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The Dirty Little Secret Of Hamptons Real Estate

Sponsored Guest Post by Gary R. DePersia

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Mr Margaritaville, The Piano Man, Sir Paul and the Material Girl all call North of the Highway home. (Courtesy Photo)

For years, prices of properties South of the Highway (SOH) have dominated the Hamptons real estate market. But, you might be shocked to find out that a trend is emerging North of the Highway (NOH).

The Times, They Are A-Changin'

Gin Lane, Meadow Lane, Lily Pond Lane, Further Lane... Just some of the fabled byways that would evoke visions of exclusive estates and pricey real estate in the minds of buyers with their real estate brokers salivating at the thought of the sizeable commissions to come. From Southampton to Amagansett, the affluent buyer and their fortunate brokers would jockey for the best properties on the ocean, bays, ponds, farm fields and villages that define the exclusive areas south of 27 (SOH). However Montauk Highway, our Mason-Dixon line, is starting to find itself besieged as less familiar roads with names such as Scuttle Hole, Day Lily, Robertson, Ferry, Deerfield and Hayground gain prominence. Indeed there is a large and growing number of buyers in the know who have discovered the many benefits and attractions of being North of the Highway.

Money, Money, Money

For years, one of the primary reasons to buy north was money. Houses and land were simply less expensive once you crossed "the Highway." But look at these numbers... $36 million on Ferry Road, $20+ million on Day Lily Lane, $12.5 million on Cedar Street, and $9.75 million on Main Street in Sag Harbor. Those are just some of my significant NOH trades over the last decade. Suddenly "those" people who would buy North of the Highway have turned into "the" people savvy enough to pioneer the changing landscape of the Hamptons. Certainly with the resources to purchase wherever they wanted, the buyers on the streets above opted for special properties in unique locations. And the trend is bound to continue. In North Haven alone, there are four listings over $20 million, while from Southampton to Montauk, the landscape NOH is littered with other pricey properties for sale that are garnering significant attention. Still, the buyer unconcerned with proximity to the beach is finding tremendous opportunities and superlative values at prices far below its SOH counterparts. Hard pressed to find newly constructed, two acres estates with tennis South of the Highway for much less than $15 million, buyers are discovering that from Southampton to Bridgehampton, there are a variety of options available from just over $4 million to under $10 million. Looking for a nice, new house on an acre SOH for under $5 million? Don't look on Parsonage, Hedges or Daniels Lanes in Sagaponack. Nor should you look on Ocean Road, Lily Pond or Further Lane where the starting prices are bound to be over $7 million. But, merely cross over to the other side, and options abound for new construction well below for what you could find for the same house SOH.

I Love Rock & Roll

And, rockers seem to love North of the Highway too. Mr Margaritaville, The Piano Man, Sir Paul and the Material Girl all call NOH home. Media darlings Matt Lauer, Christie Brinkley, and Alec Baldwin, as well as former Mayors Rudy Giuliani and Michael Bloombrg hang their hats well north of 27. Prominent people from all walks of life have discovered the open fields, the wooded seclusion and the broad bay fronts that define the many different areas NOH. Play golf? With the exception of the Maidstone, every 18-hole golf course IS North of the Highway, from the historic Shinnecock in Southampton to the tony East Hampton Golf course bordering the Springs and all the way to the very good and public Montauk Downs. Many Hamptonites actually plan their purchases so that the only long driving they do is from the tee.

Build It and They Will Come

When he started building on 14 Hills Court and the very northern reaches of Deerfield Road in the mid '90s, Joe Farrell could not have imagined that only 20 years later he would be offering and selling houses from $8 million to nearly $10 million on the farm fields of Bridgehampton North. But that's exactly what he is doing. Having just sold the first of five houses he is building on 2 acre lots with tennis within the fabled Two Trees Farm, Farrell has embraced NOH with renewed vigor offering numerous options from $3 million and up, setting the stage for other builders and developers to capitalize on the need for great, new construction at prices that could not be achieved south of 27. Want something with tennis at a price? I represent 5 houses from a variety of builders ready to go right now from just under $5 million to $6.5 million, several bordering open reserve. You're not finding that on the other side of 27. Call me and let me show you.


On the East End since 1995, starting with the legendary Allan Schneider Associates, now The Corcoran Group, Gary R. DePersia has participated in more than $1.5 billion of real estate transactions. With hundreds of his exclusive listings sold and closed as well as matching hundreds of his own buyers and renters with the right properties, Gary’s almost 20 years in the Hamptons luxury real estate market has generated benchmark sales. Qualifying as a national list maker since 2007, in 2014 he was again in the top 25 with nearly $200 million of real estate transactions for the previous year. http://www.myhamptonhomes.com/ GaryDePersia garydepersia




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Guest (Gary) from East of the Canal says::
Bruno, I meant no disrespect to Hampton Bays. Most of my business is done east of the canal so that is where I focused my discussion. I am sure there are glorious properties and opportunities in your neck of the woods as well.
May 14, 2015 1:44 pm

Guest from Out East says::
Perhaps because what was the 10 hamlets known as "Good Ground" named itself Hampton Bays in 1922 to take advantage of the trade in the Hamptons east of the Shinnecock Canal. It's always been a Hamptons wannabe.
May 12, 2015 7:55 pm

Guest (Bruno Sutley) from Hampton Bays says::
Why is Hampton Bays omitted from list of desirable locations? We have million Dollar Homes listed.
May 4, 2015 12:41 pm

 

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Gary R. DePersia, Corcoran Real Estate
With over $2 billion in transactions on the East End and since 1995, Gary DePersia is consistently ranked among the top producers in the Hamptons. A year-on-year member of The Corcoran Group President’s Council, he has qualified as a national list maker since 2007. In 2008 he was Corcoran's top broker on the East End by sales volume and rental units; and ranked as the nation’s 4th top broker. In the 2017 REAL Trends & The Wall Street Journal list of America’s top real estate professionals, he was designated #26 nationally, #4 in the Hamptons and #3 at Corcoran overall by volume with nearly $200 million of transactions for the past year. His office operates with four licensed assistants allowing him to build a business stretching from Southampton to Montauk and Sagaponack to Shelter Island. gdp@corcoran.com

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