Dan's Papers - June 15, 2007 - Real Estates by Diane Strecker

The dollar amounts currently being spent here on real estate is amazing, but what is even more amazing is that many of the high-end properties that were once considered quite respectable are being knocked down and new ones are being built in their place. Here in the Hamptons it is not just the deals that are getting bigger all the time but the mansions are getting bigger as well. There is a lot of major construction going on in the estate sections, where monster mansions seem to be surfacing everywhere. An area broker who got a peek at what Ron Baron is building on his Further Lane property, where he too has knocked down the existing home in order to build a custom estate, says that it is absolutely phenomenal in all aspects size, shape and stature. The trend of tearing down has become a way of real estate life here in the last couple of years, enabling buyers to get exactly what they want, where they want. As oceanfront parcels became more difficult to come by and discerning buyers had trouble finding that perfect home on that perfect piece of land, they found they were searching for an entity that no longer existed among high-end properties on the East End. When a desired estate came onto the market, it was scooped up almost immediately. Many began buying a home simply for the land, tearing down and building new. This has not only happened on the small scale but actual mansions once considered quite substantial are coming down.

In Sagaponack, Billy Joel has purchased the home of longtime East End resident, actor Roy Scheider for a reported 18.75 million. The 5 bedroom home that includes four fireplaces, was built by Scheider in 1994 and overlooks the beach and farmlands. The musician is no stranger to the Hamptons and has exchanged many a property here and still owns a home in Sag Harbor where, coincidently, the Scheider's plan to relocate. He once owned the estate, where Jerry Seinfeld now resides, on Further Lane with his former wife and model Christy Brinkley. He also sold a Shelter Island waterfront estate that included deep water docking for his vessels back in 2004. Sizable acreage on the North Fork he once owned is still referred to by area realtors as, the Billy Joel property. His waterfront Center Island estate, further up the island, is currently on the market at $32.5 million.

As the summer progresses there is no telling what may happen as there are still so many high-end properties on the market, many in excess of 30, 40 and even 50 million dollars. East End realtors are off to a running start with land 7.5 acres on the ocean in Southampton selling at close to $40 million and the De Menil-Baron exchange at $103 million. There is no telling whom this market will bring to the Hamptons next or who will decide to place their estate on the market and break another record.

We are also starting to see more and more modernist homes being built recently. It is no longer just the classic Hamptons shingle-style getting all the attention. Whereas last season we saw a lot of the arts & crafts style, this summer it is the modernist flare. Touches of it are seen in many new construction projects through out the area.

In Montauk a very unique contemporary has entered the market at $35 million. This 4-acre spread is set on the ocean with more than 300 feet of private beach. The property includes a 7,500 square foot main house and a separate 2,500 square foot guesthouse. There is a state of the art screening room, a high tech fitness room, an infinity edged pool and hot tub. A private path leads to the ocean and there are vistas of the Atlantic from most every room. The 10,000 square foot main house has 4 bedrooms and 6 baths. It is listed with Sotheby's International Realty's East Hampton office and the Corcoran Group's East Hampton office as a co-exclusive.