Mike Olson Says Waterfront Homes Still Best Sellers

Posted on Jul 16, 2014

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

Read more at http://hamptons-magazine.com/the-latest/real-estate/postings/mike-olson-says-waterfront-homes-still-trend-in-hamptons-real-estate#Ou1sq38LfJeCdpPt.99


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