In 2014, Hamptons Real Estate markets set new records. The sale of Chris Browne and Andrew Gordon’s 18-acre Further Lane oceanfront estate for $147 million to Barry Rosenstein shattered the ceiling. The 2007 record, which was the sale of the de Menil Carpenter 40-acre Further Lane oceanfront estate for $103 million, was the last time we saw the high-end fly to new stratospheres as it did in 2014.
Earlier this year a compilation of 4 lots plus an oceanfront estate on tony Gin Lane in Southampton Village sold with a price tag of over $80 million. This raised a few eyebrows, since it traded late in December 2013 for an amazing $75 million.
Currently, there is a sprawling Georgica Pond estate on the market for $148 million. Is this a market trend? Will the high-end continues to raise the high water mark?
2007 still holds the crown as THE year for high-end sales. In the 2nd Quarter Town & Country Home Sales Report the Total Home Sales Volume was $1.25 billion and the year-end was $3.8 billion. Thus far in 2014, total home sales are at $2.5 billion. Will 2014 match, or exceed, 2007?
Is this a trend developing or are we experiencing 2007 deja vu, when high-end sales soared until the correction settled all markets down? Cycles are a part of our business — the duration and depth of each are the key factors.