Real Estates by Diane Strecker

Finally, the colossal closing! Since 2005 rumors have circulated regarding the sale of a 40-acre estate on Further Lane in East Hampton. Until the recent relocation of the historic buildings from the property, both buyer and seller would not officially comment on the sale. This week, the Corcoran Group's East Hampton office has released a statement confirming that they are the brokers to the sale. The historic estate property owned by Adelaide de Menil has gone to contract in excess of $100 million. The property officially transferred on May 31 to billionaire Ron Baron who was reportedly negotiating the sale with Ms. de Menil for more than a year. Mr. Baron had already purchased a neighboring 12-acre parcel in the oceanfront estate area in 2005. The two parties continually denied rumors and kept the deal quiet. But, although details were not made public, it was no secret that the estate sold when the historic buildings that the owner collected over the years were moved and donated to East Hampton Town.

This unprecedented sale makes it evident that the East End market appears to be unstoppable. The Corcoran Group in East Hampton will release a statement when the new owner allows. This sale so far represents the most valuable piece of residential real estate to change hands on the East End to date and the highest ever in the country. Although many of the properties entering the market lately have price tags that keep pushing higher and higher, such as the $80 million North Haven 55-acre estate, the $70 million Three Ponds Farm or the $60 million estate in Southampton, none have actually sold - making this sale positively astounding. Prior to this, Burnt Point on Georgica Pond in Wainscot still held the record since 2005 at $45 million as the highest grossing sale on the East End.

Watching the market continue to elevate, one can only speculate which estates on the East End are capable of selling now and in the near future. It is confirmed that the East End of Long Island, particularly the Hamptons oceanfront estate areas, contains some of the most valuable and sought after soil on earth!

Selling real estate on the East End has become a very big business where the realtors are as well known as the properties they broker. Deals such as these bring huge commissions for the agencies and brokers involved and are extremely complex and require savvy East End knowledge to hold. Many realtors have become millionaires in their own right. Small town agencies seem to be getting fewer and further all the time. Corcoran has taken the East End by storm and has not only bought out many of the local brokers in the villages over the past few years but has also acquired Allan Schneider Associates, once a major player here that held offices on the East End. Prudential Douglas Elliman, Sotheby's International Realty and Brown Harris Stevens have also created a strong presence here. The Hampton Realty Group was formed when a group of local realtors merged and is now spread out through out through most East End towns as an effort to gain strength in the increasingly competitive market.

On the North Fork, another major deal was made not too long ago to bring three Starbucks Coffee shops into the area. The stipulation was, not to bring one, but three franchises in order to make it work. There is already one open in Southold that appears to be quite busy. The Greenport location will be directly across from the town's carousel. The third will be located in Mattituck. The stores are expected to open for business this season.

It seems that even after a few years of being front-page news, real estate is still "what's happening" on the East End. A week does not go by without another phenomenal sale or listing shaking up the marker here. No one seem to tire of it, and for whatever reason, visitors, locals, realtors, prospective buyers and sellers remain intrigued by the exchange of East End real estate. You can reach Diane at eastendrealest@yahoo.com.

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