September 2007

REAL ESTATE

(Page 6 of 9)

Judi Desiderio of Town & Country Real Estate has an exclusive listing on a spec home under construction that will include a gym, professional home theater, pool, spa, staff quarters and anything else one could imagine absolutely necessary on 1.4 acres in Sagaponack South on the Pond, priced at $14 million.

Given current market uncertainty, many observers believe spec builders who have yet to break ground could hold off while trying to get a fix on next year's prospects. Some will try to sell ahead from plans, asking for substantial deposits to reduce downside risks.

Movement In Montauk
Looking east, many are heading to The End (a.k.a. Montauk). Just past the crowds and prices of the Hamptons, although not far, Montauk is still more rustic—for now, at least. Brown Harris just listed an oceanfront property on the bluffs in Montauk with a true 180-degree view of the water, at $10 million. Also in Montauk, they have a commercial property listed, the oceanfront Atlantic Terrace hotel, at $25 million. "There have been a large number of big commercial sales in this area in the last few years," says Davidowicz, including Shepherd's Neck Inn, the Montauk Yacht Club and the Panoramic View. "The Atlantic will probably turn into condos," he adds. "Or there may be interest in opening an upscale resort spa" much like Gurney's. How well Sole East, formerly Shepherd's Neck Inn, fares this winter may be an indicator of the future success of year-round Montauk resorts.

Hoping to lure people out during the off-season, Cindi Ceva, event coordinator at Sole East, has events planned throughout the winter, and they're looking to add a spa to the property. Currently they offer yoga and have a masseuse available. She says this summer brought a good mix of people, some from the area and others who found Sole East online or through travel agents. "We're hoping to continue year-round occupancy," she adds.