Dans Papers - May 18, 2007 -

The Southampton estate section contains some of the most lavish real estate the East End has to offer and Tall Trees, a twelve bedroom, nine bath mansion, is a prime example, and is one of the most exclusive properties on the Hampton's market today. Priced at $45 million, it has everything to suit the needs of a sophisticated Hampton's buyer. Seasoned realtor Harald Grant of Sotheby's International Realty in Southampton, who is presently listing the property, says that this estate has all the amenities buyers are looking for today. Whereas many estates boast incredible features - private screening rooms, separate staff quarters, spas, tennis courts, multiple bedroom suites, pools, pool houses - this estate, situated on more than ten acres including 458 feet of shoreline bordering Lake Agawam and overlooking the Atlantic, leaves nothing to be desired. The compound's guesthouse, Tulip Cottage, has three bedrooms, the three-car carriage house has a studio above and the barn has been converted to a gym with a three-bedroom apartment above. In addition, the historic Georgian beauty that was built in 1911 by prominent architect Goodhue Livingston has been masterfully restored.

Also on the market in Southampton, is a five-acre estate set in the dunes with 250 feet of ocean front property, designed as a classic Hamptons shingle-style by renowned architect Francis Fleetwood. The 8,500 sq. ft. mansion with five fireplaces has eight bedrooms and twelve baths. There is a 20 x 50-foot heated pool, a professional putting green and enough room to add a tennis court. The estate, with sweeping ocean and bay views, includes separate staff quarters and a three-car garage. It is listed with Tim Davis of the Corcoran Group's Southampton office.

Custom estates such as these are no longer commonplace in an area where there is so little available property left on the oceanfront.

Project Real Estate has recently listed and sold another oceanfront parcel here for $39 million, where the fortunate buyer will be able to build their dream home. The same agency has also listed a five-acre estate at $31 million. Both are located on prestigious Meadow Lane, where properties of this worth and stature are not just listing, but are also selling.

On Further Lane in East Hampton, an area where estates equally rival those in Southampton, prices are tight and high. Two lots reportedly went to Donnie Deutsch for $29 million. It is expected that the buildings will be torn down so that he can start fresh. Tear downs have become a trend in the Hamptons over the last few years as a last resort to finding vacant land on which to build.

This week on the North Fork, a launch party will be held in Southold to celebrate the completion of the country estate homes recently designed to resemble those of the Old English hay barns indigenous to the area. The homes will list in the $3 million range. The builders have three of the five homes completed in the Southold farmland.

Most East End realtors report that the rental market was healthy this season and, as usual, it was the oceanfront listings that everyone wanted. These listings, particularly those along the oceanfront estate sections, were long gone in the early part of the year. Many were secured at the end of last season to ensure a private spot on the beach. Rentals in the estate sections in Water Mill, Southampton, East Hampton and North Haven are fetching prices in the hundreds of thousands.

There are still a few beach cottages available on the smaller scale, but most of the larger estates are already gone.