other areas, so it makes sens for an offering price…let’s see where it sells…
Paulson Southampton House

Paulson Southampton House

John Paulson in Southampton, Estate of the Day

Paulson bought the home for $12.75 million in 2006 so when he put it on the market in April he priced it at $19.5 million, anticipating a tidy profit. No takers so in late August he dropped the price to $16.9 million. In October he finally got a nibble but he had a buyer with a signed contract walk away from the deal. Paulson really needs to unload this puppy so now it is down to $13.9 million which means he resigned himself to not making a huge profit on the sale.

See whole post here

luxist-logo

County Road 39 & 39A (Rt 27) from Lobster Inn to Mercedes dealer

County Road 39 & 39A (Rt 27) from Lobster Inn to Mercedes dealer

logo261“This month, a new ad hoc advisory committee began to take shape in Southampton to study the future development of the CR 39 corridor. The committee, composed of town residents and civic leaders, will work in conjunction with professional planners hired by the Town of Southampton to chart future development along the roadway. Meanwhile, a town imposed building moratorium remains in place until August 2009. The moratorium has effectively halted all development along the CR 39 corridor for the year as a means of allowing planners to reassess conditions created by the recent road widening and current development.”

see full article below

Task Force Takes A Closer Look At Development And Safety Along County Road 39
Andrea Aurichio

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