Explosive New Development in Southampton Village, NY
A BUCOLIC SUMMER HAVEN
Those who have lived in the Hampton's for the past 25 years or more know that Southampton Village is very quietly the preferred place to live. It’s the only Hampton built right on the ocean and it is in close proximity to 9 ocean beaches, world famous shops and restaurants, to say nothing of the nature trails, parks and playgrounds that dot the 7.22 mile square Village…A very desirable location!
Southampton Village is also fairly close to the city for those folks who like to be within reasonable driving distance. It takes about 1.5 hours to drive to Southampton versus 2 to 3 hours or more from the city to drive to points further east on a summer weekend.
NEW CONSTRUCTION EXPLODES
Now, with proximity driving so many home purchases here, there is explosive development underway in Southampton Village. I counted 80 brand new homes for sale in the Village proper, (including the original Estate Section and ocean front) with at least 35 new homes in two new subdivisions that are planned to break ground this spring.
Then there are another 23+ condo units that will become available later this year right in the heart of the Village at the former Village Latch, a new development by the same developer as the Bishops Pond Townhouses. As a frame of reference, Bishops Pond was developed in 2013, marketed profusely, and completely sold out within a few short months.
This wave of new development is sweeping the entire Southampton Village, from the original Estate Section beginning at South Main Street and going West to Lee Avenue, to the very famous Gin Lane and Meadow Lane that stretch the entire ocean side of the Village .
A RECORD NUMBER OF HOUSES TO ABSORB
Not since the 1950’s when smaller capes, ranch houses and bungalows changed the landscape of this Historical location to a more suburban one, has there been such a fervor to build so many new houses. But these are not the small houses of the past; these are all large, mixed architectural designs with pools, pool houses, garages and gardens, even on the smaller lots located mostly in the northern half of the Village. The average square footage is from 3500 SF to 12,000 SF or larger if they are being built on larger lots. Prices range from $2,300,000 and up.
QUESTIONS ARISE:
How do we sell these new “mansions”? Do we have the number of buyers it will take to absorb 80 brand new homes, all of which are grander and more spacious than any of those that are being lost in the process?
The answers may come in the form of the outstanding results from just the last four months: Suffolk County Profiles which records all the transfers that take place in the county shows 41 properties have closed in Southampton Village since December 2015…and there are even more in the pipeline!
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**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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