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Market Musings: Gary DePersia's State of the Hamptons

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[Photos courtesy Corcoran]
Corcoran SVP Gary DePersia is spreading good real estate word with a new presser on the state of things in DePersiaville. As always with such reports, proverbial grain of salt required. The assessment reveals that the market is coming back, despite the punditry saying otherwise, and that our 'North is the new South of the Highway' theories may have just been on track. 'A flurry of closings, signed contracts and a profusion of showings are translating into renewed confidence for a market that real estate pundits had written off as being over. The only thing that’s over is the face-off between buyers and sellers.' Hear that: a flurry. Since January, GDP claims $60 million worth of his listings have gone into contract, including the most expensive house ever to sell north of the highway, East Hampton's Stone Meadow Farm, which went for $12.5 million. As other reports concur, June has been better to Hamptons than most of the last year, as $20 million of those contracts have come in since mid-June.

On the land front, GDP explains that the 'sorely stressed' market is bouncing its way back. Lot #1 of Sagaponack Greens, a 40-acre sub-division near the ocean, has seen 5 offers in July 'resulting in a non-contingent contract at a very substantial price'. Elsewhere on the plot, 'competing bids for the 25-acre reserve and continuing negotiations for two other lots' have encouraged buyers and developers. DePersia concludes with this: 'In the course of three very hot and sunny beach days last week, I had over 30 showings on my exclusive listings.' That tan doesn't come easy, people.
· Profile: Gary DePersia [Corcoran]