Bridgehampton Property Sells for 23 Percent More Than Asking Price

A Bridgehampton property with cherry trees from the 1954 World’s Fair and a 1962 home recently sold for $7.11 million, or 23 percent more than its asking price.

The 1,900-square-foot, two-story home on 1.2 acres has four bedrooms and two and a half bathrooms. It has an open-concept living room with a custom fireplace, an eat-in kitchen filled with natural light, a den/office, a half-bath, a laundry room, and a large sunroom. The second floor comprises four bedrooms, including the primary suite with a full bath. But this property, with proximity to Sagg Pond and the ocean, is coveted for its redevelopment potential.

Shannan North and Roxanne Briggs of Brown Harris Stevens had the listing.

“With persistent low inventory, higher prices, and a slower pace of sales, we are in an unusual real estate market in the Hamptons,” North observed. “But some qualities — price, position and potential — are timeless and when present, nearly guarantee a successful sale. 93 Silver Lane in Bridgehampton is a perfect example of how proper pricing, a desirable location near the ocean, and tremendous potential for future development converged to create overwhelming interest and a sale price well above ask.

“A lot of research went into determining the list price and the owners were very responsive to our suggestions,” she continued. “Located only 1 mile from the ocean beach, the 1962 house was enjoyed for years by the sellers’ family, but in today’s market, considering neighboring properties and the location, the 1.2-acre property was underdeveloped and the potential for exponential growth in value proved to be very attractive.”

She said agents and buyers responded immediately when news of the listing spread in the brokerage community, and following showings, offers quickly followed.

“Filtering through the 10 best offers was at times grueling, but paid off in the end,” North said.

The property was listed on February 27 and the deal closed on May 27.

“As always in real estate, the only true determination of value is what someone is willing to pay, and the sale of 93 Silver Lane was an exciting adventure charting new territory in this Bridgehampton South neighborhood,” North said.