Hamptons Magazine - - Contents -

Our in­trepid panel of ex­perts re­turns to dis­cuss who we are and where we’re go­ing with Hamptons real es­tate.

Our fi­nal round­table of the sea­son raises some weighty is­sues of money, mar­kets, and mo­ti­va­tion for ar­chi­tect Aaron Zal­neraitis; at­tor­ney Tara Hakimi; bro­kers Paul Bren­nan, Judi Deside­rio, and Beate Moore; builder Mike El­liot; in­te­rior de­signer Laura Sana­tore; and land­scape de­signer De­clan Black­more.

How has 2017 com­pared to 2016? De­clan Black­more: We had a record year in 2016. Best year in 23 years. I am very op­ti­mistic that we’ll have a re­peat. Mike El­liot: Ev­ery­thing al­ways trails the stock mar­ket just by a little bit. Judi Deside­rio: We’re um­bil­i­cally con­nected to Wall Street. What hap­pens there af­fects us. Paul Bren­nan: The ques­tion for me is the un­bri­dled ap­pre­ci­a­tion of the stock mar­ket. It seems a little un­re­al­is­tic. JD: We can al­most pre­dict, based on who’s not do­ing well, which seg­ments of the mar­ket are go­ing to get a big bump. Now that we have the banks mak­ing money again, the hedge fund guys are in Sa­gaponack, Bridge­hamp­ton south of the high­way. PB: Now the funny money just doesn’t seem to be ap­par­ent. JD: Ev­ery­body’s so fo­cused on the high end, be­cause it’s daz­zling to read about a $50 mil­lion sale. But we have ag­ing baby boomers get­ting ready to re­tire, sit­ting down with you for the long-term plan. They want you to de­sign their dream. How do baby boomers fac­tor ver­sus mil­len­ni­als? PB: Mil­len­ni­als want a house off the shelf.

Beate Moore: It’s like a time fac­tor. Aaron Zal­neraitis: It’s also a fi­nan­cial fac­tor. There’s less ex­pense in that. As mil­len­ni­als grow older, they’ll do the same thing their par­ents did: buy prop­er­ties and en­gage ar­chi­tects. Also, I see some peo­ple turning away from the re­gion al­to­gether and look­ing north—hud­son, the Catskills. This is all pos­i­tive. It gen­er­ates com­pe­ti­tion and more in­ter­est in en­gag­ing in the built en­vi­ron­ment. That helps all of us. ME: Frankly, there aren’t that many 35-year-olds that can af­ford a little beach house in Southampton. They come in say­ing, “I want to get some­thing for $2 mil­lion.” That doesn’t re­ally ex­ist. AZ: With the glar­ing ex­cep­tion of Montauk, the Hamptons has a stuffy rep­u­ta­tion. That’s not re­ally fair. There’s def­i­nitely a place for mil­len­ni­als and Gen Xers. There are lots of ben­e­fits. This is Long Is­land without a bar­rier is­land on the ocean. Even for mil­len­ni­als who are ini­tially turned off by cost or the so­cial scene, that will al­ways lure peo­ple here. Laura Sana­tore: Two cou­ples I had were driven out here by a feel­ing of com­mu­nity. They had the same ap­pre­ci­a­tion for where we live that I do. They re­newed my faith a little bit in the new gen­er­a­tion that’s com­ing out to the Hamptons, be­cause they have fam­i­lies and they love com­mu­nity. JD: If you’re 25 and mak­ing a cou­ple mil­lion dol­lars a year, buy a house in Westhampton Beach for $700,000. If you have some­one younger who has to get just a piece of the earth on the East End, you could buy a beau­ti­ful little North Fork farm­house in the $400,000 range. Be­cause of what peo­ple want to read about, ev­ery­body starts to think of the Hamptons as that, but the Hamptons is so much more di­verse. LS: It’s not as elit­ist. JD: The younger gen­er­a­tion

does want to read about that. AZ: They want to know if [they] could have a piece of the ac­tion. That’s more ex­cit­ing to young peo­ple than look­ing at a daz­zling house they could never in their wildest dreams…. LS: You need to show some­thing very cool about buy­ing a smaller house and ren­o­vat­ing it and cre­at­ing your own story for your fam­ily, and then go ahead and show the $50 mil­lion houses and how, you know, you never know—you could win the Lotto. DB: I’ve heard peo­ple say­ing nu­mer­ous times, “Our kids will never be able to af­ford to live here.” I’m thrilled to hear they can. That’s re­as­sur­ing. Tara Hakimi: Judi hit it re­ally well with the piece of earth. Ev­ery­body would like to have their own, be­cause it gives them the in­sight to fam­ily and com­mu­nity and things peo­ple don’t have. JD: If we went around this ta­ble and asked the de­mo­graphic of your client, you’re prob­a­bly look­ing at some­body at least in their 50s. LS: You’d be sur­prised. JD: Then you must be the only af­ford­able in­te­rior de­signer! LS: Our busi­ness model is ap­proach­able. Any­one can get re­ally great de­sign. ME: Mil­len­ni­als want a life­style that’s smaller, smarter, self­sus­tain­ing. JD: Is 5,000 square feet the sweet spot? BM: I think six or seven. PB: Let’s say I’m a Hamptons reader and I have a house. Should I get rid of it and get back into the mar­ket in an­other cy­cle, or should I deal with my ar­chi­tect, land­scaper, or dec­o­ra­tor? JD: It de­pends on your age and po­si­tion. If you’re, as I call it, on the back nine and you’re re­ally happy in your home, it’s served you well, and the thought of mov­ing is painful, then hire these guys around the ta­ble to make it your dream house. I’ll say, “Don’t sell. Just get an ar­chi­tect in here, a builder; redo this. You love where you are; it’s not too much for you to han­dle.” BM: And that’s giv­ing re­ally hon­est ad­vice.


De­signed by Bates Masi + Ar­chi­tects, this Ama­gansett home epit­o­mizes the trend among younger buy­ers to­ward “more man­age­able but care­fully tai­lored and con­cept-driven homes,” says Aaron Zal­neraitis. be­low: The pan­elists at Top­ping Rose House.

Close to the ocean, the Maid­stone Club, and Main Street shop­ping, this more tra­di­tional Mid­dle Lane es­tate in East Hamp­ton, listed by Judi Deside­rio, still af­fords com­plete pri­vacy on a ma­ture land­scape of 2.2 acres.

above: Aaron Zal­neraitis of Bates Masi + Ar­chi­tects and Paul Bren­nan of Dou­glas El­li­man Real Es­tate. right: At­tor­ney Tara Hakimi of the Adam Miller Group.

Though mil­len­ni­als tend to be less daz­zled by real es­tate, this re­mark­able 1880 Queen Annestyle home on Shel­ter Is­land, listed by Beate Moore, may be an ex­cep­tion. right: Judi Deside­rio and Mike El­liot.

Beate Moore, Mike El­liot, De­clan Black­more, and Laura Sana­tore.

A ren­der­ing of a mod­ern con­crete res­i­dence cur­rently be­ing built in Wa­ter Mill by Mike El­liot’s Sci­ame Homes.

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