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July 1, 2010


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REAL ESTATE

Deeds & Don'ts (continued)
By Aime Dunstan

INSIDE STORIES BEHIND AREA
REAL ESTATE DEALS

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STRIKE A POSE (click photo for larger view)

ON THE BLOCK
north Haven Waterfront, $25 Million

According to top brokers, big-ticket estates are starting to see action as the economy rebounds. Already, financiers and a globally known music performer have looked at a $25 million, 11-acre waterfront home sitting on two bodies of water in the North Haven section of Sag Harbor that's offered by Corcoran brokers Cee Scott Brown and Jack Pearson.

Set in its own garden-like grounds, the home is surrounded by 100-year-old sycamore trees, dogwoods and sugar maples. The 10-year-old, 6,800-square-foot house has a swimming pool, two-story vaulted limestone entryway, enough marshland to keep birdwatchers busy and an adjacent waterfront lot to sell off at the new owner's discretion.

"There is no question the market has picked up," says Brown, who reports doing three deals in two days last month. "But homes like this, with 900 feet of waterfront, are hard to find. It's been on the market for just three months, and we've had multiple showings."

Brown, who grew up on a cattle ranch in Yakima Valley, Washington, before working in the arts in Manhattan, says the $500,000 to $3 million market is also hot. He just sold a cottage below $3 million in Sag Harbor and recently listed a three-bedroom East Hampton contemporary designed by the architect Harry Bates for $895,000.

"Buyers were waiting to buy and sellers were waiting for the right time to put their houses on the market," says Brown. "Both those 'right times' just happened." —Jason Sheftell

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THE INSIDE SCOOP
Wall Street waffles, and the Hamptons tries to sizzle. It's common knowledge that hedge-fund wunderkind David Tepper bought the Corzine house (left) in Sagaponack for around $50 million, while other offerings for far less sit unsold. What did $50 million buy? A dated circa-1981 Shingle-style 6,000-square-foot pile on the dunes with views from 6.5 acres and more than 500 feet of frontage. Plus, a guest house, pool and tennis court. Sagaponack offerssome of the best oceanfront in the Hamptons. The nearby crop for sale: Billy Joel's one-acre spread for $22.5 million, a teardown on four acres for $29 million, a small contemporary asking $27 million and a 1,500-square-foot cottage for $23 million. Don't even ask about the mounds of detritus on the dunes in Bridgehampton! Which begs the question: Is the Corzine sale a harbinger of higher numbers in the offing or merely an anticlimactic event related to a prominent moneyman who earned $4 billion last year and needed a place to park some loose change? —Scoop Drummond

Montauk Condos
From $2.85 million

Out in Montauk, where Vornado's Steven Roth just bought Bernie Madoff's house and artist/filmmaker Julian Schnabel and fashion designer Ralph Lauren both have mini-estates, the transformation of one of the old fishing village's historic resorts from hotel to half-condominium is hitting full stride.

The Panoramic View, built in the 1950s by the French family, is peacefully set on a hill overlooking the Atlantic Ocean. Bought, restored and developed by Distinctive Management, the beachfront condo/hotel is drawing big numbers on the sale side and full houses for the hotel portion, which has quickly become Montauk's top upscale resort with luxuriously renovated rooms. Already Broadway producers, famous photographers and weekenders who have stayed at the hotel for years are bidding on the condos recently put on the market.

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CONDO COOL (click photo for larger view)

"Montauk has never seen fine-luxury, ocean living available at these prices," says Adam Manson, Distinctive's director in charge of the project. "To get a house on the beach, you're talking about $8 million plus. Here you'll pay a fraction of that to be on the water, and we take care of all the upkeep."

Two-bedroom condominiums at Panoramic View start at $2.85 million, with a four-bedroom, four-and-a-half-bath practically on the sand listed at $5.5 million. Monthly maintenance fees range from around $1,200 to $2,900. Gurney's Inn is next door, and the town is less than two miles from the property's gates. —J. S.

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