Q3 2018 The Hamptons Market Update SAGAPONACK, NY Narrow Lane Farm Sold at $11,995,000
THIRD QUARTER RECAP In the third quarter of 2018, the average sales price of Hamptons real estate east of the Shinnecock Canal increased year over year 3%, from $1.95M in 2017 to $2M in 2018, according to data compiled by the Long Island Real Estate Report. At the same time, the median sales price increased 13% from $1.1M in 2017 to $1.26M in 2018. Overall, total units sold decreased 18% from 387 units sold in third quarter of 2017 to 318 sales in the third quarter of 2018. As a result, total dollar volume dipped 15%, from $755M to $638M. SELECT SOLDS AND VALUE PICKS Narrow LaneFarm closed for $11,995,000 (A), setting a record for Sagaponack s most expensive sale north of the highway. The sellers started the grant program Homes for Horses, in partnership with The EQUUS Foundation, and donated 1% of the proceeds from the sale to equine protection and rescue. Their generosity and compassion set a wonderful example. DANA TROTTER Associate Broker Senior Global Real Estate Advisor Mobile: (631) 379 3236 Office: (631) 537 6000 Dana.Trotter@sothebyshomes.com DanaTrotter.com Ranked in the top 10 brokers in the nation for Sotheby s International Realty Top 50 of the REAL Trends/Wall Street Journal s esteemed annual rankings 20+ years experience Secured over half a billion dollars in sales MARKET SNAPSHOT Dollar Volume $638,385,871 Units Sold 318 Average Sale Price $2,007,503 Median Sale Price $1,245,000 % Change 3Q18 v. 3Q17-15% - 18% 3% 13% Although sales in the $6-10M range decreased 25% over last year with nine trades across the Hamptons this quarter, we closed two deals in this segment, including an estate off Further Lane in Amagansett for $6.6M (B), and a midcentury design in s Georgica Pond enclave for $6.495M (C). Additionally, we sold two development opportunities in for $1.575M and $1.15M. We believe that compelling properties, properly priced, will sell in due time. With that said, we have several listings at a range of price points offering compelling value. In the $10M+ range, 172 Cedar Street in ($15M) offers a gracious 18,000 sq. ft. Cotswold style main house on 8 acres brimming with amenities such as the decadent, lower level spa featured in the NYT, WSJ, and the New York Post. In overlooking a private pond, 25 Jennifir Lane ($12.5M) is a strikingly cool modern barn style home with numerous upgrades, sold furnished. For under $4M, 98 Westminster Road in Water Mill ($3.995M) is modern, new construction with water views and access to the only south of the highway community dock. In Village, 160 Jermain Avenue is a good buy at $1.499M. SALES AND PRICE COMPARISON BY TOWN Average Sale Price and Year $6.0 $5.5 $5.0 $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 *Price in Millions 2014 2015 2016 2017 2018 All data in this report is derived from the Long Island Real Estate Reports. Since all final closed data for the current quarter had not been reported at the time this report was compiled, the available closed data was extrapolated in an attempt to approximate full results for the current quarter. Actual results may materially vary from the approximated results. The areas reported on in this report include Amagansett,,, Montauk,, Sagaponack, Shelter Island,, Wainscott, and Water Mill. Sotheby s International Realty and the Sotheby s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby s International Realty, Inc. Real estate agents affiliated with Sotheby s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby s International Realty, Inc. Equal housing opportunity.
A. SOLD SAGAPONACK $11,995,000 B. SOLD AMAGANSETT $6,600,000 C. SOLD EAST HAMPTON $6,495,000 Featured Listings / Dana Trotter Q3 Market Update
Market Snapshot All Hamptons (east of the Shinnecock Canal) $3.0 450 $2.5 400 350 $2.0 $ 1.5 300 250 200 $ 1.0 $0.5 150 100 50 $0.0 2014 2015 2016 2017 2018 *Price in Millions 0 Total Units Sold Average Selling Price vs. Total Units Sold 28 146 49 95 Average Selling Price Total Units Sold
Q3 Highlights All Hamptons (east of the Shinnecock Canal) $5.0 $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $- *Price in Millions Average Selling Price Total Dollar Volume $ 4.4 $ 1.8 $ 1.7 $ 1.8 *Price in Millions 19 % 41 % 13 % 26 % Q3 Highlights / Dana Trotter Q3 Market Update
FEATURED LISTINGS EAST HAMPTON WORLD CLASS ESTATE $15,000,000 8± acre estate minutes from Village includes a 12+ bedroom main house, caretaker s cottage, pool house, horse stables, and tennis. 172CedarStreet.com BRIDGEHAMPTON MODERN BARN STYLE WITH POND VIEWS $12,500,000 (FURNISHED) 12,000± sq ft, 6-bedroom, modern barn style home with 2-story pool house, heated gunite salt water pool with spa. 25JennifirLane.com
12SUFFOLK.COM $5,995,000 98WESTMINSTER.COM $3,995,000 174CEDARSTREET.COM $3,500,000 6MAUNAKEASTREET.COM $3,275,000 DIVISIONSTREETSAGHARBOR.COM $2,595,000 80DOLLARCHAMPIONHORSEFARM.COM $6,995,000 83JACKANDJILL.COM $4,495,000 Featured Listings / Dana Trotter Q3 Market Update
FEATURED LISTINGS CONRADROAD.COM $1,350,000 32MASHOMUCKDRIVE.COM $2,750,000 160JERMAIN.COM $1,499,000 FETLOCKDRIVE.COM $1,195,000 MMXVIII Sotheby s International Realty, Inc. All Rights Reserved. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. This offering is subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Sotheby s International Realty and the Sotheby s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby s International Realty, Inc. Real estate agents affiliated with Sotheby s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby s International Realty, Inc. Equal housing opportunity.