Licensed as Timothy G. Davis, Lic. Assoc. R.E. Broker At The Corcoran Group
Hamptons Magazine- 7/13/2012
SPECULATION HOUSES ARE BACK THIS SEASON, SAYS THE CORCORAN GROUP'S TIM DAVIS.
New speculation houses are popping up across the East End and selling well after four to five years of scarce new constructions. "The high-end spec house is back in the market," says Corcoran's senior vice president and regional brokerage advisor Tim Davis. And they are back in a big way: "New construction sells for record prices in our market; it's just a fact."
Bridgehampton and Sagaponack are particularly thriving in terms of the number of new constructions and the sales of these spec houses and more closely mirrors the market of four to five years ago, an indus?try much stronger than in the past few seasons. "We have seen some prices between $10 million and $20 million, [which is] good for the market," says Davis. Similarly, whereas Joe Farrell has dominated the East End's spec real estate in recent years, today more contractors are building and selling. "[Spec houses] are new and perfect and never been lived in," says Davis, and thus a good investment for a buyer who doesn't require "something with history or pedigree."
Says Davis: "[Buyers] can put their own stamp on it, and often they come in and make changes after they buy." 88 Main St., Southampton, 283-7300; corcoran.com