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Real estate titan Dolly Lenz, former president of Douglas Elliman and sometime agent for Donald Trump, has listed her Southampton property. In the estate section, on tony Ox Pasture Road, the estate consists of an 8-bedroom, 7.5-bath main house, a guest house with 2 bedrooms, a pool house with bath and changing rooms (and of course a pool), and a tennis court. The finished lower level includes a yoga studio and rec room.

As for the price, $15.5 million? Realistic, seems to us. The kitchen is obviously not important to the Lenzes, so that would likely be redone, we’d change the McMansiony front arched windows, and a buyer would probably want to add a home theater to the lower level, but other than that, the place looks in fine fettle and close to ask. The couple paid $6.95 million in 2005.

What do you folks think? Let us know in the comments.

• Southampton Estate on Famed Ox Pasture Road [OE]

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That a number of brokers aren’t listing on HamptonsRE, which is supposed to be the default MLS for the Hamptons, since so many agents hate Out East. However, these same brokers are listing on Out East because it feeds into Zillow. This way, they can show their clients the Zillow listing while trying to avoid a co-broke.

Not cool, folks. If you’re doing this, you’re failing your fiduciary duty to your clients. Do your sellers know you’re excluding a whole pool of qualified buyers? How is that helping them obtain the highest price?

A few weeks ago, 113 Mid Ocean Drive, Bridgehampton, closed for just above ask at $20 million. It’s oceanfront, 2.2 acres, with a 1673 square foot house (probably not long for this world).

Now comes news that 180 Mid Ocean sold in late June for $13.825 million, just a smidge under the $14 million ask. The bayfront property, repped by Marilyn Clark at Sotheby’s, only came onto the market in May, so someone snatched it up quickly.

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Since we happen to like pointing out irrelevant but interesting bits of owners’ taste, dig the Carlo Bugatti table on the left. Father of the automobile designer, since you ask. (We also think there’s a John Dickinson table in the living room but hard to tell.)

Seller was the Berg Family Trust, while the buyer was a Mr. 180 Mid Ocean LLC. The 5,500 square foot house (designed in 2009 by John Laffey) makes the most of the very attractive views over Sam’s Creek. The plot size is 1.60 acres.

As for the rest of the market, it shows no signs of letting up. Last week, in contract: 2 signed contracts between $10 million and $8 million;  4 signed contracts between $8 million and $6 million; 8 signed contracts between $6 million and $4 million; 23 signed contracts between $4 million and $2 million; 20 signed contracts between $2 million and $1 million; and 28 signed contracts Under $1 million.

Congrats to all involved.

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The long-aborning Hook Mill Estates project, first mooted more than seven years ago, is finally hitting the market. A subdivision with 11 house lots on 10.5 acres off Accabonac Road in East Hampton Village, Hook Mill Estates already boasts one sold plot and another under contract.

Interestingly, the designs differ from past renderings. At first the houses were going to be in an early American style, in keeping with the surrounding area. Then, a year ago, plans were for boxy modern homes, which would cost about $6 million each. Now the rendering shows a mashup between the two, a modern transitional asking $4.5 million for 4 Therese Court. (Therese Court is the road built to service the houses.)

We think that’s a good price point. Yes, some people will scoff at paying $4.5 million for a property abutting the train tracks. Then again, some people place a heavy premium on being in the village, and the market shows no sign of letting up demand for new builds. The properties are all about a half acre, with pools and pool houses. 4 Therese Court will offer 5 bedrooms and 5.5 baths in about 4500 square feet. (The best plot, 12 Therese Court, on a flag lot, has been sold already.)

What say you? Will Hook Mill Estates sell quickly?

• New Construction, Don’t Miss This One [OE]

 

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When we wrote about this property last time it was for sale, five years ago, a commenter wrote, “A palette of grey, black and white on that era of house?? Ruined, just ruined. What idiot painted over the fireplaces/mantles?? Kitchen and most rooms are waaay too “modern chic”.” Well, anonymous commenter, you should be thrilled, because the grey, black and white is now gone. And while there are many gorgeous touches in this beautiful house that we want to point out, we do think all that color is holding the property back a bit.

