NEW HOME CONSTRUCTION, STILL THE "BULWARK" OF THE HAMPTONS MARKET

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

REAR OF THE PROERTY THAT JUST SOLDNEW HOME CONSTRUCTION, STILL THE "BULWARK" OF THE HAMPTONS MARKET.... If it were not for the new house construction that has been going on here in the Hamptons for over 2 years now, we would be in a real decline as far as real estate values go.ONE OF THE NEW CONSTRUCTION PROJECTS

Because brand new houses sell for top dollar and since most young families with money are looking for "new" homes versus existing homes, certain owners have been protected from the wild up and down of the rest of the market.

New construction has become the protector of the market, or the "bulwark" that stands strong in spite of those tumultuous times that we just weathered in 2009 through 2011.

 In Southampton Village, a place that rarely sees it's property values go down, new home construction has been the shining star of the real estate market. Commanding near 2007 highs and more, these new homes have given a jolt of adrenalin to the suffering real estate market

There are three projects that were finished and sold within 6 months of breaking ground over the last 2 years...and anotherAN INTERIOR RENDERING FOR 28 POST LANE one is on it's way as the developer closes on his next property.

THE FIRST HOUSE ON THE STREET TO BE BUILT IN OVER 60 YEARSIn 2010 the first Post Lane project in the Little Plains area of Southampton Village was offered and sold for a record sum in the 5 months after breaking ground. That was a landmark for the street which is one of the first streets in Southampton Village to represent these wonderful new construction projects.

One of the key reasons that these houses sell faster than those around them is the fact that the owner will customize the homes rather than complete them and expect the public to accept what the builder and architect like as far as finish work goes. Kitchens and bathrooms are particularly sensitive to the buyers own taste and left INTERIORS ALWAYS INCLUDE AND OPEN KITCHEN/GREAT ROOM COMBINATIONuntil the house is sold so that the buyer can customize to their needs. This means a very happy new homeowner! These are NOT spec houses as we know them--I call them "Custom New Construction"

The Village of Southampton draws a very particular type of buyer: They want classic, village style with no unusual flourishes. Historical influence is important to this buyer and in many cases the Village homeowner will opt to spend more money to get the very desirable "look" of a classic village home.

The Summer of 2013 will bring another season of World Travelers, New Yorkers, and buyers from other surrounding states. They come,  spending the month of August or maybe even the whole summer here in Southampton Village...the ocean beaches, the shops, museums, library, playgrounds and world class restaurants are the big draw here. So too, is another one of the traditional treasures being built by this talented collection of architect/designer, tradesmen and builder...all prepared to begin their next project in the Little Plains area.

ONE OF THE CLASSIC FEDERAL STYLE VILLAGE HOUSESOne at a time, these perfect village compounds are carefully and lovingly designed and built; each one with it's own personality and and it's own special interiors. Each one is located in the most favored part of Southampton Village, The Little Plains area, and within walking distance to the ocean and the very heart of the Village.

Below is the latest offering for the Little Plains area; it will offer all the same quality details and custom features of the other houses that were built here.

An historically influenced Federal Style, designed by local reknowned architect Brian Brady, connects the early 1900's to today as the architecture of that time becomes modernized and offered to new home buyers. The Greek Revival design, or Federal Style was a very popular design for the last part of THE NEWEST OF THE CUSTOM NEW BUILDS--FRONTthe 19th century and first quarter of the 20th century. The style suited the needs of the homeowner in that it allowed plenty of living and entertaining space for their families and their busy lives.

The typical second home owner who lived here in the Village in the 19th and 20th centuries had a large and "extended-family "way of life--they had a clear idea of how they wanted their summer cottages to look and it was not a small footprint--porches, three stories, a large lawn and out-buildings, sometimes even a guest cottage on the property, defined the needs of the time. These Federal Style designs filled those needs successfully with the sprawling houses to suit their numbers and the staff needed to care for the property, the children and the everyday meals for those who resided there each summer.

REAR VIEW OF THE FEDERAL STYLE NEW CONSTRUCTIONThat distant way of life has re-appeared here in Southampton Village, this time on a slightly smaller scale with fewer family members in classic houses on smaller lots. The desirability of the Little plains area makes this a perfect spot to grow a family---a perfect place to spend a summer season or to enjoy the Holidays.

The prices range from $4.7mil. to $5.5mil, with 2 houses already sold. Square footage is from 4,500 to 6,000 SF and each house has a 3rd floor, a finished basement with all the options for a gym, a wine cellar, a theater, media room, playroom or just simple recreation and games.

Southampton Village and it's very recognizable architectural influence offers this brand new Federal Style, in the truest form of Greek Revival Architecture.

