Oceanfront Properties Still Dominate the Market-Hamptons Magazine

Posted on Aug 26, 2014

According to Corcoran’s Tim Davis, oceanfront property still dominates the Hamptons’ high-end real estate market.
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“Oceanfront properties are still very much in demand,” says Corcoran associate real estate broker Tim Davis, who recently sold Wooldon Manor in Southampton—and this was not just the first time. First, the house with four parcels sold for $75 million, then with one parcel for $50 million, and three additional parcels were then sold for over $31 million.

This season, Davis’ eight new oceanfront listings have found similar success. “Two of them have already gone into contract,” he explains. “That’s a very active market.”

Over the years, Davis has learned just what buyers want out of these prominent properties, including large amounts of frontage and the flexibility to expand on the existing structure. But the market is always changing, whether it was the Village of Sagaponack incorporating in 2005 or FEMA redrawing flood maps post-Sandy, and that puts a priority on knowing how to adjust. “Once you’ve been doing this as long as I have, you understand that not all the oceanfront is the same,” Davis adds. “You really need to deal with someone who knows to ask the right questions.”

Given his expertise, it’s no surprise that Davis has become the go-to broker for such trophy estates. “I’ve probably sold more oceanfront properties than anyone else in the Hamptons,” says Davis. “It’s still considered the most valuable and the most sought after. What is the ultimate? It’s having a house on the ocean.” 88 Main St., Southampton, 283-7300.

Read more at http://hamptons-magazine.com/the-latest/real-estate/postings/oceanfront-properties-still-dominate-the-real-estate-market#YPwdPA7thdq44BCK.99

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