The house is a plain white on the outside, but we love the old-fashioned touch of the haint-blue porch ceiling and steps.

But when we get inside, we start humming David Bowie. “Blue, blue, electric blue, that’s the color of my room…”

Then we segue into Bette Midler. “Red! Red! I want red! There’s no substitute for red!”

The bedrooms are also quite bright; the kelly green bedroom sports a pink door. We love the way color is used for the trim in the hallway; you don’t see that much these days and it’s something we’d love to see revived.

We also adore the architectural models in another hall.

The c. 1810 residence is known as the Benjamin Glover House. The place has been modernized with new mechanicals and security; there are five bedrooms, four baths, and seven fireplaces in 4000 square feet. A generous (for Sag Harbor) plot size allows for a petite gunite pool out back as well as two parking spaces.

Last selling price (2015) was about $4 million. The property was brought back onto the market in 2019 asking $6.495 million; the price has been cut a number of times since then and is now asking $5.799 million.

What say you? Worth it or does the price need to come down more? Let us know in the comments.

• 278 Main Street [OE]

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One thing that characterizes Hamptons real estate is variety. A mansion in one neighborhood might barely qualify as habitable in another. Today, we’re comparing properties for sale all around $2.4 million.

Sag Harbor

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Located at 4 Harvard Road in Sag Harbor, this 1600-square foot ranch is asking $2.175 million. Three bedrooms and three bathrooms is perfect for a small family; the interiors are nicely updated and there’s a gunite pool out back.

Amagansett

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Asking $2.35 million, this Dunes property is just three houses from the beach. The 1940s beach cottage retains its vintage charm; small with three bedrooms and one bath, the property offers deeded beach access.

Westhampton Beach

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How about some oceanfront for $2.3 million? Bring your tent, though, because 701 Dune Road, Westhampton Beach, is an empty lot. Still, it’s on the ocean side and offers 0.29 of an acre.

Pine Neck

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In the appealing Pine Neck district of Noyack, you’ll find a bayfront home with dock for $2.3 million. The 1900-square foot house boasts three bedrooms, two baths, and of course fabulous views. It’s set on 0.35-acre.

Sagaponack

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If the previous places weren’t spacious enough, how about a 3000 square foot house in Sagaponack? 36 Sagg Road is set in the peaceful vineyards and horse fields, and offers a gunite pool, 1.22 acres of land, and four bathrooms and three and a half baths.

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Address: 14 Montauk Ave Ext, Sag Harbor

Price: $2,895,000

Fooled you again this week. The number one answer was $3,295,000, with $3,895,000 close behind. We guess everyone is conditioned to think of super high prices when it comes to Sag Harbor, but we think this beauty is quite reasonable for what you get, with its high ceilings and handsome wooden trim, along with the substantial ground floor master with its own library, sitting area, and patio. True, it’s a little farther from downtown than some properties, but this property offers privacy you can’t get downtown.

• 14 Montauk Ave Ext [HRE]

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The last quarter results from the four agencies who compile data are all in, and the broad results are as follows. (Spoiler alert: it’s good news!) Each report tends to focus on slightly different parts of the market, so results tend to be slightly different from one another.

Douglas Elliman

Prices skyrocketed, while the number of sales were down. (Funny how that happens during a pandemic lockdown…) Single family sales set a new record price at $1,100,000.

Median sales price in the second quarter of 2020 was up 27.1% (compared to the same quarter in 2019) at $1,080,000, while the average sale jumped 21.1% to $2,090,761. The number of sales dropped 13.1% to 433.

Listing inventory was down 1.2% to 1,906. As for the luxury market (the highest 10% of sales), both the average ($9,550,557, up a whopping 29.0%) and median ($6,425,000, up 7.1%) prices were up, and the number of sales slumped 12.0%.

