Good Deals Are Everywhere... Demand Emerging Again

By Andrea Aurichio and Eileen Casey

Transported to the Gatsby lifestyle from the Gold Coast to the Hamptons, this 16,000 square foot waterfront mansion overlooking Quantuck Bay is one of the grandest ever built on the East End of Long Island. This Manor exudes a sense of utmost elegance and unsurpassed style on 10.37 acres with 1,000 feet of water frontage. Originally designed in 1903 for William C. Atwater, a coal baron, he retained architect Henry Bacon, best known for his design of the Lincoln Memorial in Washington, DC. Images courtesy of Prudential Real Estate

Bridgehampton - Enzo Morabito, Executive Vice President at Prudential Douglas Elliman Real Estate in Bridgehampton, states "I am extremely optimistic for sellers and buyers. The two parties are no longer speaking different languages." Morabito, born in Italy in 1946, started in real estate in 1989, and as he recalls "I got my license right as things collapsed." Morabito has been selling real estate on the East End for more than 25 years. He began his career selling land in and around Sagaponack where he quickly earned the distinction of being one of the most knowledgeable land brokers in the area. Morabito introduced the concept of Team Selling to the East End when he formed a carefully selected group of associates to work with him as a cohesive unit. Today, Morabito and his team consistently rank as a top producer at Prudential Douglas Elliman.

What surprises you about the real estate market in the Hamptons?

Enzo Morabito: The resiliency of the Hamptons. Just when you thought the world was over demand emerged again.

Enzo Morabito, Executive Vice President at Prudential Douglas Elliman Real Estate in Bridgehampton.

What are buyers looking for in a house?

EM: Value, craftsmanship and beauty.

What do you see as the future of real estate in the Hamptons for the short term and for the long term?

EM: I think we have gone through the most trying time that I have ever seen in this market. As I said before, recovery happens when speculators stop building, prices stabilize and inventory shrinks. The Hamptons is in a state of equilibrium and as long as that holds we are over the worst.

What is your take on the current market?

EM: Currently, we have over 10 properties closing or going to contract. This coming Spring presents an extraordinary opportunity for both buyers and sellers.

What is the most common mistake made by buyers and sellers?

EM: You are courting disaster when there is a potential deal and your broker does not lock up the details before it moves to the attorneys.

Where are the best values right now on the East End?

EM: Everywhere, you can find good deals all over the East End.

What is the most popular area in the Hamptons right now?

EM: South of the Highway, in this market we have been involved in several bidding wars in the past couple months.

• To view more of the above-referenced property, go to www.SeafieldLaneEstate.com

Editor's Note: "Broker's Outlook" is a new column here at Hamptons.com where we invite all real estate agents from across the Hamptons and East End to be part of the story discussing their take on the Hamptons real estate market. For details contact info@hamptons.com.