Dan's Papers - October 26, 2007 - Real Estates by Diane Strecker

As the leaves begin to fall, so do property values throughout the country. Many states are seeing the housing market plummet. Each month other markets have seen thousands of homes falling to foreclosure. Yet prices in Manhattan and the Hamptons are holding strong. Even rental prices remain at an all time high. In fact, the New York rental market is hot and rental prices are still on the rise. Here in the Hamptons, it goes without saying that the same holds true when a rental is capable of bringing a record $1.2 million, as it did this past summer. It appears that East End real estate and its Manhattan counterpart are sharing space in an unbreakable bubble.

Sale prices of city apartments can run into the high millions such as the 200-plus privately owned units that make up the new Dakota on Central Park West - with Sandy Weill's penthouse topping the heap at $42.4 million. The total value of the building is an unbelievable $2 billion dollars. All the apartments in that building have now been sold. Truman Capotes nine bedroom townhouse in Brooklyn is being offered to the right tenant at $40,000 a month. The attraction to New York City and Hampton's real estate is still thriving and the population is growing. They are considered two of the most highly sought after locales in the country.

On Shelter Island, the historic Sherwood Manor has been reduced from its original asking price of $32 million when it listed with Prudential Douglas Elliman earlier this season. The 1800s mansion is set on one of the most exquisite points on the entire East End and has views of the Peconic Bay and North Haven. The home was built as a getaway for philanthropist and businessman Anternas Ward. The property has also been owned by former governor, Hugh Carrey. The deteriorating estate was purchased earlier this year for the $10 million by a local islander and investor Christopher Knight, who has spent months renovating and reviving the place. The property is unique - the main house sits high on a hill with the expanse of a wide sloping lawn that dips down to the shore where the original honey moon cottage rests the brink of the bay. The estate is now listed with the Corcoran Group, who recently held a sunset cocktail party open house event to show case the new listing at $24 million. It is listed with Corcoran's Sag Harbor office. I don't know if one can actually consider this reduction a sale price. The eleven bedroom mansion joins the more than forty East End estates for sale that are valued at $20 million or more.

Billy Joel, who bought Roy Scheider's oceanfront in Sagaponack for $19 million this summer is now said to be interested in another adjoining beachfront parcel. In Montauk, the latest condominium project is now available to view and purchase. The Panoramic View has been undergoing elaborate renovations since it exchanged hands last year and is reopening a luxury condominium resort. The breathtaking oceanfront property among many of the recent sales and transformations in Montauk. The units are open for public view with prices beginning at $2.5 million dollars. The Panoramic is located on the Old Montauk Highway and is a neighbor to Gurney's Inn, also on the oceanfront of what is now dubbed Montauk's "Gold Coast."

The two are among the few resorts set directly on the oceanfront and along a stretch where building restrictions today no longer allow for construction so near to the shoreline. This factor is invaluable to investors who are fortunate to buy and renovate these oceanfront gems. The units consist of 2-4 bedrooms and have ocean views from every room. Amenities include a full service concierge, on site management, events facility, pool, fitness center, beach attendants and a masseuse and personal trainer on call. Luxury properties such as this represent the start of trend on the East End.