Last week, 27East reported how Hamptons Cottages & Gardens magazine hosted a panel discussion that featured discussions by a variety of professionals related to the real estate industry in the Hamptons and, with regard to creativity and real estate, the situation is a bit paradoxical. In one sense, it’s a designer’s market:“Mr. Collé, who said that today’s buyers are “less interested in cookie-cutter houses” and more passionate about custom-designed homes, said that he has been seeing more and more demand for “bigger and better” residences. That means more and more teardowns of existing older homes on ideally located properties, he reported.”
And yet, in another sense, the population of creative artists and designers that helped to give the Hamptons a sense of mystique seems to be on the wain:
“The artists and writers are being squeezed out by the hedge fund managers, she paused. “And the people clipping the hedges.”
Like SOHO in NYC and Red Hook in Brooklyn, the Hamptons seems to be following a similar pattern for artists and writers.
In March, Deal Book reported how hedge fund titan Steven A. Cohen paid $60 million for an oceanfront home on Further Lane in East Hampton. But this is chump change. The day before the home purchase news has it that he purchased Picasso’s “Le Rêve” for $155 million from the casino owner Stephen A. Wynn. This was apparently one of the priciest private art deals ever transacted. The art of the deal.
The HC & G Hamptons real estate update and forum included Builder Jeffrey Collé, NYC&G features editor Carmela Ciuraru, HC&G contributing editor Heather Buchanan and author Steven Gaines joined HC&G publisher Pamela Eldridge.
Image of designer cuckoo clock by Pascal Tarabay is courtesy of Creative Commons.
Tags: art and real estate, Hamptons designers, Hampton real estate update, buy designer home Hamptons NY