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Hamptons Agents Sum Up 2014 in Real Estate, Part III

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We asked a number of prominent local agents their conclusions about the year that just passed and make some predictions for the future. Today we have Chris Chapin and Zach and Cody Vichinsky.

Chris Chapin, Elliman

What neighborhood saw the most change this year?
Greater Sag Harbor is changing before our eyes. In Noyac, tiny bungalows and summer camps in perfect scale to their neighborhoods are crushed by monster houses that fall out of the sky. In North Haven, the precious few ancient dwellings, barns, stables, and carriage houses from rural days are just a sad memory.

In the historic district of Sag Harbor Village, the unchallenged demolition of 18th and 19th century jewels that were supposedly protected is an unpunished crime. Also in Sag Harbor Village, the beach communities of Ninevah, Sag Harbor Hills, and Azurest are transforming, for good and for bad. Their characteristic split levels became so unfashionable that they have come not quite full circle; by the time that we start to appreciate their uniquely American post World War II aesthetic, there will be few standing.

On the bright side, the Bulova project is taking form. The factory had been out of commission since I was a kid forty years ago. It is being nicely re-purposed and fits perfectly in use and setting. Working on it as a mason in 1907, my grandfather earned enough to go back to the old country, marry my grandmother, and retrieve her to Sag Harbor; that makes it even sweeter to me.

Sum up 2014 in three words:
Sellers' patience rewarded.

Your favorite town this year:
Montauk is fresh. No matter your age, you can find many ways to enjoy it. Although the human aspect is constantly evolving, the landscape is eternal--at least until the waves start to break on Main Street and in the Ditch Plain parking lot. In the midst of a frenzied Hampton summer weekend, you can still escape to Nowheresville, pleasantly lost in the labyrinthine Montauk streets, GPS all but useless.

Biggest building trend in 2014:
Shoehorning in too large a structure for a given lot and neighborhood.

Trend you'd like to see go away in 2015:
Privet.

Any predictions for 2015?
Gridlock.

Zach and Cody Vichinsky, Bespoke Real Estate

What neighborhood saw the most change this year?
What immediately comes to mind are the several record breaking sales on the ocean in Bridgehampton, which has undoubtedly changed values across the board.

Sum up 2014 in three words:
Demand for special

Your favorite town this year:
Southampton. There is a lot of market activity and many beautiful new homes going up. It is in high-demand, especially from foreign buyers. The estate section is truly unrivaled real estate.

Biggest building trend in 2014:
Selling the home in the pre-construction phase. The majority of our new construction homes were sold off-paper or during the development.

Any predictions for 2015?
The data and current market momentum indicate that 2015 will be another stellar year for Hamptons real estate, especially on the super high-end and special properties. Having sold a significant amount of waterfront, both on and off the ocean in 2014, we can confidently say that there is no hotter segment of our market. For special waterfront property, there is certainly much more demand than supply right now. With the record-breaking statistics happening across the board, the waterfront trades bring a new market perspective to the Hamptons as a whole. In both up-swings and downturns the Hamptons has historically remained a great place to invest in a tangible asset that you can enjoy.