Hamptons mega deals break records, but overall sales see slump
Despite a slowdown in sales volume, the Hamptons luxury market saw a number of record-breaking sales close between the spring of 2015 and 2016. The biggest of the bunch was the $110 million sale of three properties by hedge funder (and notorious property flipper) Scott Bommer on Lily Pond Lane in East Hampton. That deal marked the second largest residential transaction in East End history. Check out the other properties that made The Real Deal’s top 10 list. But take it all with a grain of salt because while those transactions were closing, the overall number of sales dropped significantly in the first quarter of 2016. [TRD]
Renters eschew full-season Hamptons homes
Hamptons homeowners with über-expensive summer rentals on the market are getting the cold shoulder from renters this season, with many contacting their agents regularly to check on possible takers or discuss price adjustments. One of the biggest sticking points has been that many renters are avoiding full-season deals, prompting homeowners to discount their properties. While some brokers say they’re seeing brisk business and high-value deals in the rental space, the CEO of Town & Country Real Estate, Judi Desiderio, said: “The rental market this year is probably one of the worst we’ve seen.” [TRD]
Ranking the Hamptons top brokers
The residential real estate scene on the East End is, of course, renowned for it’s super-sized properties. But which firms are being tapped to sell those mansions? The Real Deal combed through the listings to find out. While the ranking was filled with the usual suspects — the Corcoran Group, Douglas Elliman and Sotheby’s, to name a few — our new Top 10 ranking of the firms included newcomers to the Hamptons like Bespoke Real Estate and Compass. But the aggressive tactics of Compass, which has lured some top-selling brokers away from other firms, has also made it a target for lawsuits from competitors and underscored the fierce competition for broker talent on the East End. [TRD]
Starchitect Richard Meier talks Hamptons (and beyond)
In a wide-ranging interview with The Real Deal, the Pritzer Prize-winning architect talks about why he prefers to dine in at his East Hampton home — the only house he’s ever owned — as well as Hampton’s McMansions, his famed use of the color white and his latest Manhattan commission, an all black tower on First Avenue. On the subject of some East End homes, Meier, who’s famed Hoffman Saltzman house is a local landmark, had this to say: “What upsets me is when you see some of these huge houses that just seem so enormous. You wonder, ‘Why do they need to be so big?'” [TRD]
Hedge funder rents designer Elie Tahari’s Sagaponack mansion for $400K a month
Here’s to some summer hedgie fun. An undisclosed hedge fund firm is renting the 4,500-square-foot oceanfront estate at 135 Crestview Lane in Sagaponack for $800,000 this July and August, the Post reported. Tahari’s home has three bedrooms, three bathrooms, and sits on a two-and-a-half-acre lot. Outside, there’s 250 feet of private beachfront and a 60-foot lap pool. [NYP]
Montauk Beach will not be restored by Army Corps
Tough luck for Montauk Beach goers. Despite initial signs of promise, the Army Corps of Engineers will not restore the coastline between Fire Island and Montauk, according to its project descriptions and as reported by the East Hampton Star. The Corps recently completed a 3,100-foot wall of sandbags along the beach as a temporary remedy, and locals believed they would eventually pursue the full reconstruction by adding enough sand to make it 100 feet wide, but now the Corps will add more sand every four years instead. [EHS]
Wall Street bro trashed $20M Hamptons home for animal rescue benefit party, lawsuit says
All is fair in the name of charity, right? Not so fast. The owner of the Bridgehampton pad in question is now preparing to sue Brett Barna, the host of the so-called “#Sprayathon” party, during which guests allegedly stole art, trashed the furniture and threw “midgets” into the pool. According to the complaint, there were so many people around the pool that the concrete edge crumbled into the water. Barna, who rented the property for $5,000 a night on Airbnb, was subsequently fired from his Moore Capital Management position four days later. [Page Six]
A town-by-town roundup of the East End residential market
Just like in New York, high-end buyers are now skittish to buy, thanks to a volatile stock market. Moderately priced homes, on the other hand, are selling at a fast rate. In Sag Harbor for instance, the median home sales price slipped 22 percent since last year, to $997,000, and the average price dropped 24 percent, to $1.6 million. The Real Deal takes a look at half a dozen Hamptons towns to really examine the luxury-slowdown and what might be driving sales. [TRD]
Dan’s Taste of Summer events move to Fairview Farm
Just the thought of it is mouth-watering. The two classic Hamptons culinary occasions — Dan’s Grill Hampton and Dan’s Taste of Two Forks — will take place at Fairview Farm later this month, rather than at their previous location in Bridgehampton. This year, the hosts are Travel Channel’s Adam Richman and Iron Chef Alex Guarnaschelli. Featured Hamptons restaurants include Scarpetta Beach, Topping Rose House and East by Northeast. [Curbed]