Beate Moore of Sotheby’s International Realty is listing a Sagaponack home for rent for Memorial Day through Labor Day 2008 for $1 million. That works out to a little over $10,000 a day for the summer season. The house is also for sale for $19.9 million.
Records show the owner of the eight-bedroom, 12,000-square-foot traditional home on Parsonage Lane is Andrew Saunders, a real estate agent for Sotheby’s in the company’s Bridgehampton office. Moore says that Saunders, a former Wall Street executive, is not representing himself in either the sale or rental of this property.
According to Moore, the home was briefly listed for sale last year for just over $20 million, and during a showing of the property, Saunders was offered $1 million to rent it out for the summer. At the time, Moore says, “The owner did not entertain the idea of a rental,” but the $1 million offer, “put the idea in his head.” Saunders, who currently lives in the home, now owns a second home in the area.
A $1 million pricetag for the season is not unheard of, but it is rare. Harald Grant of the Southampton office of Sotheby's confirmed to REAL LI this week that he had rented out a Southampton home for $1 million for the summer of 2007. Although Grant declined to give any details of the transaction, real estate sources say the property was an oceanfront mansion on Gin Lane.
A spokeswoman for the Corcoran Group says that company's highest rental for the summer of 2007 was $750,000. Of the asking price, Paul Brennan, senior vice president of Prudential Douglas Elliman says, "That's very ambitious...I have not heard of anything over a million."
While this new listing in Sagaponack does not set a record, it "might be setting a record for something that is not on the ocean," according to Janet Hummel of Town & Country Real Estate in Southold. "It’s a beautiful house," she adds.
Hummel says that the rental market for the summer season looks strong. Despite jitters about the real estate market in general, "people still want to be out in the Hamptons…we’ve had 20 rentals already in the Bridgehampton office, and three or four are pretty high end, in the $300,000 to $400,000 range."
Whoever winds up renting this home will be in good company. Rocker Billy Joel purchased two adjacent properties in Sagaponack last year. In June, Joel purchased actor Roy Scheider's home for $16.75 million for wife, Katie Lee. In November, the singer closed on the purchase of the house next door for $11.6 million.
Comments (3)
Do you guys ever have any response to your BLOGs .. as much as Newsday endorses IT !!
Maybe your problem is .. is that you let Newsday endorse you !!
You 3 need to SERIOUSLY.. GET A LIFE !!!
I am a licensed Realtor in the Hampton markets.
The option of renting a Hampton home has always been attractive to both sides, at any price point for many reasons.
There are a handful of homes priced at $20,000,000 plus, typically nestled among the summer estates of the power and money elite, which for a mere $1,000,000 can be a life-changing experience for someone. The opportunity to live among the glitterati, cognoscenti and celebrates for 3 months in High Season is priceless those who can afford it. However, there are literally, thousands of other Hampton homes that afford many of the same amenities and propinquities, albeit on smaller scales that rent for far less.
Why not earn $1,000,000 to lease out your second-home for a season? The owner earns 5% on a fixed-asset lease for a 90-day term. Most of the grand homes in the Hampton markets have been recently purchased by the “Whales of Wall Street”, so it makes sense that owners would consider streaming revenue from their properties and move quickly to lock-in such deals.
A megabuck for a summer not on the water?
Too much money, too little sense.
Reminds me of the guy who purchased the gaudy sports coat and when he got it home found a note with a picture of an attractive woman requesting that he respond with a photo. When he did, figuring he had a chance at romance, he got his response, "I just wanted to see what a jerk that would buy the ridiculous coat looked like."
Send me a photo of the turkey who rents the place for 90 days.