This week’s hot rumor

Real Estate News

The gossip mags are reporting — the New York Post was the first — that Helmut Lang’s pricey oceanfront pad is for sale.

If true, and we don’t know if it is or not, the property becomes the most significant on the East End market. Just a stone’s throw from Jerry Seinfeld’s baseball field and of course, the deep blue sea.

The fashion designer and artist and could get as much as $100 million for the five-acre property which features an 8700-square-foot main house and a sizeable studio. Lang bought the property for $15.5 million in 1999, after outbidding Jerry Seinfeld by $1 million, according to the Post.

Halstead Report

Let’s face it, we can wrest and wrangle with the numbers until Aunt Millie’s cows come back to the barn, but they are still going to reflect a sagging real estate market in desperate need of a rally.

The Halstead report mirrors those of the other firms: the total number of first quarter 2019 South Fork sales decreased 16.9 percent compared to the first quarter in 2018 (276 in 2019 vs. 332 in 2018). Since all of the reporting firms deal with the same data — deed transfers filed with the Suffolk County clerk — no amount of wrinkle can spin them from negative to positive.

The total dollar volume decreased by 19 percent to $542,416,446 in first quarter 2019, and that’s a big ouch. The first quarter 2019 average sales price in the Hamptons decreased 3.1 percent to $1,965,277, but the median price increased 7.7 percent to $1,187,500. Yay for that! Several areas had significant increases in number of sales for Q1 2019 over Q1 2018: Montauk increased 72 percent, and Sag Harbor Village increased 20 percent.