There’s no denying its opulence. At 42 acres, For-dune, a sparkling estate in Southampton, New York, includes a 20,000-square-foot main residence with 12 bedrooms, 12 bathrooms and nearly a quarter of a mile of ocean frontage. There’s also a 60-foot pool, spa, tennis and basketball courts, greenhouse and outdoor kitchen.
Yet despite its bountiful amenities, the most eye-catching feature of the property is its price tag. It will soon hit the market for $175 million, one of the most expensive homes on the market on the East Coast, according to listing brokerage Bespoke Real Estate.
But as the summer crawls to a close on the East End, and many sellers in the Hampton rush to unload properties, Fortune joins a growing list of sprawling homes in the pricey beach enclave with a soaring price tag.
At last count, some four properties in the Hampton sport an asking price of $100 million or more. That includes a $150 million Southampton compound with both oceanfront and bay front exposure that previously held the record as the East Ends most expensive. At least three other listings are priced above $70 million while a flurry of others boasts asking prices above $50 million.
Among those: Legendary television personality Dick Cavett’s Montauk estate listed at $62 million. The 20-acre property on a bluff overlooking the Atlantic Ocean comes with a six-bedroom main house measuring about 7,000 square feet, with a bell tower above the wraparound porch, according to listing agents Karen Kelley and Tim Davis of the Corcoran Group.
And a 2.8-acre property for sale in Wainscott is being offered for only the second time in its 140 history. Its price tag: $55 million. Kilkare – as its known – sits in the Georgia Association with 330 feet of direct oceanfront and panoramic views of Georgica Pond. Southey’s has the listing.
Though each of the homes is packed with appealing amenities, they hit the market at a time when larger homes in Hampton are having trouble finding buyers.
“Those great big huge houses from the 1990s and early 2000s, they’re sitting,” Paul Brennan, a Bridge hampton-based broker at Douglas Elliman Real Estate recently told Bloomberg. “I think that conspicuous consumption isn’t in vogue these days, and that’s why bigger isn’t better.”
There is good news for Hampton sellers, however. Home values continue to soar on the Eats End while the pace of sales accelerates.
The median sale price for a single-family house hit a record $1.07 million in the second quarter, a rise of 7.5 percent from a year earlier, according to a report by appraiser Miller Samuel and brokerage Douglas Elliman. Forty-eight homes priced at $5 million or higher changed hands in the three months through June, the most for any quarter since the end of 2015, the report shows.
Meantime, sales of single-family houses jumped 26 percent in the quarter from a year earlier to 674, Miller Samuel and Douglas Elliman said. The number of listings fell 4.1 percent as eager buyers snapped up homes at the fastest pace in years.
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