PAULA'S SOUTHAMPTON BLOG: NEW HOME CONSTRUCTION, STILL THE "BULWARK" OF THE HAMPTONS MARKET

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

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.

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~          

                                     **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

 

Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill:  http://www.elliman.com/paulahathaway

 http://www.hathawayhamptonhomes.com

MY REAL ESTATE SHOWS:

http://www.realestateshows.com/671362

http://www.realestateshows.com/671345

http://www.realestateshows.com/651587

http://www.realestateshows.com/flyer.php?id=654265

 

Comment balloon 47 commentsPaula Hathaway, REALTOR, LBA • December 13 2012 07:24AM

Comments

Really great blog, Paula. I already gushed over it on G+ so will restrain myself here but wanted you to know that I bookmarked this for inspiration for my blog-writing.

Posted by Julie Bentley, Saint Johns, FL REALTOR (Watson Realty Corp, Jacksonville, FL ) about 6 years ago

Julie: Thanks for reading it--it is long but I had so much to tell everybody since the last one on the same subject...New construction is king right now!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

Good Evening Paula,  Sounds like some great houses for some lucky buyer to call home.  Hope you have a great week.

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) about 6 years ago

I hope you have much success and a speedy closing. Listings are a premium in this market, so I also hope it comes with many referrals too.

Posted by Winston Heverly, GRI, ABR, SFR, CDPE, CIAS, PA (Winston Realty, Inc.) about 6 years ago

Will: Thank you so much!---these are great houses for young families who need access to the best things to do in Southampton Village...some call this area the "new" estate section and it is even more popular than the orignal estate section.

Winston: How great is that? Thank you so much for reading this post..I knew it was long and may not get attention because of that but it was hard to condense it much more than I already did!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

Hi Paula, the renditions look really nice, hopefully the buyers are taking advantage of the low interest rates.

Posted by Charles Stallions Property Manager, Pensacola, Pace & Gulf Breeze Property Management (Charles Stallions Real Estate Services) about 6 years ago

I think they are right now--what I wonder about is next spring when taxes rise and other taxes start to eat into the income of many people.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

Lucky you Paula.  After 6 years of bubble bursting, builders are just starting to think about building here in Ocala, Florida again.

Posted by Bob Miller, The Ocala Dream Team (Keller Williams Cornerstone Realty) about 6 years ago

Same in Loudoun County Virginia.  Locations within a reasonable commute of the high tech employers in Northern Virginia are booming with new construction. 

Resales are there but they don't last long.  Of course, many home owners with negative equity would love to sell but. . . . .

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) about 6 years ago

Paula, I'm a little surprised there is land available for new construction in the Hamptons, but of course new homes can be built in place of old ones. Delighted to hear the flavor of "old" is being retained in this beautiful area.

Posted by Olga Simoncelli, CONSULTANT, Real Estate Services & Risk Management (Veritas Prime, LLC dba Veritas Prime Real Estate) about 6 years ago

Hi Paula, I love Southampton Village. The homes are historic and those are my favorite. Nice to hear new construction is king again in your area. Makes for a great real estate market.

Posted by Jackie Connelly-Fornuff, "Moving at The Speed of YOU!" (Douglas Elliman Real Estate in Babylon NY) about 6 years ago

Paula, the Federal style revival brings back memories of the quaint little towns in rural America. Very nice!

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA about 6 years ago

New construction is poised to hit our area too this year...If interest rates hold, we should see a BOOM!..Hi Paula

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) about 6 years ago

Bob: Good for your communuity I am sure--new builds get the maximum dollar and the buyers are all young families!

Lenn: That sounds similar--we have a good supply of 10 year old homes that are sitting because the owners don't feel that they should have to lower their prices. The problem is, those houses are sitting and getting stale and the owners really need to move them. It is very hard to convince them that they should cut their losses and mark them down to the price that will get some interest. Soon they WILL have to do that and it may be even more of a discount!

Olga: NO, these houses were all built on lots with existing homes...that is the only way to get in the prime areas here.

