REAL ESTATE

INSIDE STORIES BEHIND AREA REAL ESTATE DEALS

Sagaponck North
Is there still value in Sagaponack, one of the most expensive zip codes in the country? Yes—if you're willing to go just north of the highway. Up a long driveway, this 8.3-acre expanse has three separate buildings: the main home with three-bedrooms, five-bathrooms, a library, two-story grand room with fireplace, two solariums, a gym and a wine room; a five-bedroom/bath guesthouse with a gourmet kitchen; and a barn with an additional bedroom, bath and kitchenette. Landscaped grounds include an Olympic swimming pool, central courtyard with a fountain, secret gardens and an apple orchard. It's listed with Mala Sander of the Corcoran Group for $9.75 million (631-725-1500).

All In The Timing
Stock market guru Jim Cramer, of TV's Mad Money fame, has turned bullish on several well-known housing stocks. The maverick investor, who claims to have made his fortune by being counterintuitive, believes the stocks of major home builders have bottomed. He also notes that interest rates have peaked.

With reams of negative press bemoaning the so-called "housing glut," many home sellers have been lowering their asking prices. Could Cramer be right? It may be too soon to say the market has bottomed—but if his call is correct, now might be an ideal time for buyers to purchase a home in the Hamptons. After all, home prices in the Hamptons rarely decline more than five or six percent. Ever since the end of World War II, there have been few investments better than Hamptons real estate.