Sotheby's Pat Petrillo Talks New-Construction Homes
June 20, 2014 | Real Estate
Sotheby’s Pat Petrillo knows that when it comes to Hamptons real estate, nothing can top new construction.
“The new house is still king,” says Pat Petrillo, an associate broker at Sotheby’s International Realty with more than 25 years of experience in the Hamptons. “There’s a lot of interest in them because everything is in perfect working order. It’s sunny. It’s new. It’s pristine. You just have to step up to the plate and pay for it. That’s the only cost.”
At its heart, the Hamptons remains a second-home market, and few buyers in the land of seven- and eight-figure deals have the patience for a fixer-upper. “That person’s primary residence is elsewhere, so it’s easier for them to have a turnkey situation rather than something that needs an addition or a renovation,” Petrillo explains. “It’s just too hard for the absentee homeowner.”
That said, gleaming homes aren’t going up only in villages like Bridgehampton and Water Mill, which are associated with vacant land. In fact, Petrillo is seeing more and more new construction in locations like Southampton, where a limited inventory necessitates tearing down an older home and rebuilding to specifications while keeping the property’s stately trees and high hedges. In an area where property is at a premium, Petrillo thinks it makes perfect sense. “What’s expensive out here is the parcel of land,” she explains. “Compared to the house on it, it’s much more valuable.” So why not start over from scratch? 50 Nugent St., Southampton, 283-0600