IS THIS A GOOD TIME TO SELL A PHEASANT CLOSE PROPERTY IN SOUTHAMPTON VILLAGE, NY?
I was asked that question as I spoke with a homeowner in the Pheasant Close community this last month. At the time, I was watching as 4 homes in Pheasant Close sold at prices that were already an improvement from '08-'09. She deliberated on the idea and only after much back and forth, and finally a conversation with her accountant, did she decide to wait for the Spring of 2012 to list it.
My point to her was that there was a pent-up demand for houses in that particular part of Southampton Village. Since the ability to have a tennis court in Pheasant Close is a key selling point, I told her I could not guarantee that hers would sell quickly but I did say that if we priced it right she could be sure that she would get it sold.
Pheasant Close has always been a favorite for Southampton Village buyers. It has a sense of community within the Village, has an elegant style and is in close proximity to all that Southampton Village has to offer.
Family life with a sports influence is prevalent here; the nearby ocean beaches are also a big draw. World class restaurants are close as well and shopping in the Village shops has a great appeal too!
Since 2000, Southampton Village has a zoning law that requires a full count of square footage for the lot coverage of a tennis court. That amounts to about 7,400 s.f. versus the 1/2 count that was allowed for tennis courts in the village proper before 2000. There are very few lots in Southampton Village large enough to fit a tennis court now and this gives the edge to the houses at Pheasant Close, especially if they already have a court. Many buyers who want a tennis court have had to buy outside the very desirable Southampton Village location because of the zoning and set back requirements.
My own listing, an original Tidaldi (The original builder) with room for tennis and built in 1994, was in contract and awaiting closing. Several other houses were just closing as well when I had this conversation with the neighbor. She was very interested in seeing the results of my research so I packaged a complete list of the properties, addresses and all with their property details and I sent it off to her....I was surprised myself when I saw that we had 4 sales in 2011 in this particular neighborhood, the same number of houses sold during the height of the recession in 2009. The '09 sales came from houses that were very deeply discounted because of the housing crash and the prolonged recession; those sellers were in the position where they HAD to sell and 2 of the 4 SALES IN '09 were in the very low $2million range.
The 2011 sales came in between $2,655,000 and $3,872,000, still significantly lower than the height of the market in '06 and '07 when houses in Pheasant Close sold for $5 and $6million plus!
Now the prices have stabilized here in Southampton Village and prospects for future price increases, especially in Pheasant Close, is possible. We have already seen an adjustment of about +6% in the Pheasant Close Community since '09. Currently prices on "for sale" properties here are between $3.5 and $6.5Million.
Each lot in Pheasant Close is at least 1.4 acres; there are several that are almost 2 acres and these homes have commanded the higher prices--the higher priced properties all have tennis courts.
The surrounding areas near the Pheasant Close community include: Southampton High School, the New estate area called "Olde Towne Estates", and a wonderful nature trail that is hidden away, in the donated acreage by the Fowler Family. This trail is one that is tucked in between the Fowler family estate on Wickapogue Road and the Olde Towne Estates; it wanders back to the edge of Wickapogue Pond.
A well kept secret, this walking path is surrounded by a wooded wonderland of wildlife and wildflowers in the spring and delicious blackberry bushes in the summer.
It is a very unique lifestyle for those who want to live in an enclave within the very desirable Southampton Village; but in this case, the desire for elegance and privacy gives this stylish community an exceptional appeal.
Those who have chosen the Pheasant Close Community as a place to enjoy their summers and holidays are very unique too---they are certain that the privacy and security found here is unlike any other part of the Hamptons!They have found their most pleasurable vacations and other get-aways are right here in the most desirable Pheasant Close in Southampton Village, New York.
**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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