A colossal estate worth $76 million, and how The Hamptons came to dominate international trends
From architecture to furniture and interior design, Hamptons style has taken the world by storm with its effortlessly cool seaside charm. And shingles. So many shingles.
It’s easy to forget this aesthetic juggernaut is more than just a fad – it’s also a place: the millionaires’ playground at the eastern tip of Long Island, New York.
Harald Grant of Sotheby’s International Realty says the Hamptons have probably been the most sought-after summer home destination for high-net worth individuals from New York City for more than 100 years.
“Once a sleepy collection of mostly farming and fishing hamlets and villages, wealthy people really started coming out in the late 19th century,” Grant says. “From that era to today, the classic Hamptons shingle-style home has dominated.”
One of Grant’s listings is a stately Southampton beach residence on 1.36 hectares of land with unobstructed views of the Atlantic Ocean.
New York-based Steven Gambrel designed the elegant coastal interiors. The six-bedroom, nine-bathroom home with pool, spa, lift, media room, gym, cellar and extensive terraces has an asking price of $US54.75 million or about $76 million.
Current market
Primarily a holiday-home market, the Hamptons is joined at the hip to the ups and downs of the Manhattan economy. After slumping in 2007-08, prices climbed steadily for nearly a decade, reflecting the general economic rebound.
In the luxury sector, price growth has continued despite a sharp rise in the number of prestige listings – the highest in seven years, according to the latest survey by agency Douglas Elliman.
Can Australians buy in?
Yes indeed. Real estate transactions in the Hamptons are handled through attorneys.
In addition to a one per cent state mansion tax on properties over $US1 million, there is a local community land preservation tax of about 2 per cent, minus specific amounts set by town authorities.
Residency isn’t a prerequisite to buying a home in the US but it is worth seeking advice on tax liabilities that will arise.
What you can buy for…
Take a breather from all those shingles with a contemporary 2016-built home in Bridgehampton, offering four bedrooms, separate studio, pool and views for miles.
Traditional style meets modern-day comforts in a seven-bedroom home on a peninsula block at Water Mill South, with glass elevator, heated pool and open breezeway.
