Posted on Saturday June 23, 2012 7:44 PM
by Joseph Kazickas Comments Off

The last few days have been miserable. Unusually warm temperatures, high humidity, still air. The perfect recipe for lethargy. Rental traffic has slowed…driving past the Corcoran office in Bridgehampton, nary a car in the parking lot.
The real estate market showed promise in the spring, and delivered. Numerous closings  recorded in April and May are showing up in transfer records now. Since the start of June, 38 transactions were reported in East Hampton Town over half of which transferred in excess of $1,000,000. In April we participated in a bidding war which resulted in a final sale price roughly 6% above asking for a desirable 2.9 acre location at 45 Middle Lane in East Hampton Village. It traded for $10,525,000.
The property was built out in the early 1990′s by the mercurial Cestone sisters as one of a handful of projects, each of which they developed, lived in, and sold on either Middle or Hither Lanes, leveraging the proceeds from each sale into another project until they built a final home for themselves to keep. 45 Middle Lane was purchased from them for $3,150,000 in 1996 – a gain of over 300% over the last 16 years. Curiously there was no pool back then, and there still isn’t today!

45 Middle Lane, earlier this year.