Homes with views of the beaches and bays still dominate the South Fork real estate market, says Tim Davis of Corcoran
“The premium is always going to be on the ocean,” says Corcoran’s Tim Davis, who has sold more than $2 billion in Hamptons real estate over a 33-year career. “It will always be the most valuable and the most expensive on the market.”
Regardless of whether it’s north or south of the highway, new construction in the estate section of any village will always sell well. But look to any record-breaking sale or bidding war, and chances are it centered on the right piece of waterfront acreage. At those locations, even high-end buyers are willing to take on a project. “There’s not as much tolerance for a house that requires a big renovation unless it’s on the water,” adds Davis, “but there seems to be a tolerance for rebuilding or renovating on an ocean or a bay.”
In 2013, Davis topped $400 million in sales thanks in no small part to the five oceanfront homes he sold—including Wooldon Manor, a historic estate on 7.5 oceanfront acres that closed for $75 million. The trend clearly remains, because his current listings include a $69 million, 11-bedroom home on Mecox Bay in Water Mill as well as a $45.5 million mansion on the Atlantic in Southampton. And while many waterfront homes come with their fair share of history, Davis says it doesn’t need to be a long-standing structure to attract buyers. “If you had a $50 million or $100 million spec house developed on the ocean, it would sell.” 88 Main St., Southampton, 283-7300
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