Water Mill South Estate Sells For $7.6 Million As Pristine Inventory Is Depleted - 27 East

Real Estate News

Real Estate News / 1758058

Water Mill South Estate Sells For $7.6 Million As Pristine Inventory Is Depleted

icon 1 Photo
110 Summerfield Lane, Water Mill

110 Summerfield Lane, Water Mill

authorStaff Writer on Feb 22, 2021

A south-of-the-highway Water Mill home sold for $7.63 million after a bidding war drove the price up $375,000 — and, according to one of the agents who repped the property, it may be the last pristine house in the area to sell for less than $10 million.

The sale of 110 Summerfield Lane closed on November 30, 2020, according to The Real Estate Report Inc.

“This was a moment in the market when everything was depleted completely,” said Douglas Elliman salesperson Kyle Rosko. “… South of the highway, under $10 [million] was absolutely in short supply.”

On 1 acre, the residence was completed in 2013 by Farrell Building Company.

The owner took unbelievably good care of the house, so it was like-new condition, Mr. Rosko said. “It just reflected so deeply when you stepped in the door: This house was just immaculate.”

The 5,800-square-foot west-facing gable overlooks an equestrian reserve and has a master suite with a private terrace, four more second-floor en-suite bedrooms, a great room, a living room, a gourmet kitchen, a formal dining room and a first-floor junior master suite. The finished lower level adds 2,300 square feet of living space, including a bedroom, plus a gym with a sauna. Also among the amenities are a three-car garage, and a heated gunite pool and spa.

“It was really a shiny star of what a lot of people had been looking to achieve,” Mr. Rosko said.

Within seven days of listing the house, 100 people visited it and there were 11 offers, all above asking price, according to Mr. Rosko.

He said this was the “highest level product” under $10 million in Water Mill — and the last. “I don’t think we’re going to see that kind of price point again.”

He noted that three homes are going up in the hamlet right now to meet the demand. He expects anything that comes on the market in Water Mill South with a tennis court or room for tennis will sell for more than $10 million, as there is nothing like it available on the market at the moment.

Mr. Rosko shared the listing with Douglas Elliman’s Toni-Ann Warren and Marcy Braun. Dana Trotter of Sotheby’s brought the buyer.

You May Also Like:

Hamptons Real Estate Pros Identify Changing Buyer Priorities

Not only have pandemic shutdowns and social distancing measures changed how the real estate business ... 19 Apr 2021 by Brendan J. O’Reilly

Norman Jaffe-Designed Contemporary Fronting Sams Creeks Sells For Nearly $10 Million

A Bridgehampton residence that the late renowned architect Norman Jaffe designed and once called home ... 17 Apr 2021 by Staff Writer

Fordune Villa Sells For $9.45 Million

A 12,000-square-foot villa on 2.5 acres that had belonged to Henry Ford II’s former 250-acre ... 13 Apr 2021 by Staff Writer

Number Of New Signed Contracts For Hamptons Single-Family Homes Up 263 Percent In March

Signed contracts for single-family homes in the Hamptons dwindled in March 2020 to just 48 as the COVID-19 pandemic emerged in New York State and shutdowns began, but one year later sales have not only bounced back, they have exceeded prepandemic numbers. The number of newly inked deals was up 263 percent in March, year-over year, to 174, according to The Elliman Report. The price point that showed the most improvement was between $5 million and $9.99 million, where sales shot up 600 percent from four to 28. The busiest segment of the market was between $1 million and $1.99 ... by Brendan J. O’Reilly

Fronting Kellis Pond, 11.5 Acres Sells For $18 Million

The 11.5-acre property at 9 Morgan Hill Way in Bridgehampton has 770 feet of frontage on Kellis Pond on its west side and a preserved farm field to its south — and it recently sold for $18 million. According to The Real Estate Report Inc., 9 Morgan Hill Way last changed hands in July 2018 for $14.95 million with a residence standing on it, but this time around, the property is vacant. A wetlands permit from November 2018 reveals that the then-owner, T Bridge Farm LLC, received permission to demolish the two-story dwelling, including the indoor pool and garage. However, ... 12 Apr 2021 by Staff Writer

Meadow Lane Property Sells For $20 Million Months After Selling For $16 Million

In October of last year, a Southampton Village oceanfront property at 1384 Meadow Lane changed hands for $16 million, and just last month, it traded again, this time for an even $20 million — a 25 percent increase in less than six months. The 3-acre property with 150 feet of shoreline to the south and views of Shinnecock Bay to the north was clearly purchased for the land when it found a buyer last year. The existing contemporary residence had just three bedrooms and three bathrooms, and the listing pitched the site as a redevelopment opportunity “with ample room for ... by Staff Writer

Veteran Can’t Move Into Home Meant For Him As Nonpaying Tenant Cites Eviction Moratorium

For the past 10 months, veteran Louis DiPasquale III should have been living in a ... 6 Apr 2021 by Brendan J. O'Reilly

New Modern Home In Amagansett Dunes Sells For $11 Million

A new Amagansett modern south of Montauk Highway with a waterview roof deck and deeded ... by Staff Writer

New Sagaponack Compound Sells For $7.73 Million

A newly built modern compound in Sagaponack Village on an ocean access road has sold ... by Staff Writer

Meadow Lane Estate Asking $37 Million Enters Contract

After just a few short months on the market, an oceanfront Southampton Village residence at ... by Staff Writer
logo

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
Send this to a friend