Transaction Highlights, February 14 - 27 East

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Transaction Highlights, February 14

author27east on Feb 6, 2013

1730 Meadow Lane
Village of Southampton $22,000,000

This big oceanfront house is located right on the barrier beach, offering 360-degree water views. It would be an excellent choice for a movie set at a mansion on the beach in the Hamptons.

The house is 10,000 square feet, built in the late 1980s and is an attractive shingle style. It has all the dormers, porches, decks, balconies and fireplaces one would expect, and which are absolutely necessary on such a large structure to break up the mass and make it look more appealing.

Most of the living spaces are upstairs, to take advantage of ocean views. The upstairs includes an expansive great room, a library, a chef’s kitchen and an airy all-seasons dining room with a tile floor that resembles an enclosed porch and overlooks the bay. Many of the upstairs spaces have high ceilings, which are vaulted and finished with exposed beams, giving the house a sturdy and substantial feel and also to allow heat to rise and ocean breezes to circulate.

Most of the seven bedrooms and 9½ baths are located downstairs, along with an exercise room, garage, laundry and generator rooms, and a separate guest apartment with kitchenette.

The lot is large, at more than 3 acres, with a tennis court in the front yard and an oversized pool surrounded by deck on the ocean side. Beyond the pool and the lawn, a private walkway leads over the dunes to the sea.

This sale closed on December 20, 2012, and is one of many big sales that occurred just before the end of the year, when lots of high-end sellers let their properties go before capital gains taxes rose. After closing, deeds are typically delivered by title companies to the County Clerk’s office in Riverhead for recording.

The recording process often takes months, depending on the rate of sales. In this case, the deed was recorded and released to the public around early February, more than 30 days following closing. Prior to closing and recording, many sales take weeks to negotiate and months to close so this sale, which is being reported in February, probably represents an agreement on price that was made some time in October or November. This is all typical, but it’s worth remembering that reported sales often represent agreements on price that occurred three or four months prior.

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