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I have been exploring neighborhoods in Bridgehampton and came upon the Norris Lane, Edgewood Avenue, Aelfies Way, Ludlow Green area. Houses are cute and shingled but there seem to be a fair number of unkept houses on Norris Lane/Sawasett and then there is a graveyard on Egdewood, which is pretty hidden but still there. Anyone familiar with this pocket of Bridgehampton? Thank you.
We seriously looked at buying a house about 5 years ago right across from the cemetery. We did not exactly because of the shoddy houses and yards you need to drive by to get to that area. It was bad back then it it never got better. We never regretted not buying there.
I also looked in that area but was turned off by the condition of the homes and yards around there, and decided to no longer consider it. There are a number of newly built home on Norris Lane. I didn't like the houses very much, but even if I had would not pay the almost $2 million price tag to live in that neighborhood. If you're willing to take the risk the area will eventually turn around, I would buy only if I got a deeply discounted deal. I have a feeling it will be years before that area improves, despite what the selling agents there tell you. (I did have one honest agent tell me he would not buy there).
I had a look at 158 Norris Lane which just went into contract. Nice home on acre, and close proximity town. Not sure if proximity to town should outweigh 'weak comps' in neighbourhood. Theoretical upside from area redeveloping but judging by Lkgsoh comments not likely to happen. 158 Norris LAne was listed at $1.895m, no idea what went into contract for but be curious to find out??
Price Chop @ 222 Norris Lane in Bridgehampton
10/07/2009 Listed by Corcoran at $1,695,000.
01/20/2010 Price decreased by 12% to $1,495,000.
Asked my broker friend and 158 Norris Lane doesn't seem to be in contract (at least 158 Norris, Lot 1 - listed at $1.845M; don't know, maybe there a Lot 2 under the same address.) It is a newly built house on a full acre (although too much of a mini-MacMansion for my liking...Seriously, it looks like a faceless huge box plunked in the middle of an empty field.) 162 Norris Lane has been in contract since mid-December, when was listed at $1.545 - another faceless new construction. There are also two land lots within a stone's throw - Narrow Lane Lot 1 and 2 - listed at 1.845M and 1.895M, and a developer was going to begin construction in the Fall of 2009. Wonder if that ever happened.
Anyway, there was a house right in this area on Lumber Lane that sold for $2.2M this past October (listed at $2.495M) - 6 bedrooms, 3.5 baths, 1.1 acre and I also saw one at 210 Norris sold in December 2008 - listed at 1.595M, sold for $1.525M - .76 acres, ONE bedroom, one bath - crazy what some buyers pay for so little space.
The 222 Norris just raised the price to $1.595 from $1.495 - the house looks cute and seems to have a lot of character (built in 1910) but I am still surprised they are raising the price after having dropped it a few days earlier. IMO, given how many houses there are on Narrow/Norris that are newly built or haven't even started building, you have a lot of room for price negotiations, at least on the new homes.
Thanks boxer 1. Actually think the norris lane one listed at 1.545m closed.
I actually went to look at the lumber lane one that went for $2.2m this week end and did lead me to seriously reappraise some of homes seen asking that much with no where near location or even such a cleared lawn.
There was also one on butter lane recently sold for $2.45m which looked stupendous - again 400 metres from town, full 1.5 acres and lovely home..
1245 Millfield road and 10 Paumanok are other very interesting recent sales that were done at prices that makes you think other asking prices are out for lunch.
Appreciate distresed seller etc etc and 10 paumanok was sold without appliances etc but prices in any market are set by the marginal seller or buyer so distressed selling does lower prices..
IMO, Butter Lane and Lumber Lane are not comp streets for Norris / Edgewood / Aeflies / Ludlow Green. Norris is a medley of new construction hoping for a neighborhood turn and old poorly maintained tear downs. The other listed streets are spec houses, which look cuter from the outside than inside (so-so quality). Anything on the streets listed above is probably at $1.5M top price - which could be a stretch. Some data indicates that the house on the corner of Edgewood and Aeflies sold for under $1M. The comps would be very low for financing (if applicable). Proceed carefully! We walked away from the area after the guidance received here. Butter and Lumber north of the train tracks are different stories though. Good Luck! Inventory is freshening up with some interesting new listings. I hope it continues and there are more exciting homes to consider.
Aelfies way is very close to the Babtist Church.. Drive by on a Sunday and you will not regret looking elsewhere.
For those who asked, looks like 158 Norris Lane listed at $1.845M got sold for $1.675M - 9% below asking, in line with other sales in the area.
details on page 13
interesting boxer 1 on 158 norris as looked at it. Was very nice home and full lawn . Area as discussed above bit dicey but great proximity to town..my broker was trying to encourage a cash bid at $1.8!!!
Another point am wondering is whether given mark difference in compostion of cash vs stock in banks bonuses the recent sales that coming through now dont reflect this as often occured pre the ' bonus season'.ie market about to have another move down if not doing so already..
You;d think those who made bids know their bonus situation. Seriously doubt the audience right now are either speculators or those counting on a bonus to buy a summer house in the Hamptons. More likely someone who always wanted to buy but waited for a better entry point - and now are sitting on the fence, waiting for a more pronounced drop in prices (just check this board!) and some actually step in and make a bid if think the property is worth it... Who knows, maybe after this first wave of buyers peters out there will be another big leg down in prices. Though I have a hard time imagining things will be as bad as they got in late 2008/early 2009 when the crisis hit.
Cant believe your broker was encouraging you to make a full price bid! This is very irresponsible - proven by the sale $170K below asking.
Please - my broker claimed a house was "ridiculously underpriced" asking $1.5M. In the end it sold for $1.25M. Do not believe anything they say. Do your own homework and go with your gut instincts.
Well, I just cant believe the gall in this market. Don't they know most of the buyers are pretty savvy and can see through them? Word of mouth is big in this business - at a minimum, why not be as helpful as possible and potentially generate future leads? Especially in this environment - make a frigging effort! In general my view is - the only person who can judge whether the offer is good enough is the seller. You low ball them (not insult) - they'll get back to you and either take it or say they want more money - as simple as that. No harm in trying IMO. It is (or should be) a dialogue - they want to sell, you want to buy; if you cant agree on price, move on. Your broker's opinion is pretty irrelevant in this scenario (although a good broker is important in other instances - I'm very grateful for mine...
boxer1, who's your broker? just curious. i wouldn't give mine the same endorsement. i caught her outright lying to me about a property during my due diligence phase (although, later she apologized for her "honest mistake").
A guy from Pru, but I'd rather not post a blunt advertisement on this website (plus am not sure he'd want his name splattered across a public blog... If you want me to forward you his info, you can leave an email here and I will respond w his name/contact details.
Sometimes finding the right real estate agent is harder than finding the right real estate.
Engel & Voelkers Southampton
That's what I call a blunt advertisement.. Don't think posts like this one should be allowed here.
For the OP, I'm not a big fan of that micro-hood. The lanes immediately N of the highway are a better LT value IMHO. But obviously I'd much rather be further S and/or W of the hood you're describing, call it mostly due S from the Candy Kitchen. Not that you can find the values you're describing on the whole in those parts...
I'd call Engel and Volkers- don't work for them, nor plan to- but they are the first company in the Hamptons to step up to the plate with an MLS (and reason for doing so) so that the questions found here will have easy, accessible answers for buyers/sellers. Says a lot about their concern for consumers.
Have people's view of this area changed? Seems like a great area being close to town and you get some land as opposed to being in town in tight spaces.