REAL ESTATE

INSIDE STORIES BEHIND AREA REAL ESTATE DEALS

A Zen Moment
Demand for sleek, modern contemporaries matched with a limited supply has peaked interest in a home custom-built by a West Coast lighting designer, tucked in the old part of the Springs. The one-story structure with plenty of windows—to let in the famed artistic East End light—has four bedrooms and baths, all set in a secluded, Zen-like landscape with a gunite pool, spa and two-car garage. Listing agent Elaine Stimmel of Corcoran calls it "dazzling." She reports interest from those who want to counter program against the more popular shingle style. Like-minded modernist fans interested in the property, which is priced at $3.5 million, can contact Stimmel at (631) 907-1462. —H.B.

New York Condo Round Up
The New York Post's Braden Keil always has his finger on the pulse of the hottest real estate deals. Here he tells HC&G about Denzel Washington, Sting, Leonardo DiCaprio and other boldface names now buying—or renting—luxury co-ops and condos in Manhattan.

New York City has always been different in many ways from the rest of the country. So it shouldn't come as a big surprise that New York City's residential real estate market is sizzling while sales and prices in most of the U.S. are slumping.

Conventional wisdom of the late cowboy/philosopher Will Rogers was to buy land. "They ain't makin' any more of the stuff," said he years ago. Today, he might say, "Buy Manhattan condos (and Hamptons homes), even if they're makin' too many of 'em."

While much of the country over-built and over-priced housing before the downturn, the Manhattan market experienced a slight dip in sympathy to the prevailing national conditions before resuming its dizzying upward spiral.