REAL ESTATE

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If that's not proof of a strong market, here's this: a new listing is just coming to market in Southampton at $48 million. It's an estate on Lake Agawam. It features park-like grounds and has all the amenities one might expect at a price this high. With virtually no oceanfront left to buy, Lake Agawam is now primo waterfront.

Brokers have patiently awaited this weekend because, traditionally, prospective buyers begin looking for next year's property in July and August. "For those who say things were slow in June," says Brown Harris vice president Peter Turino, "I say be patient. In my view, the year as a whole will turn out well." He adds that his associate Andrea Ackerman recently closed a $10 million-plus sale. "What is happening," says the veteran broker, "is that sellers are beginning to realize that the heady times of 2004 and 2005 are past." It was common last year for people to list at 10 to 15 percent above true value and find ready takers, he adds. "That worked for the last couple of seasons, but those dizzying prices aren't attracting buyers these days. For someone about to list a property, I suggest listening to your broker's advice on pricing. Brokers know the current market. A good broker is essential these days."

Asked about the new Brown Harris listing of the Warhol estate in Montauk, Turino replied, "We had a creative inspiration and featured an open house for brokers in combination with a Victoria's Secret fashion event. We had 75 male brokers in attendance!" Turino says the $40 million property (originally listed at $50 million) is attracting interest at the lower price. "We had an offer of just under $30 million, so there are prospects eyeing the property."

He suggests we'll soon be seeing more creative marketing by brokers. Turino is concerned about the recent glut of expensive "spec" houses coming to market. "Unless these builders are well-financed, they could be holding onto properties a lot longer than they expected."