Catch up: The Hamptons' not-so-off season

A 3.6-acre East Hampton oceanfront property at 43 East Dune Lane sold for $72 million, becoming the priciest deal in the Hamptons so far this year. The sale price reflected a 40% discount from an initial $120 million asking price. The property includes an 11,000-square-foot main residence built in 1910 with 10 bedrooms, 12 baths, a pool, and more than 200 feet of ocean frontage. Hamptons residential listings declined as inventory tightened, with total listings down 10% year-over-year and luxury listings down more than 35% in the first quarter. Transactions fell more than 16% below the decade average, while prices increased, including a 30% rise in luxury median sale price to $13 million and an 18% rise in overall median sale price to $2.4 million. Limited prime inventory is attributed to wealthy owners holding properties unless prompted by death, divorce, or distress.

"A storied East Hampton oceanfront estate at 43 East Dune Lane sold for $72 million, making it the region's priciest deal of the year. The sale price was a 40 percent discount from the initial $120 million asking price. The home was listed by Ann Tenenbaum following the death of her husband, private equity pioneer Thomas H. Lee. The 3.6-acre property includes an 11,000-square-foot main residence built in 1910, featuring 10 bedrooms, 12 baths, a pool and more than 200 feet of ocean frontage."

"The Hamptons' residential market has sent prices skyward as inventory tightened. Total listings fell 10 percent year-over-year and luxury property listings dropped more than 35 percent in the first quarter. Low inventory has stifled overall transactions: first-quarter sales were more than 16 percent lower than the decade average, yet prices continue to climb. The median sale price of luxury homes rose 30 percent to $13 million and the overall median sale price increased 18 percent annually to $2.4 million."

"The scarcity of prime properties is driven by existing wealthy owners who are not selling because their holding power is strong, with sales typically only occurring due to circumstances like death, divorce or distress, though brokers remain optimistic about the Hamptons as a good refuge during times of uncertainty."

Read at therealdeal.com