Dans Hamptons

If the temperatures of late have you dreaming of a summer rental in the Hamptons this season, you had better start scouting now. Most oceanfront rentals move quickly, particularly in the exclusive estates sections. Brokers on the East End begin renting as soon as the summer comes to a close, and by this time, the 2007 rental season is already well underway. Many of the estates are rented by the same individuals year after year and never make it back to the rental market. Although there are currently more than 10,000 properties for rent on the East End, only 548 of them are on the ocean. Of that 548, Eighty-four are priced between $400,000 and $500,000 for the season. And the stakes grow higher from there. On the Southampton oceanfront alone, there are four rentals listed publicly that range in price from $495,000 for the season to a year-round rental at $925,000. Well, you get the picture. Of course, there are many more waterfronts available, but if you want a rental on the ocean, starting early is your best bet.

Last year, realtors reported that rental listings in the hundreds of thousands of dollars for the season literally flew out of their offices in January, leaving them scrambling for more inventory. There simply weren’t enough properties to go around. Considering the sizable sums distributed in bonuses on Wall Street at the end of the 2006, they can expect the same scenario to replay this year. The record numbers have proven the absolutely unbelievable prices some are willing to pay in order to be here for a few months.

A lavish rental estate in East Hampton or Southampton on the ocean, with all the amenities required by discerning guests, costs about $525,000 for the season, which runs from Memorial Day to Labor Day. Some rent estates year-round and have paid as much as $750,000 per year to do so. Two years ago, Swans Way, a beautiful oceanfront estate in Southampton, rented for $550,000 for the summer.

In Southampton, a fabulous, Norman Jaffe-designed, 5000-square-foot contemporary home is for rent year-round at $925,000. The property includes a heated gunite pool and tennis court, of course. It also has a state of the art media system, fitness room and a huge master bed and bath suite. The patio wraps entirely around the home with views of the ocean everywhere. The property is listed with The Corcoran Group’s Southampton office.

If one is looking for a less prestigious property, you can still be on, or at least near, the ocean if you look in the tiny surfing hamlet of Ditch Plains in Montauk. There, one can still rent a very modest cottage for about $25,000 for the season. There is a two-bedroom cottage for rent for next season listed with the Tuma Agency at $22,000. At $25,000, you can rent a quaint lakefront cottage with four bedroom and three baths. It has more than 200 feet of waterfront and is listed with Montauk’s Corcoran office.

On the North Fork, prices are rising as more and more summer renters find their way to the quiet and unpretentious little towns on the Peconic Bay and the Long Island Sound, where $120,000 pays for quite a bit. In Southold, one can rent a 3500-square-foot waterfront home that resembles homes on private islands. The four very private acres are set on Corey Creek, leading out to the Peconic Bay. The five-bedroom, five-bath, brand-new contemporary home, which includes an in-ground pool, is so secluded that the privacy afforded to the resident could be rivaled only by renting one’s own island. The property borders acres of undeveloped land and sits adjacent to a peninsula jutting into the bay. This very unique rental is listed with Prudential Douglas Elliman’s Southold office.

Some are opting to buy new luxury condos in East End towns as an alternative to spending their dollars on summer rentals. And with the three exciting new projects underway in Sag Harbor, it is expected that more people will be doing just that this season. The upscale units are presently being built on three sites – the old 21 Water Street location, the foot of the bridge and, of course, the immense complex at the site of the former Bulova Watchcase Factory. The Water Street units are projected as being priced in the $400,000 range. Although prices for the Bullova site have not been disclosed as of yet, they are expected to be closer to the million-dollar range, depending on their size and location in the building.

Real Estates