Bridgehampton Shows Bit More Caution

The financial crisis took its toll on Long Island's Bridgehampton and after the collapse of Lehman Brothers, home builders put the brakes on new construction in the tony area for about a year.

 

Developers have started slowly to get back to work and home sales now have begun to rebound. Prices for homes and vacant land in Bridgehampton also are creeping up again, real-estate experts say.

 

But it's not quite a return to the boom years. There is a dearth of inventory for new homes, and the ones that have been built are smaller and less expensive. Older homes with unrealistic asking prices can still have long waits on the market.

 

Home builder Joe Farrell of Farrell Building Co. is adjusting to what he says is "the new economy." Prior to the recession, Mr. Farrell was building about a dozen homes a year, typically priced starting around $6 million.

 

Now he's building about 25 to 30 smaller homes a year and is selling many of them for about half the prices prevailing during the boom years.

 

He's been focusing on building in Bridgehampton and neighboring Sagaponack. "It's the hottest market," Mr. Farrell said. "It's the easiest place to sell houses."

 

People are drawn to the area's central location in the Hamptons. That also lets residents avoid many of the traffic headaches that come with living out farther east on the island, said Mr. Farrell, who has lived in Bridgehampton for three years.

 

CloseBridgehampton is a hamlet in the town of Southhampton on the South Fork of Long Island. It's known for hosting the Hampton Classic horse show and for the seasonal polo tournaments at the Bridgehampton Polo Club.

 

Over the past decade, Bridgehampton's downtown has developed into an area known for its restaurants, which draw diners from all over the Hamptons. With a livelier downtown, more residents have begun extending their stays into the winter and some are becoming full-time residents, said Cliffeton Green of broker Corcoran Group.

 

"When I first moved out here in 1991, it was completely dead in the winter," Ms. Green said. "Now all the restaurants are full."

 

And like all parts of the Hamptons, the homes in Bridgehampton are still among the priciest in the country. The median asking price for a house in Bridgehampton is $2.5 million or $944 a square foot, according to real-estate site StreetEasy. In Southhampton Village to the west, it is $710 a square foot, and in East Hampton to the east, it is $519, according to StreetEasy.

 

One of the newest developments is the Estates at Sagaponack Woods near the border of Bridgehampton and Sagaponack. Farrell Building constructed 17 homes in that development and five are currently still on the market. The homes range in size from 4,500 square feet to 6,500 square feet. Homes in the development on the market have asking prices starting at $3.395 million.

 

Also on the market is a new home on Highland Terrace. It's a cottage-style home that measures 6,400 square feet and has seven bedrooms and nine bathrooms. The two-story home has a gym, theater, recreation room and a heated pool and spa. The asking price is $8.495 million.

 

At 140 Sagaponack Rd., there is a four-bedroom, 3½-bathroom home on the market for $3.35 million. The home was custom-built for the current owner and measures at about 3,300 square feet. It has a double fireplace, a two-car garage and a pool.

 

Parks: Poxabogue County Park is 26-acre park with woodlands, fields and marshlands. There is also a half-mile hiking trail.

 

Schools: The only public school in the local district is the Bridgehampton School, which runs from preschool through high school.

 

In 2011, 67% of Bridgehampton School students in grades three through eight received a proficient score on the math exam, and 72% of students received a proficient score on the English Language Arts exam. In 2006, the results were 89% for math and 65% for reading.

 

Private schools in the area include the Hayground School, which runs from preschool to middle school. Also in the area is the Ross School, with classes from preschool through high school.

 

Restaurants: Numerous restaurants have opened in Bridgehampton in recent years and there are older mainstays as well. Pierre's is French bistro with a large seafood menu. Almond is another French restaurant in the area.

 

Bobby Van's has been serving steaks in Bridgehampton for years. Candy Kitchen, a diner, is famous for its ice cream and milkshakes.

 

Shopping: High-end shoppers usually head to nearby East Hampton and Southhampton Village to browse through the luxury stores. In town, there is the Bridgehampton Commons, a shopping center with national chains such as the Gap, Banana Republic and Williams-Sonoma.

 

Entertainment: Every summer, polo fans flock to the Bridgehampton Polo Club for seasonal tournaments.