Jackie:It is amazing because in the deepest parts of the housing downturn, new builds were getting the highest prices even to the point of exceeding 2007 highs!

Michael: I think that is the driving force here--these young families want to be in small communitiies where they can settle in if they choose year round living---after 9/11 they have left their options open and I do see several new families living here while the bread winner goes into the city for the week. The quainteness is a big draw!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

Richie: Good luck with that...I am sure it will happen!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

These past several years which have had a glut of short-sales and foreclosures without much disclosure, I have increasingly become a fan of new construction.  It's hard to beat a choice of materials, colors, and especially a new home warranty.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 6 years ago

Paula,

In our experience, as exclusively focused on the new construction niche, we've found that if given the choice, most buyers prefer new or new-like :)

The by-product of new construction? Jobs, jobs, jobs, and all the good stuff that comes along with rejuvenation.

Thanks,

Posted by Brian Hickey (teardowns.com) about 6 years ago

Mryl: Yes and that is what they are looking for here--the warranty is perfect for these 2nd homeowners and the upkeep of the smaller lots is good too with the proximity being the frosting on the cake.

Brian: That's a great way to look at it---jobs are the most important aspect right now because without those we are all going NOWHERE!!! :)

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

Beautiful homes! How lucky you are to get to work in such an environment. Well, I'm sure it wasn't just luck but a lot of hard work.

Posted by Joel Weihe, Helping you to use your VA home loan benefits (Realty World Alliance) about 6 years ago

Joel: I know I am lucky and it has been a lot of hard work..but the beauty of this place makes all the work very much worth while!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

These are lovely homes and very nice community.  I think buyers will enjoy buying homes in these communities.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 6 years ago
At least there IS something to buoy the market. Nice article, great listing!
Posted by Daniel Zettler, Esq. - Barnstable Mortgage Grp (Barnstable Mortgage Group NMLS 49104) about 6 years ago

Joan: Thank you so much for reading this lengthy post---I did try to condense but it would not be as comprehensive...

Daniel: Thank you so much! This is the bright spot in real estate--all other existing homes are going for very large discounts.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

Dear Paula,

Nice homes. I zoomed in on the interiors. New homes have just started to perk back up in our area. The good sign is: builders do not want to sell their models anymore. That must mean they have some confidence in the years to come.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) about 6 years ago

Dorte: I guess the not wanting to sell the models is a sign of confidence? I don't really understand that but I do believe that new construction market in general is much stronger than the rest of the real estate market.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

It's all about L3, so regardless of the price, L3 will determine it's activity, won't it? 

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) about 6 years ago

Hello Paula,

thank you for a brilliant post!!! Love this beautiful homes with yesterdays charm...but most of all your idea of:

'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!'

Will definetely share this with my associates and may apply to future own projects. Thanks a bunch!

Posted by Peter Michelbach, i Sell Real Estate about 6 years ago

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!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) about 6 years ago

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

Posted by Courtney Cooper, 206-850-8841 (Ben Kinney Brokerages Leadership at our Keller Williams North Seattle Office) almost 6 years ago

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?

Posted by Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A. (Charlemagne International Properties) almost 6 years ago

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.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

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

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) almost 6 years ago

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

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

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

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) almost 6 years ago

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

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

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

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) almost 6 years ago

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.. 

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

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.

Posted by Dagny Eason, Fairfield County CT, CDPE Homes For Sale and Condo (Dagny's Real Estate) almost 6 years ago

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

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

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

Posted by Charles Stallions Property Manager, Pensacola, Pace & Gulf Breeze Property Management (Charles Stallions Real Estate Services) almost 6 years ago

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

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

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!

Posted by Kimberley Kelly, SFR, HAFA, GREEN, I do Real Estate like I played polo-to WIN! (HK Lane, Christie's International Affiliate, 760-285-3578) almost 6 years ago

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!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

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

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) almost 6 years ago

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

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

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

Posted by Charles Stallions Property Manager, Pensacola, Pace & Gulf Breeze Property Management (Charles Stallions Real Estate Services) almost 6 years ago

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

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 6 years ago

Participate