Tuesday, April 20, 2010
Hamptons Home Rents for $35,000 a Day
Bridgehampton - A Corcoran Bridgehampton property has rented for $500,000 for two weeks in July (or $35,000/day), the highest rental fee on record for the Hamptons. The record-breaking rental is an 11.5-acre estate known as Sandcastle which includes a 31,000 square foot, nine-bedroom, 11.5-bathroom main house, pool, guest house, tennis, squash and racquetball courts, bowling alley, skateboard half pipe, Movie Theater and more.
Corcoran president and CEO, Pamela Liebman remarked, "The Hamptons market has really bounced back. Our Hampton rental and sales businesses are way up with a 72 percent increase in rental activity in March alone. It's no surprise Sandcastle has secured a record-breaking rental fee. It is a remarkable property located in America's premiere resort community where demand, once again, is high and the properties unparalleled."
According to the Corcoran brokers representing the property, Evan Kulman and business partner, Gene Stilwell, "We are excited to be part of the highest rental transaction in the Hamptons." The owner and builder of the property, Joe Farrell, is the CEO of Farrell Building Company, a Bridgehampton-based luxury home building firm. The property is also listed for sale at $49.5 million.
The Corcoran Group is a leading residential real estate brokerage company in New York City, and operates 42 offices with 2,200 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla. The Corcoran Group is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices.
The volcanic cloud hovering over Wall Street, touched off by the SEC and the winds of regulatory change in D.C., is leaving wealthy bankers on edge.
But apparently not nervous enough to scale down their summer vacation spending.
According to Hamptons.com, a palatial estate in Bridgehampton, N.Y., has been rented out for $500,000 for two weeks. That works out to more than $35,000 a night, making it the highest price ever paid for a Hamptons rental.
Of course, Corcoran Group, which rented the place, won't disclose the name of the renter. And it isn't clear if the renter really is a Wall Streeter. A post on Newsday.com said a person close to the deal said the renter is "no one famous nor a company looking to do a big event, just a family willing to fork over $500,000 for their two-week stay."
Regardless, the eye-popping price is indicative of the broader rebound in property prices in the Hamptons, which relies heavily on Wall Street and other finance folks for demand
"The Hamptons market has really bounced back," said Corcoran Presidence and CEO Pamela Liebman. At a time when the broader housing market is seeing rising foreclosures, the Hamptons Bounce is another sign that "Richistan" has recovered, while the rest of the country hasn't.
So what do you get for $35,000 a night? You get 11.5 acres with a 31,000 square-feet home featuring nine bedrooms, 11.5 baths, a movie theater, tennis and raquetball courts, heated pool, disco, bowling alley and rock-climbing wall. (See pics here).
In case the renter decides he wants to keep the place, it also is for sale -- for a discounted $49.5 million.
Who do you think is paying $35,000 a night for a place in the Hamptons?