A building boom in the Hamptons is nothing new. After all, the Hamptons’ real estate market usually ebbs and flows with fortunes on Wall Street. But, this latest construction craze is a bit different from years’ past. It’s all about the ‘new build.’ Barely anyone is interested in renovating existing homes, including century old village charmers or mid-century ranches. Real estate brokers say the majority of customers only want to be shown brand new homes. In fact, some builders say a house older than 10 years is considered a teardown. ‘If you look at homes built before 2005 or 2006, to most people when comparing against new construction they’re dated. I see homes built in 2006 or ’07 being torn down, which I find amazing,’ said Frank Fineo, developer and broker for Brown Harris Stevens in Southampton, New York. It seems buyers want state-of-the-art, energy efficient homes with 10-foot ceilings and super, snazzy lower levels. In many cases, renovating existing homes is just as expensive as building from scratch, and Hamptonites don’t want the hassle of a two-year renovation.
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