3 New Luxe Hamptons Condo Developments Are Hot Properties

Photo: Harbor’s Edge condominium in Sag Harbor

The Daily News and The Real Deal are touting three new condominium developments in Sag Harbor and Southampton as refreshingly affordable alternatives for “either first-time Hamptons homebuyers” or “baby boomers” “seeking low-maintenance living at reasonable prices.” With prices at these developments ranging from more than $1 million to more than $10 million, these are not residences for the average first time buyer.

The three projects mentioned in the articles in The Real Deal and The Daily News are Bishops Pond, a 69 unit project in Southampton and Watchcase and Harbor’s Edge, both in Sag Harbor. All offer top-notch luxury shared resort amenities and lack the maintenance headaches associated with owning any residence, but labeling them affordable alternatives for first-time buyers is misleading.

Harbor’s Edge is a 15 unit luxury development with units priced from $2,250,000 for a two bedroom/three bath to $5,750,000 for a three bedroom/four bath unit. Keith Green, of Halstead Properties, the broker of record for the property disagrees with the perception that the property was designed for, or is being marketed to, first time buyers.

“I don’t know where they got their information,” Green said of the articles appearing in The Real Deal and The Daily News. “This is not about first-time buyers. Most of the buyers are long-time residents of the Hamptons who want to continue living here but without the headache of maintaining a house and staff.”

The Watchcase, which will not be ready for occupancy until later this year or early in 2015 is already 80% sold, said Cee Scott Brown, of Corcoran, the broker of record. He said three of the sales in the 62-unit complex have, thus far, been to first time buyers. “I would not categorize the buyers as first-time buyers in the Hamptons,” he said. “Nor are they buyers looking to downsize. It’s a combination of empty-nesters and people who are eager to enjoy living somewhere that offers the amenities of Watchcase. It’s a wonderful microcosm of people from all walks of life.”

There are plenty of opportunities for first time buyers in the Hamptons contrary to what the Real Deal and The Daily News report. First-time buyers will find more space for far less money if they consider the plethora of single family residences on the market. Douglas Elliman, a residential brokerage agency which produces extensive marketing and sales reports on the Hamptons market shows inventory rising and prices holding relatively steady. In their second quarter report on the Hamptons market as compiled by the firm of Miller-Samuels the average sales price of a house in the Hamptons was $1,539,000—considerably less than units for sale in the new condo projects.

The inventory of single family homes in the Hamptons remains high, in fact it increased 4.7 percent over inventory during the first quarter of the year. This means that there is a lot of unsold real estate available in the Hamptons, and that at last count there were 1,647 properties actively being marketed.

For a more down-to-earth look at the Hamptons real estate market The New York Times published an article about a husband and wife who decided to move to the Hamptons from New Jersey and their successful search for a property in the $550,000 to $650,000 price range