Bridgehampton: Scuttlehole Land Boom
The real estate boom that has enveloped the South Fork over the past 18 months has also been felt in Bridgehampton. But while most past development in the hamlet was centered around old farm fields that lay close to the ocean and south of the Montauk Highway, the focus has shifted northward.
"Scuttlehole Road has become a really desirable and prime, prime area in the Hamptons," said Scott Strough of Strough Real Estate Associates. "It's not only anchored by the Atlantic Golf Club and the beautiful estates, but the farm views and open country feeling of that stretch are what people are looking for."
"It's part of a natural progression of things," said Paul Brennan, a vice president of Sotheby's International Realty. "There's not a hell of a lot of things left south of the highway that are not too expensive."
Large Land Buys
"We're seeing a movement toward a wonderful area north of the highway including Scuttlehole Road, Lumber Lane, and Butter Lane," added Margaret (Peggy) Griffin, manager of Allan Schneider Real Estate's Bridgehampton office.
While houses have been sprouting up in the potato fields that once lined the road, Mr. Brennan said the real action has been "in large tracts of land. Now you have to wait the year, or two years, for the subdivisions to go through."
Many of those subdivisions are of the "reduced density" variety, in which a developer asks for fewer large "estate" lots in exchange for preserving less open space, according to Mr. Brennan.
"It will be a nice characteristic for the area," he said. "I think we've learned over the years that small lots with an ag reserve don't lend themselves to a country setting. They sort of suburbanize everything."
Probably the most obvious addition to the neighborhood is the rambling estate that Edward S. Gordon, a New York developer, has been creating for himself across the road from the Atlantic Golf Club.
Gordon's Shangri-La
His Shangri-La, which includes a private golf course and a mansion the size of a city high school, has caused serious rubbernecking by passing motorists.
"I think it's spectacular that an individual has placed that kind of interest into an area," said Mr. Strough.
He said Two Trees Farm, owned by David Walentas, where polo matches have been played in recent summers, has also helped to gentrify the area.
"It's a terrific mix of golf, equestrian use, and farm and country appeal that is missing in many areas south of the highway," said Mr. Strough.
As a result, land prices have escalated. "A short time ago, you couldn't give that property away on Scuttlehole Road," said Mr. Strough. Now, one-acre farm lots can command upward of $200,000, he said.
No Longer A Blip
By comparison, Mr. Brennan said similar sized lots south of the highway can cost $300,000 or more.
While estates have been built, much of the construction has been in what Ms. Griffin called "starter homes," ranging in price from $200,000 to $600,000.
"People may have been renting a few years, and now they're ready to build," she said. Others, she added, "have been fixing up wonderful village homes" in the center of the hamlet. Sales remain strong south of the highway as well, Ms. Griffin said.
With the buildup, Bridgehampton, once almost a blip on the highway between Southampton and East Hampton, now "stands on its own," according to Mr. Brennan. "It's become a terrific destination," said Mr. Strough.