The third quarter of 2016 was not kind to the East End’s real estate market, according to data this week from the Long Island Real Estate Report.
Overall sales volume dropped more than 38 percent in Southampton Town and more than 30 percent in East Hampton Town, when compared to the third quarter of 2015. East Hampton Village was an outlier, with an uptick of 12.5 percent—and to a lesser extent so was Westhampton Beach, which enjoyed a 7.14-percent increase.
Dollar volume sank 36.57 percent in Southampton Town and 31.25 percent in East Hampton Town. East Hampton Village was the happy outlier again, with a 40.19-percent uptick, and so was North Haven, which saw a whopping increase of 188.29 percent—mostly reflecting the top sale of the third quarter, that of Richard Gere’s house on Actors Colony Road to NBC’s Matt Lauer for a cool just-less-than-$24 million.
The median sale price also went downhill in both towns: from $880,000 to $761,056, a 13.52-percent decline, in Southampton; and from $1.2 million to $870,000, a 27.5-percent drop, in East Hampton.
Next up among the top sales of the quarter was a property on Rose Hill Road in Water Mill that Andrew Borrock sold to a limited liability company for $22 million. On Ocean Road in Bridgehampton, another estate changed hands for $14.6 million, from one LLC to another. And the estate of the late architect Francis Fleetwood sold a property on Amagansett’s Ocean View Lane to an LLC for $14.25 million.
This week’s data comes from information published at the end of the third week of the fourth quarter, which is estimated to be about 80-percent complete, with some straggling sales yet to be recorded, according to the Long Island Real Estate Report.
27east on Oct 24, 2016