NEW 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.
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 another one is on it's way as the developer closes on his next property.
In 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 until 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 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 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.
That 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.
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY. The views expressed herein are my personal views and do not reflect the views of Douglas Elliman Real Estate
Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
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