LUXURY HOMES ON SMALLER LOTS....
In 2011, I sold two small capes on small lots (.33 acre lots) and a developer bought them both through me. With my guidance and his builder's and Architect's acumen we created a whole new market for this historical Village of Southampton. Both of the new houses were top of the line luxury homes on 1/3 acre lots, between the heart of the Village and the Atlantic Ocean beaches.
These two houses traded for one half as much as the original homes. This set a trend in place for buyers to buy any new construction in the same neighborhood, paying even more than the original two homes.
Builders and developers were lining up to buy the original ranches and capes on these small lots. They did this in order to be in the postion to capture those luxury home buyers who were willing to pay multi-millions for their dream home in this prime location.
What is the most important thing to the buyer who has the capital funds to own a home here?
Proximity: Walk to the ocean, shops, theaters, museums and famous restaurants from home is the goal.
What is the next driving principle that the same buyer follows when they buy here?
Superb Design: A design that is in keeping with the historical appeal of this, the earliest settlement in New York State, is the key to finding a buyer for "Luxury On A Smaller Scale".
These two forces: Proximity and Superb Design, make Southampton Village a natural place for the new buyer who wants a presence here without a huge commitment to a very large property, especially since they usually own a home and/or other homes elsewhere.
HAVE YOU SEEN A SHIFT IN YOUR MARKET PLACE? Please comment below if you are finding the same thing...Or if you are seeing similar changes in your market place.
**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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