If you build it, buyers will come … at least that’s the way Neil Bersin of Prudential Elliman Real Estate sees the Hamptons market these days.
Bersin says that builders have purchased two of four lots that have sold at Sagaponack Greens, the 41-acre project originally purchased as an investment by attorney Alan Schnurman. Bersin says that one of the builders, Michael Davis, has already broken ground on a home there. When builders start breaking ground in an area, Bersin says, it’s a sign that the real estate market is on the rebound. “It reflects pent-up demand from buyers …There is light at the end of the tunnel,” he says.
There are still four contiguous parcels available at the Greens at $5.95 million each. Each of the four parcels can accommodate a 7,000-square-foot home, a pool, a tennis court and a pool house, Bersin says. There is also a 23-acre reserve next to the lots available at $4 million. A buyer can also purchase the four lots and the reserve for $27.8 million. “The land is in the heart of Sagaponack, one of the most beautiful places in the Hamptons, with open vistas to the ocean,” he says.
Bersin co-lists Sagaponack Greens with Prudential’s Paul Brennan and The Corcoran Group’s Gary DePersia. The four lots that are spoken for sold within months of one another, DePersia says. “I think that the speed of the sale of the properties highlights the success of the subdivision and the developers and the continuing popularity of Sagaponack itself,” he says.