After multiple record-breaking, pandemic-fueled mega-mansion sales price greater than $100 million, the hyped Hamptons can have finally hit the wall.
East End home sales fell to a 14-year low in the primary quarter of the 12 months, in response to Douglas Elliman.
Meanwhile, the median home price fell 7.6% to its lowest level since 2019, in response to Town & Country Real Estate.
“The general impression is that there are buyers and there remains to be demand,” says Scott Bradley, Hamptons Specialist at Saunders & Associates. “I feel the essential wrongdoer for the slow sales we’re seeing is inventory.”
Most of the trophy houses traded throughout the pandemic remain happily inhabited, leaving little to hungry buyers to pick from. And many have taken a wait-and-see approach resulting from soaring rates of interest, a volatile stock market, and the looming threat of the R-word.
But there’s also excellent news for intrepid shoppers: discounts. Spectacular summer homes from Quogue to Montauk are slashing prices to lure varnishes onto the parquet floor.
On 335 city street in Amagansett’s real estate department, Alec Baldwin is asking $22.5 million for his cutest stunner on 10 acres.
A two-story, 10,000-square-foot, five-bedroom, five-full bathroom cedar shingle modern farmhouse listed on the market in November 2022 for $29 million before being discounted in January and again in March to its current price.
“It’s a really, very rare opportunity,” says Bradley (who’s listing the home), “because you possibly can construct a second home on this property. There are only a few properties in East Hampton that allow this, and the value is true.”
Back on the beach Lily Pond Lane 33 — a 7,000-square-foot oceanfront oasis with six bedrooms, eight bathrooms, and ocean views in East Hampton — hit the market in the warmth of August 2021, asking for $64 million.
This has been reduced to its current $44.5 million.
Costly to maneuver, the mansion has all of the bells and whistles, including a swimming pool, six-room pool house, game rooms, sauna, gardens, koi pond, and East Hampton’s only floodlit private tennis court. Hedgerow Exclusive Properties has an auction.
Bigger is best in 71 Cobb Lane in Water Mill, with over 9 acres, 17,173 square feet of living space, 13 bedrooms and 13 full bathrooms.
Situated on a personal peninsula on Mecox Bay, the sprawling mansion hit the market with a $72 million sticker last May. Today, he’s asking for $59.95 million.
Make a deal and you will get extras like a tennis court, tennis house, basketball court, salt water pool, and a two-story billiard house.
It can also be available in the market with Hedgerow.
