What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real Estate

Hamptons beach house sells for close to its $42.5 million asking price

Here’s what a $10 million renovation budget and Martha Stewart's contractor can do

A seven-bedroom Hamptons beach house listed for $42.5 million sold on Thursday. A real estate professional who asked to remain anonymous told HousingWire the property sold for “very near” its asking price, declining to be more specific. The documents citing the exact price and the buyer haven’t yet posted. 

The listing price was 56% above the $27.5 million the seller, billionaire Michael Smith, paid for it in 2015. The natural gas tycoon spent $10 million during the intervening years renovating the house using Hamptons contractor Ben Krupinski, whose clients include Hamptons celebrities such as Christie Brinkley and Martha Stewart. 

The 7,360-square-foot house has seven bedrooms, eight full bathrooms, two half-baths, radiant heat on all floors, a smart-home lighting system, vaulted ceilings, and floor-to-ceiling windows. At the top of the home, there’s a roof deck that has an outdoor kitchen with a pizza oven, a bar, and two TV viewing areas. At the back, facing the ocean, there's an infinity-edge pool, a dining area, and about a dozen chaise lounges. It’s all set on a 1.4-acre beachfront lot near the spot where the Sagaponack Pond opens to the ocean.

This top-tier sale isn't indicative of what's happening in the broader market. Hamptons home sales have been lethargic since the passage of the federal tax reform at the end of 2017 that made it more expensive to own luxury property in states like New York. Sales of single-family homes dropped 18% in the first quarter compared to a year earlier, according to a report from Miller Samuel and Douglas Elliman Real Estate

The list price of the $42.5 million property was about 25 times the $1.69 million average sale price of a Hamptons home in the first quarter. 

Here's what the view looks like, taken from the back patio looking out to the Atlantic Ocean:

View from the rear deck

 

Most Popular Articles

FHFA extends forbearance period to 18 months

In an effort to protect homeowners, the FHFA extended forbearance coverage to 18 months and pushed the eviction and foreclosure moratorium to June 30.

Feb 25, 2021 By

Latest Articles

How lenders can prepare for growing fraud threats

HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy.

Feb 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please