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Market Musings: DePersia Talks Land Sales, Harvest Season

Corcoran super-broker Gary DePersia sent over his quarterly market views today, filling the inbox with seasonal thoughts on land sales and farming metaphors. As always, grain of salt required. 'The seeds of a Hamptons real estate rebound have been sown,' cries the presser, which recaps the recovery of the East End's land business. In East Hampton, a 2.7 acre Cross Highway lot has closed for $5 million, bought by a builder who should be able to cash in on the parcel's Further Lane proximity, even in this market. In Sagaponack, the Greens are moving faster, with four of the eight lots in contract. Prices for the sold spaces are between $5.25 million and $5.75 million, with 'two builders and two end-users' poised to write checks. Builders are the new measuring stick, according to GDP, as 'land developers are always first to see renewed strength'. The musings wrap with a multi-million dollar pat on the back ('$25 million' more in sales!) and with this ode to fall: 'I would not be surprised if it’s a busy harvest season all around'. Nor would we, GDP.
· Profile: Gary DePersia [Corcoran]