Dan's Papers - September 14, 2007 - Real Estates by Diane Strecker

Sag Harbor is one of the busiest villages on the East End. It also connects the Hamptons to Shelter Island via North Haven. It streams into North Sea and East Hampton from their respective directions linking it to the rest of the Hamptons. The exchange of real estate in this area in the past few years has drawn much attention. Pricing in the village and the demand for space there has substantially and steadily risen and, as a result, interest in North Haven has spiked.

The Bullova Watchcase factory that sold in 2005 to Cape Advisors, a New Jersey based development company, is still in the planning stages for the luxury condominiums that they will be building on the site. The property is approximately a square block in the heart of the Sag Harbor Village and is four stories high. The aging and dilapidated building, an eyesore for many years, will soon add to the beauty and stature of the historical village. Aesthetically, the town will dramatically improve when the old building is renovated. The plans propose at least 70 condos of various sizes, include a perspective penthouse suite that will top the building. The rooftop pool will not only maximize space but ensure spectacular water views from the highest point in town. The rooftop, as well as the upper level, overlooks the entire harbor. To alleviate parking problems, an indoor garagehas also been proposed. The project, still in the town approval phase, is expected to bring the town's already escalating popularity to an all time high. The building that was nearly condemned still brought $16 million and the renovation of the site will drive the value far past most all other commercial sites in the area. The units will be priced accordingly and are said to be the first of their typ here in the Hamptons, offering its discerning residents every amenity.

The exclusive hamlet of North Haven has remained one of the East End's best kept secrets for many years. Interest in the area's real estate has grown dramatically since the historic Maycroft Estate was placed on the market. At that time many feared the property would be diced into lots and McMansions but instead a private party purchased the mammoth but deteriorating estate with intentions of restoring it to its formal glory. After paying $20 million for the sprawling acreage and aging Victorian mansion in 2003, the owner then spent millions more renovating and restoring it. As if that was not enough, the grand Victorian manse would be shifted in order to obtain a more desirable water view. Davis Construction has been moving homes in this area for decades, and did just that. It was an incredible undertaking and was the largest residence ever moved in the area to date. The 15,000 sq. ft main house that dates back to 1885 weighed in at 375 tons and was turned to face the bay.

Also in North Haven a 55-acre estate that faces Shelter Island hit the market earlier this year. The waterfront land represents some of the last of its size and kind to be offered here in the Hamptons where land is getting scarcer all the time. The property includes two residences and an existing dock. Constructing deep water dockage here in this area of North Haven is no longer permitted. Only existing dockage may be reinforced or reconstructed, making properties such as these invaluable to most prospective buyers. The property is listed for $80 million with Prudential Douglas Elliman in Sag Harbor.

Also in North Haven, Mirage Development, a Nassau-based firm who has dabbled in the Hamptons, built a spec house on the Shelter Island Sound. The 1.4-acre waterfront property, with a deep water dock was purchased in 2001 for $3.3 million. The small existing ranch was torn down to make way for the 16,000 sq. ft. post modern with 8 bedrooms and 8.5 baths, nine fireplaces and an infinity edged pool overlooking the water. The home was placed on the market earlier this spring, but once completed, the father and son builders could not seem to part with it. Project Manager and entrepreneur, Andrew Lucas, said that the effort combined years of passed down knowledge and craftsmanship that went into creating a custom built family haven. The home is now valued in the $25 million range. The 252 water frontage is suitable for a sea plane or sizable yacht. Jimmy Buffet who resides in the adjacent Actors Colony can be seen setting down his seaplane on any given day.