AVENUE SITS DOWN WITH OUR MANAGING DIRECTOR OF THE HAMPTONS
Interview Excerpts Taken from Anthony DeVivio’s interview in the June Issue of Avenue Magazine to discuss the Hamptons and the current state of the market.
Avenue: How are things out here?
Anthony DeVivio: On the low end, we’re seeing a bit of a shortage. In the $750,000 to 1.2 million range in East Hampton, there’s starting to be a shortage. Not so much in the mid-range, which is $1.5 million to $2.5 million. And it’s steady above that.
Avenue: How do prices compare to ’05 through ’07?
Anthony DeVivio: The ultra high-end marquee property is at or heading to where it was.
Avenue: So, are we back to normal?
Anthony DeVivio: What’s normal? (laughing)
Avenue: Who’s buying?
Anthony DeVivio: It always starts in Manhattan, and then makes its way out here. We’ve seen some Chinese money but it’s purely for an investment.
Avenue: What’s an East End starter house today?
Anthony DeVivio: I would say $750,000 to $1.1 million.
Avenue: Do the old distinctions between villages north vs. south of the highway still matter?
Anthony DeVivio: But each town also has an opportunity in each price range, so the first question is, where do you want to be?
Avenue: Well, I hate reality television. I’m sort of over nightclubs. But I love it out here. Where do I want to be?
Anthony DeVivio: I hate all of those things as well. I live in a very peaceful and tranquil place, probably the most unique spot within two or three hundred miles of New York City.
Avenue: Do you want to tell us where that is?
Anthony DeVivio: The East end of Long Island!
Avenue: Let’s talk about the personality of each town now. Start in Westhampton
Anthony DeVivio: Very unique little spot, very laid back, no real village a lot of old money. It’s very beachy and very elegant at the same time.
Anthony DeVivio: Wainscott has a lot of qualities that Sagaponack had before it was developed. You have more homes south of the highway in Wainscott that are 2,000, 2,500-square –foot Capes on a half-acre, an acre, than anywhere else. You still see transfers south of the highway in Wainscott under $2 million. It’s quaint little enclave; there is no town. In my opinion, it is one of the most unique spots out here.
Avenue: So is my headline, “The Springs and Wainscott are the new Montauk?” (laughter)
Anthony DeVivio: People in Wainscott will kill me. (laughter)
To network with Anthony, follow his amazing “Hamptons According to Anthony DeVivio” Page.