REAL ESTATE
Smaller Houses, Ninevah, Northwest Are ‘In’
By Aurrice Duke
(01/18/2007) Often the arrival of a new year prompts a change in perspective. And in the South Fork real estate market, that new perspective means that smaller houses, larger lots, creative architecture, and neighborhoods near village centers are predicted to trend strong.
 Doug Kuntz
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“North Haven has good fundamentals,” said Chris Chapin, a broker with East Hampton’s Prudential Douglas Elliman, last week. “There are substantial houses on large lots in well-thought-out subdivisions at reasonable prices. No part of North Haven is more than half a mile from water, and the Village of Sag Harbor is just over the bridge.
“In Sag Harbor Village itself, the beachfront communities of Ninevah, Sag Harbor Hills, and Azurest are poised to become the next redevelopment focus,” added Mr. Chapin.
These three communities — traditionally black enclaves that have for some six decades been popular with black professionals — are one of the few areas of the village within walking distance of a sandy bathing beach. Much of the other available waterfront is marshy, or a muddy creek. In addition, the lots are large in comparison to the village center, and residents have access to village services and police.
Area brokers are also touting the rising pedigree of Northwest Woods in East Hampton. Because there is so much for sale there, the prices appear to be temporarily depressed, but the values are solid, they report.
“A good place to invest in East Hampton is the Bull Path area,” said Mr. Chapin. “Historically, it has been one of the most sought-after addresses. Yet right now, just by chance, there are well over a dozen houses for sale.”
“Here, I believe our buyers are missing huge opportunities,” said Judi Desiderio, owner and
“Even if a house isn’t new, it has to be fresh and clean,” said Jason Schommer.
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broker of Town and Country Real Estate in East Hampton, Westhampton Beach, and the North Fork. “Back in the 1980s we used to call the areas north of the highway, in the woods, such as the Northwest Woods, our last stand. The local municipalities did a great job with comprehensive up-zones, which resulted in beautification and preservation of the last remaining inventory of bulk acreage.”
Ms. Desiderio is referring to the 516-acre Grace Estate. The property, once owned by the family that founded the Grace Steamship Line, is on the shore of Northwest Harbor and is one of the largest undeveloped parcels remaining in the town.
“Personally and professionally, I have chosen to put my money where my mouth is: in Northwest,” said Ms. Desiderio. “I love Two Holes of Water and Bull Path. From these prime Northwest roads, you are still only a mile from the village and a short distance from the beach.”
Springs also offers bankable value, real estate professionals say. “Lion Head Beach has a lot to offer,” said Mr. Chapin. “It is surrounded by water on three sides, and by Camp Blue Bay on the fourth.”
“There is a pervasive neighborly feel [in Lion Head]. Residents walk around the block, talk to one another, and know each other’s names,” he added. “There is only one street going in and only seven in total.” The kid-friendly low-traffic streets are an important resale factor. And there are a private marina and two beaches, and more than 40 percent of the houses are waterfront.
“Right now is also the best time that I have seen to buy waterfront. The supply is small and finite; the rate of appreciation will be higher; demand will always increase. There are some excellent deals right now,” said Mr. Chapin.
“Waterfront — anything, anywhere” is hot, said Ms. Desiderio.
“We’re seeing property values rising in the east,” said Krae Van Sickle, the senior managing broker for the Corcoran Group’s Montauk and Amagansett offices.
“Montauk’s un-Hamptonslike quality is very appealing,” he remarked. “It’s a little less tony, but has a wider melting pot, and values are still lower than they are elsewhere on the South Fork.”
According to Mr. Van Sickle, a waterfront property in Montauk recently sold for $2 million, but a similar property on North Haven commanded $5 million. “You have to travel further, but more properties in Montauk have a water presence.”
While large houses, those over 7,000 square feet, continue to sprawl across the landscape, new construction built to human scale is creating ripples of interest among potential homebuyers.
“McMansions that are indistinguishable from each other and take up too much of the lot” are down-trending, said Ann Rasmussen, a licensed sales associate at Devlin-McNiff in East Hampton.
“People will buy adjacent properties to aggregate,” predicted Mr. Van Sickle. These large lots with a single house or compound will be “worth their weight in gold.”
“Goldilocks homes, that are just the right size, are hot,” said Ms. Desiderio. “White elephants are out.”
“Stylistically, the McKim [Mead, and] White shingle cottage style is still big,” said Mr. Van Sickle. While the broker has seen an increase among people favoring modern houses, he said, “the concern is resale value. There are nice modern houses being done in the area, but they are always going to be a substratum of the marketplace.”
While a sea change may be evident in terms of downsized square footage, houses that boast an open, airy, or creative design plan trump traditional interiors at every turn.
“Customers want to see new,” said Jason Schommer, an agent at the Corcoran Group in Bridgehampton. “What that means is newly painted, new furnishings, new televisions — even if the house isn’t new, it has to be fresh and clean.”