Meadow Lane Residence On The Ocean Sells For Nearly $35 Million - 27 East

Real Estate News

Real Estate News / 1553705

Meadow Lane Residence On The Ocean Sells For Nearly $35 Million

authorStaff Writer on Oct 23, 2019

The off-market sale of an oceanfront Southampton Village property just closed Tuesday for near its $35 million asking price, making it one of the top sales of the year across the Hamptons.

The address is 950 Meadow Lane and the seller is Mary Helen Jordan. The residence on 3.2 acres was built in 1997 and is 2,799 square feet. It has five bedrooms and five bathrooms. The property also boasts a tennis court and an 800-square-foot pool.

James Giugliano of Nest Seekers represented the seller and had a hand in bringing the unnamed buyer. Mr. Giugliano was also involved in the sale earlier this year of 263 Surfside Drive in Bridgehampton, which was another off-market sale and is poised to be the No. 1 transaction of 2019.

Off-market deals are trending on the high-end, according to Mr. Giugliano. “The best properties normally aren’t on the market,” he said.

But how does one sell a property that isn’t advertised for sale?

“The key to marketing something off-market is having contacts in the city, having local contacts,” Mr. Giugliano said. “There is a small little pool of brokers that deal in this vicinity of pricing.”

Mr. Giugliano said off-market deals are an answer to overpriced properties

“Everything on-market right now is overpriced,” he said. “You’re seeing oceanfronts sitting on the market for two, three, four years now.”

He said real estate agents are overpromising to get a listing, using “ridiculous numbers that would never happen,”

“The data backs it up,” he added. “If you had something listed for over two years and you had price reduction after price reduction, you clearly priced the property wrong.”

He points to the brokers, not the sellers who demand top dollar, as the ones who are responsible for overpricing.

“The reason why it’s so hard is not because of the seller themselves,” he said. “It’s because of everybody else trying to get a listing. Nowadays, the only way to get a listing is to overprice it.”

Mr. Giugliano said 950 Meadow Lane will be a record price for pure land on Meadow Lane because the existing house will not stay, and the sale did not include plans for a new home.

“There’s no way they’d keep this,” he said. “It’s a teardown.”

What makes it valuable is the land — 3.2 acres — and the location.

“It’s in the beginning of Meadow Lane, it’s really close to the village, it has really expansive oceanfront,” Mr. Giugliano said.

Eileen O’Neill of Douglas Elliman was also involved in bringing the buyer.

You May Also Like:

Newly Built Little Plains Road Residence Sells For $11.35M

A newly built Southampton Village residence by Northport’s Schuttinger Building has sold for $11.35 million. ... 22 Jan 2020 by Staff Writer

AIA Peconic Names 2020 Executive Committee

AIA Peconic, the East End chapter of The American Institute of Architects, has announced its executive committee for 2020. Debbie Kropf AIA of DSK Architect will serve as president and Nilay Oza of Oza/Sabbeth Architecture will be vice president. Viola Rouhani AIA of Stelle Lomont Rouhani Architects returns to the board as secretary, and Anne Sherry of Anne Sherry Architect returns as treasurer. Gregory Thorpe, who was the 2019 AIA Peconic president, will serve as an AIA of New York State board member, Emmanuela Martini of Blaze Makoid Architecture will be an associate liaison and B. Kay Jones is the ... 21 Jan 2020 by Staff Writer

Wyandanch Lane Residence Sells For $8.95 Million

A classic Southampton Village home on a Wyandanch Lane flag lot has sold for $8.95 ... 20 Jan 2020 by Staff Writer

Historic Sagaponack Home Halseycot Sells For $7 Million

Halseycot, an iconic Sagaponack Village home, recently sold for $7 million, and the buyer, according ... by Staff Writer

CPF Revenue For First 11 Months Of 2019 Down 23 Percent

Revenues for the Peconic Bay Region Community Preservation Fund during the first 11 months of ... 10 Jan 2020 by Staff Writer

Normandy House On Southampton’s Lake Agawam Sells For $22 Million

The historic Normandy estate fronting Southampton Village’s Lake Agawam has changed hands for $22 million, ... 8 Jan 2020 by Staff Writer

Ellen Pompeo Sells Sag Harbor Home

Actress Ellen Pompeo’s modern farmhouse retreat on 8 acres in Noyac has sold, about six ... by Staff Writer

Water Mill Home That Previously Belonged To Mel Brooks, Anne Bancroft Sells For $11 Million

An oceanfront Water Mill beach house that once belonged to filmmakers Mel Brooks and Anne ... 7 Jan 2020 by Staff Writer

Hampton Bays Home Fronting Peconic Bay Sells For $3.9 Million

In Hampton Bays, 18 Cedar Point Road, located east of the Shinnecock Canal and fronting ... 6 Jan 2020 by Staff Writer

State Issues New Regulations In Response To Newsday’s Housing Discrimination Investigation

The New York State Board of Real Estate has approved new regulations to combat housing discrimination in response to a three-year Newsday investigation. The investigation and subsequent report, titled “Long Island Divided,” found widespread illegal discrimination against minority homebuyers. Newsday also found that the fair housing and anti-discrimination training classes that real estate agents are required to attend were, more often than not, inaccurate, confusing or incomplete. Governor Andrew Cuomo directed the Department of State to issue new regulations in light of Newsday’s report, which was published in November. On December 16, the State Board of Real Estate — which ... by Staff Writer

Welcome to our new website!

To see what’s new, click “Start the Tour” to take a tour.

We welcome your feedback. Please click the
“contact/advertise” link in the menu bar to email us.

Start the Tour
Landscape view not supported