Unique Homes Blog

One of the nation’s premier luxury markets, the Long Island paradise is still the place to be.

When it comes to the Hamptons, there seems to be one general rule: If it’s a bad day on Wall Street; it’ll be a bad day on Main Street. If it’s a good day in Manhattan, the same applies to the Hamptons.

So where’s the sense of balance? Lawrence Citarelli of First Hampton International Realty believes you can find it with smart business and good intentions. According to him, buyers in the Hamptons are fed up with practices that led to the current economic state – overspending, greed, borrowing money that couldn’t be spent.

“People are truly yearning for business dealings to be honest, transparent and a bit simpler while still possessing the modern amenities and technologies we have all become accustomed to,” he explains.

With that attitude in mind, Citarelli recently was able to transform a Westhampton estate that he purchased, tore down and completely re-designed – all done debt-free. He also sold a 12,000-square-foot waterfront estate for $13.5 million.

“We’re the only organization [comprised of three companies, First Hampton International Realty, Lawrence III Corp and Citron Holdings] out here that I’m aware of that can take someone ‘in-house’ through the entire process. Whether purchasing or selling a property/home, our top-tier services run the gamut: from zoning analysis, design, permit expediting, renovation, new construction to mortgage, title, financial and legal services, et cetera,” he says. “One needs to be humble in their successes and appreciative of their opportunities.”

The Hamptons buyer has not lost a sense of appreciation for the area, affirms Robin Kaplan of Prudential Douglas Elliman, who specializes primarily in single-family homes. She finds that since most of the buyers aren’t strangers to living in the Hamptons, they already know how they want to spend their money and what each region has to offer.

“It’s a matter of people trying to balance what they do with their money. And if they’ve been here for season after season, they know the different feelings of the different towns. South Hampton is more formal; East Hampton is the town that has the most to offer; Amagansett is the chosen resort area,” she explains.

She adds that buyers are flocking to Montauk. Kaplan used to see a “younger crowd” primarily interested in the area’s beaches; nowadays, there’s more interest in the vineyards.

“We have so many vineyards out here [because] we’re on the same meridian as France. We echo their soil, their growing season and the amount of rain. We’ve produced some excellent Bordeaux from Montauk,” she says.

That, combined with price drops, has generated buzz in the community, according to Kaplan, who has seen properties come down in price by about 22 to 30 percent in some cases.

“I sold a house in Montauk this year that was on the market originally for $2.5 million,” she says. “It’s a very exciting, cutting-edge, modern house. It didn’t sell for its asking price, but we had a number of people who were interested.”

In the end, it’s all about balance. But if you know where to look, you’ll certainly find it in the Hamptons, according to Citarelli.

“The Hamptons is a Mecca: proximity to New York City, the quaint small-town life and some of the most beautiful beaches. Market swings have come and gone, but the Hamptons remains one of the most resilient and stable markets.”

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