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  1. Bill Burchard 12/06/2012 08:13 PM
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Rainmaker
494,549
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Kimo: I am at a loss as to what to say; what the heck is L3? Are you talking about the Feds requirements for construction? Is it a mortgage? Does this have something to do with the end of the world?  Sorry , Kimo but I am in the dark.

Peter: Your are so kind--thank you for your nice compliments. Good luck with your future projects by the way!

Dec 08, 2012 09:35 PM #28
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Courtney Cooper
Ben Kinney Brokerages Leadership at our Keller Williams North Seattle Office - Seattle, WA
206-850-8841

Paula, this is a great post and the pictures are pretty much amazing - absolutely love reading bout your area :)

Dec 12, 2012 11:30 PM #29
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Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

I love historic homes, but the appeal of new construction in a beautiful area is hard to resist.  After all, who wants to spend their summer calling the plumber and electrician?

Dec 12, 2012 11:50 PM #30
Rainmaker
494,549
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Courtney: It is a real pleasure to write about it too!...and living here is out of this world!

Norma:You are so right! There are so many advantages to owning a brand new home and the younger generation with money who are buying homes now seem to know that; but they do want the classic styles, I am finding...some do like contemporary but they are few and far between.

Dec 13, 2012 12:44 AM #31
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow Paula, Great looking homes, I think everyone should have one new home in there life time.

Dec 13, 2012 01:00 AM #32
Rainmaker
494,549
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Will: I think you are right! I am working on that myself...:)

Dec 13, 2012 01:05 AM #33
Rainmaker
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Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Paula, how fortunate the Hamptons are to have had such demand for new construction that prices have been able to stay up. I'm guessing that you have not had a glut of short sales or foreclosures, either.

Sharon

Dec 13, 2012 11:36 AM #34
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

It is good to read positive news about real estate . Thanks for sharing.

Dec 13, 2012 08:35 PM #35
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Paula

I really like this summary of the new construction market in your area. It's clear you have a good handle on what the local market is all about.

While our new home prices don't match unless you are in Rancho Santa Fe or La Jolla, we are seeing much the same - a preference for a newly built homes which are priced very well to compare with the resales.

BTW I think L3 - Location Location Location. :)

Jeff

Dec 14, 2012 04:16 AM #36
Rainmaker
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Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Sharon: We have had our share of short sales here and many foreclosures....but through all of that, the new builds remain strong. The monied young families that want a quality of life in a small town while the bread winner works in the city is typically who lives here year round now--not too many but enough so that they choose to live in the very desirable parts of the Village.

Gita: I agree--good news is needed now...the housing market has definitly had a resurgance and I can't wait to see what Spring 2013 will bring.

Jeff: I bet that is what L3 is! I never would have figured that out :( Thanks for reading the report and good luck to you in your parts with the new home construction.. 

Dec 14, 2012 09:15 AM #37
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Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

That is what my mind thought L3 was ....  

Great post about a phenomenal area, Paula!    Best of luck there!  You are the agent that knows the most and keeps the area humming.

Dec 16, 2012 01:04 AM #38
Rainmaker
494,549
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Dagny:Thank you so much! I was totally stumped by L3 but as I now think about it--what else would it be??? :)

Dec 17, 2012 10:15 AM #39
Rainmaker
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Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Sounds like the hamptons could be a great destination and beautiful looking homes to choose from. Good luck and happy selling Paula.

Dec 18, 2012 11:51 AM #40
Rainmaker
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Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

You are so right--It is a real pleasure to live here!

Dec 18, 2012 10:32 PM #41
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Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

Wow!  Hamptons rock.  Here in the Palm Springs Valley in California..we are just seeing the resurgance of "sticks in the ground" with several abandoned projects being started up again.  Great for everyone!

Dec 19, 2012 11:21 PM #42
Rainmaker
494,549
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Kimberely: At least they are starting up and not shutting down, right? Here, construction never slowed down in certain areas...that's what I am seeing: the areas with close proximity to shops, the beach, restaurants and everything that is interesting to do is the big draw!

Dec 20, 2012 05:33 AM #43
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Wishing you and your entire family an absolutely wonderful Christmas Holiday! Blessings to you and yours!

Dec 24, 2012 04:47 AM #44
Rainmaker
494,549
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Barbara Jo: Thank you so much and I wish you and yours a very Merry Christmas and a Happy New Year too!!

Dec 24, 2012 06:45 AM #45
Rainmaker
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Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Hi Paula, just wanted to stop by and wish you a Merry Christmas and a Happy Holiday.

Dec 25, 2012 07:24 AM #46
Rainmaker
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Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Hi Joe! Thank you so much--I hope you and yours have a wonderful New Year as well!

Dec 26, 2012 07:12 AM #47
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