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Brokers’ Secrets Revealed for Hamptons’ Real Estate Market

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The property at 466 Further Lane in East Hampton has slashed its asking price again, down to $18.9 million. (Photo Credit: Douglas Elliman)
Jackie Kennedy Onassis’ former summer estate, Lasata, located at 121 Further Lane in East Hampton village has cut its price by $4 million.
The Grey Gardens in East Hampton has just been rented by American Express for the summer. (Photo Credit: Corcoran)
45 Abrahams Landing Road in Amagansett recently sold for $1.6 million. (Photo Credit: Douglas Elliman)
The Sag Harbor home located at 1100 Brick Kiln Road is now on the market for $10 million.

Hamptons brokers warn, “Don’t Sell Your House Now!”

Last week, at a real estate panel in the East Hampton Library, Hamptons homeowners were told by brokers to wait on selling their homes. The Hamptons president of Brown Harris Stevens Peter Turino said, “We’re entering the third year of a slow cycle. There’s a shortage of buyers and a lot of overpricing. Prices must come down.” Diane Saatchi of Saunders & Associates added that 29 months is the current average time it takes to sell a home in the area. It isn’t purely bad news. The East Hampton Star reported the Turino told the audience that by next summer the real estate slump should be over.

Jackie O’s East Hampton Summer Home Gets $4M Price Cut

Jackie Kennedy Onassis’ former summer estate, called Lasata, located at 121 Further Lane in East Hampton village has just reduced its asking price by $4 million, to just under $35 million. Curbed reports, “The entire estate is actually on the market as two separate parcels—one 7.15-acre piece where the main house, pool, and guest house sits, and the other four acres with tennis courts. The total 11-acre estate came on the market in September of 2016 with a $53.99 million price tag, while the main house was offered at $38,995,000. The main house is now asking $34,995,000 under listing agents Carol Nobbs and Eileen O’Neill of Douglas Elliman, Susan Breitenbach of Corcoran Group Real Estate, and Peter Turino of Brown Harris Stevens.The property is currently in the hands of fashion designer Reed Krakoff—who is the former creative director for Coach—and his wife, interior designer Delphine Krakoff. The couple bought the home in 2007 for $25 million and have made renovations since.”

Sandy Gallin’s Further Lane cuts price by $3.6M

In 2011, former talent manager to A-list stars like Dolly Parton and Michael Jackson, purchased the East Hampton property at 466 Further Lane for $5.1 million. After building a brand-new house on the lot, just 1-year later in 2012, Gallin put the home back on the market for an incredible mark up of $24.5 million. The price stayed the same for 2 years, then went on and off the market a few times. In 2015, for the first time, the asking price of the house was lowered to $22.5 million. Now, the asking price has been slashed once again, by $3.6 million, which brings the price down to $18.9 million. In April, Gallin passed away at the age of 76. According to Curbed, “The home is 6,500-square-feet in size on 2.11 acres of land, with seven bedrooms, nine full bathrooms, and two half-bathrooms. There are a total of four outbuildings on the property. Interior features of the main house include a chef’s kitchen, full dining room, a home theatre, and gym. Outside, there’s a gunite pool and outdoor entertaining areas.”

American Express rents Grey Gardens for the summer

The famous estate at 3 West End Road, that was made famous by the cult classic documentary “Grey Gardens” is being rented for the summer by American Express for an undisclosed amount. The company will use the property to host seasonal events. The property is currently owned by Washington Post columnist Sally Quinn. She shared the home with her late husband Ben Bradlee, who bought the nine-bedroom estate in 1979 for $220,000. According to the Post, “Grey Gardens has been on the rental and sales markets in recent months, and was last asking $275,000 as a summer rental from Memorial Day to Labor Day. To buy, the asking price is now $17.99 million, down from $19.99 million earlier this year.” The home was “built in 1897 and restored in all its glory, is 6,652 square feet and sits on 1.7 acres. The lushly landscaped property comes with a pool, a tennis court, a pergola and beautiful gardens — all near Georgica Beach.”

Amagansett home of famed “Hurricane” attorney sells for $1.6M

The late Myron Beldock’s, who starred as the lawyer in the 2000 movie “The Hurricane,” house recently sold for $1.6 million. The approximately 2,680 square feet home is located at 45 Abrahams Landing Road and has five bedrooms and two bathrooms. According to The Real Deal, “Beldock successfully represented a wrongly convicted defendant in the Central Park Jogger case but his most famous case was his representation of boxer Hurricane Carter, whom he exonerated after a conviction of triple homicide.”

Don Peebles relists house in Sag Harbor for $10M

In March 2016, developer Don Peebles listed his Sag Harbor home, located at 1100 Brick Kiln Road for $14 million. Just a few months later, Peebles took the property back off the market in August. He recently reintroduced the house to the market with a price cut of $4 million. According to TRD, “The 7,000-square-foot residence contains five bedrooms, five bathrooms, a three-story marble staircase, and three fireplaces. Two guest homes and a pool are also on the property, which Peebles bought in 2007 for $5.4 million.”

By Sam Stein

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