Town & Country

In T&C’s report, the number of sales were similar, year over year, the median home sales price increased by 26% to $1,325,000 in 2020 from $1,050,000 in 2019. The total home sales volume (sum of all sales) was up 10.79%.

Town & Country breaks up sales into eight ranges, from under $500K to over $20 million, and the lower end were down while the higher ends were up. The middling $2 – $3.49 million price range was up 33% in sales, while $3.5 million to $4.99 million was down 33%. (Over $20 million was up 100%, from 2 to 4 sales.)

Standout markets include East Hampton Village, with the highest median home sales price at $5,150,000. The increased activity on the high end (over $5M) resulted in a spike in total home sales volume of 195%! The East Hampton area, which includes Wainscott, recorded the most home sales for the Hamptons, with 74 trades.

Corcoran

The party continues with Corcoran’s report. The number of sales increased 21% year-over-year, while the median price was up 14% from 2Q19, resulting in the highest median price since 2015. The $2M+ market had a notable increase in transactions as the number of reported sales increased by 41%.

Average price was up 23% to $2,300,000, the second-highest figure on record, behind only 1Q20. Median price increased 14%, the largest annual increase in over five years. At $1,100,000, the South Fork median price was last higher in 4Q15.

The largest increase in sales occurred in Water Mill, where reported closings surged 127% year-over-year. Only two areas had a drop in sales. Hey Montauk—what gives? Sales fell 48%. In Bridgehampton/Sagaponack closings fell 14%.

As with T&C, Corcoran saw East Hampton Village as a standout. where average price was up 161% and median price was up 19%, the result of seven sales over $5M, whereas last year only two were reported.

Brown Harris Stevens

At BHS, total dollar volume, as well as the average and median prices, were up. Sales of single-family homes in the Hamptons during 2Q20 dipped very slightly compared to 2Q19, down only 3% from 332 to 322.

Sales prices in the Hamptons averaged $2,415,766 during 2Q20, a 14.5% increase from 2Q19, while the median price increased 24.8% to $1,300,000. So, despite slightly fewer sales, the total dollar volume of 2Q20 jumped by 11%. As for volume, with a jump in $10M+ sales, the total dollar volume in 2Q20 rose 11% to $777,876,510 after two years of second quarter declines.

 

So what’s ahead? More good times? We’re going to go with a firm “Yes, but.” Cityfolk want to be in the Hamptons more than ever, with the pandemic still raging, but uncertainties such as schooling and sales inventory are wildcards. Plus, we’re only still getting out of lockdown. One thing’s for sure: in uncertain times, it’s good to have a healthful, beautiful area to call home. Stay tuned.

 

Periodically, we go see what’s out there for the least money, our criteria being east of the canal and a freestanding home (no mobile homes, condos, or co-ops). Well, this is the winner: 8 Burns Road, Shelter Island. It’s asking $485,000. Doesn’t look so bad from the air, does it?

Yeah, it gets worse.

 

Only word is “grim.”

This is a c. 1900 farmhouse on 0.32 of an acre. IF (big if) the house is watertight (if it’s damp, forget it, just bulldoze it), some energy and a good bit of money could turn it into a nice place. It’s pretty small at just 1000 square feet , but a buyer or flipper could add on, add a pool, and make a cute little getaway. There’s a shed with electric and water out back, too. Pool house? We’ll be interested to see what someone does with the property.

• 8 Burns Road, Shelter Island [HRE]

 

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Price That House! is our price guessing game. We provide some details and pictures from a local listing, and you have a go at the price. Thursday, we reveal the answer. Remember, this is all for fun, so please: no wagering.

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What/Where: 4 bedrooms, 3.5 bathrooms / Sag Harbor Village

Square footage: 3200

Acreage: 0.71

The Deets: This house was built in 2004, but high ceilings and plenty of wooden trim make it look vintage. Especially nice is the ground floor master with its own library, sitting area, and patio. (Escape from the family!) The rear of the property faces reserve.

Now—how much are they asking for it?

 

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