BIG DEAL

THE HAMPTONS: SOFT LANDING?

Overall sales on the East End are down, but area brokers haven’t lost faith in Hamptons real estate. Although listing inventory increased 12.3 percent from the fourth quarter of 2021 to the same time last year, the number of homes on the market remains less than half of what it was prior to the pandemic, according to a report by appraisal firm Miller Samuel. And while the median sale price dropped 20.3 percent over the third quarter of 2022, it’s still a whopping 40.7 percent higher than the same period in 2019. “Most price points have remained strong given the lack of inventory,” says broker James Keogh of Douglas Elliman Real Estate. This scarcity, along with mortgage rates doubling over the past year, contributed to the number of sales falling 52.6 percent between the fourth quarter of 2021 and the fourth quarter of 2022. Even so, Keogh points out, “we are seeing off-thechart interest in residences that are fairly priced or below market value, with multiple bids within 10 days.”

Fellow Douglas Elliman broker Regina Cigna adds that buyers are “pulling the trigger on newly built smart homes with great amenities, but older houses in less desirable locations are sitting on the market.” So what lies ahead this coming season? “My expectations are based on last year’s playbook,” says Keogh. “A typical spring surge will likely be followed by a relaxed July and August.” —Jean Nayar

Modern conveniences don’t always go hand-in-hand with mid-20th-century architecture, but the owners of 2 Charlie’s Lane on Shelter Island found a way around that. Originally designed in 1952 by architect Bertrand Goldberg (best known for Chicago’s Marina City complex, a.k.a. “the corn cob towers”), the waterfront residence was rebuilt on the existing footprint 50 years later by Manhattanbased firm David Schefer Design, which upgraded its systems and finishes for 21st-century living. Today, the 6,000-square-foot six-bedroom is on the market for $13.95 million with Sotheby’s International Realty’s Nick Brown, who praises the single-story structure’s “ultimate respect for its provenance, including original stone walls and an eight-flue fireplace. Visually, it still pays homage to its classic design.” In addition to its panoramic views of West Neck Harbor, the 3.4-acre property also boasts a saltwater gunite pool, a private beach, and a deepwater dock. —A. B.