REAL ESTATE / Palm Beach versus The Hamptons
The real estate market in the Hamptons is heating up these days. Why? Bonuses on Wall Street are handed out in February and March, and even if they won’t be as plush as the bonuses in 2021, there will still be cash flowing into the market.
Thus, we have new celebrity listings and (yawn) a price cut announced for Alec Baldwin’s five-acre spread in Amagansett ($19 million, down from $29 million in 2021).
The Hamptons homes we looked at ranged from $8 million to $15 million, with a bargain spot that Sarah Jessica Parker might grab if she didn’t already have one. The Hamptons homes are private residences, with gardens, pools, driveways, garages. They come in a range of styles: cottage, shingle, modern, quaint.
Properties in the same price range in Palm Beach are high-end condos. (Private homes in Palm Beach on the ocean run toward $60 million.) Compared to the Hamptons, Palm Beach condos in this price range have sleek white interiors, acres of glass with views of the water, and are in buildings with marble lobbies, pools, spas, and workout rooms. One has an address on Worth Avenue. Yes, after 82 years, Ta-boo, the Worth Avenue bistro has closed. But Thomas Keller is taking the space, so life on Worth Avenue will go on. And the Colony Hotel is still right around the corner.
PALM BEACH
101 Worth Avenue, Apartment 3A $13.8 million
An apartment in the Kirkland, with only 20 units, has a brilliant layout, with five balconies offering ocean views from the third floor, a nice perspective. There are three bedrooms, four-plus baths, and the unit is stretched over a spectacular 3,710 square feet. The apartment sold for $15 million in 2022, was priced at $16.5 million last year. Now reduced. And it’s on Worth Avenue, the epicenter of Palm Beach shopping. Listing agent, Dana Koch, Corcoran.
100 Royal Palm Way, Apartment A2 $8.6 million
A relative bargain for a luxury Palm Beach condo. Built in 1969, 100 Royal Palm Way is centrally located and still offers ocean views. It may be only 2,810 square feet, but the unit still offers three bedrooms and three baths. Perhaps one could criticize the overuse of mirrors in the living room. Some people love being close to the ground (ie on the second floor) and therefore near the ocean; others might complain about the traffic on A1A, just below the spacious deck. But for quiet meals, La Goulou is only a block away. The beach, let’s remember, is right across the street.
One thing to remember with Palm Beach condos. The number of hurricanes and storms have driven insurance costs up. And taxes are high. For a comparable unit at 100 Royal Palm Way, one work sheet suggested that property taxes could run to $80,000 a year and wind and flood insurance (they are sold separately) might come to $38,400 a year.
That would be on top of mortgage payments unless a buyer paid cash.
1100 S Flagler, 602A, WPB $13.8 million
Completed in 2019, the ultraluxury Bristol condo changed what it meant to live in West Palm Beach. On completion, one company executive bought the penthouse floor for $42 million. Others followed. And why not? Marble, marble everywhere. Suddenly WPB had cachet. This apartment, 602A, is one of the least expensive to be had, but its large balcony enjoys the uninterrupted views of the intercoastal waterway, of Palm Beach and the Royal Palm Bridge, and all the rest.
Because these units have a jigsaw layout, the 4208 square feet have views to the west as well: two of the three bedrooms look toward WPB’s churches, parks and the Norton Museum of Art. Parking for two cars.
THE HAMPTONS
349 Daniels Lane, Sagaponack $13.5 million
What more could anyone want in a Hamptons home? Edmund Hollander did the plantings that welcome visitors along the driveway on this two-acre lot, blocking any view of the house from the road. Inside, things are echt traditional. But some people are traditional.
There are four bedrooms and five baths in this 7,100 square foot story-book charmer. The interiors are by Mariette Himes Gomez. Of course there is a pool, but the beach is just a short walk away down a country lane. The price has been reduced. Listing agent, Gary DePersia, Corcoran
Fowlers Beach, Southampton, $14.9 million
Rick and Nicky Hilton (she a former “Housewife of Beverly Hills”) no longer need their Hamptons vacation home, all 10,500 square feet of it. There are six bedrooms, seven-plus baths, five fireplaces, a lagoon-style pool with waterfall and hot tub, a three-car garage, a dining pavilion, and two acres of grounds. The shingle mansion is made for entertaining, with a professional kitchen, staff quarters in the basement, impressive reception areas. Considering the size and amenities, the history, and a similar price, this seems to stand up nicely to a condo at the Bristol in West Palm Beach.
92 Bayberry Avenue, Cottage # 4, East Hampton $1.25 million
And just like that, it sold over the weekend. Too good to be true, this 900 square foot shingle cottage located a few feet from Main Beach, was snapped up. Yes, Sarah Jessica Parker owns a similar cottage, which she famously rented out last summer. But that one was down-home. This one has been published. Just look inside the modern interior: fireplace, ensuite bathroom plus powder room.
It’s only one bedroom, but this close to the beach your guests could rough it. There is an outdoor dining area, and all the upkeep is handled by the Bayberry Close people. It’s like having a house that is also a hotel. Keep an eye on the real estate records to see who bought it.
Hot tip, the Elliott Erwitt house at 17 N Main Street in East Hampton is still on the market. And it’s got two fireplaces, four bedrooms, four baths and even though it’s in town it has a private setting and a work studio. All for $3.9 million. You can bike to the beach. (Elliott Erwitt was a famous photographer, but you knew that, right?)
— LINDA LEE
