Stand on a dirt lot, and envision your dream home. Picture a finished product with large entertaining spaces for summer get-togethers and brisk autumn nights. Want to be able to use the pool in the late afternoon? Perhaps the lot with the western-facing backyard is better for your build. Don’t like baths? Nix the soaking tub in the primary bath.

It takes some vision and foresight, but there are plenty of benefits to buying a Hamptons home off floor plans — especially in this economic climate.

“What it allows you to do is to lock in the price of your house,” says Steven Dubb, the principal at The Beechwood Organization, a Jericho-based company founded by his father, Michael Dubb, that has built more than 7,500 homes in 60 communities across the New York metro area since 1985.

With several successfully completed projects on the South Fork, including The Latch, recently completed in Southampton, Beechwood’s latest projects are in Westhampton Beach: Country Pointe Estates, a 22-home residential community on Depot Road, and Oneck Landing, a four-parcel Moriches Bay enclave on Fiske Avenue.

“Pre-construction usually has a discount to what a finished house would cost. You take some of the market risks out of the equation when you buy pre-construction, off of floor plans. Construction cost inflation has been about 3% a month since things started coming back after the lockdowns,” Dubb says. “In a price-conscious world that’s one of the biggest benefits of buying off floor plans.”

Buyers also have the opportunity to customize their homes. “If there are things you want to change, rooms you want to add, bathrooms you want to make smaller, ceilings that you want to make higher — you really get to personalize and customize your home as opposed to buying an existing home where you’re stepping into somebody else’s decision,” he says. “When you buy pre-construction, you have the opportunity to make all those changes, to build it exactly the way that you want.”

Another plus, as opposed to building from scratch, is not having to go out and source a team and deal with all the headaches that come with that, from finding tradespeople to overseeing the build.

There is also the benefit of a warranty. “New York State has warranties that are mandated on new construction and most builders, especially Beechwood, exceed those state-mandated warranties. That, of course, is a lot better than stepping into an existing home where problems might be hidden, might not pop up for a couple of months and you’re on the hook for it entirely,” Dubb says. “It makes it a little bit easier to sleep at night.”

Record of Success With Floor Plans

Once Beechwood’s two Westhampton Beach developments are completed, the firm will have created 129 homes on the East End. In 2013, the company designed Bishops Pond, a 69-home luxury condo community in Southampton Village which became the fastest-selling community of its kind in the Hamptons. Two years later, Beechwood sold out 10 townhomes next door, as well as the four estate homes built at Bishops Grant on North Main Street.

The development at The Latch won design awards for its work at the historic main building and adjacent Terry Cottage, originally designed by the noted architect Stanford White of McKim, Mead & White. The 19-condo townhouse community at 101 Hill Street and the single-family home at 109 Hill Street ranged in price from $2.6 million to $7 million. This is Beechwood’s first project in Westhampton Beach.

“I think Westhampton is in the middle of the resurgence,” says Steven Dubb. “It started a couple of years ago and it’s only going to continue to grow because Westhampton: one, it’s really beautiful, and two, it is so much more convenient to get to from parts of Long Island and from New York City.”

For many people who are working hybrid work weeks, and who fell in love with being in the country during COVID, it’s easier to get back and forth to Westhampton from the city; it’s only 75 miles east of Midtown Manhattan, which cuts down on the traffic endured getting to points further east. “And, generally, it’s priced less expensive than other parts of the Hamptons,” he adds.

Vision Required

The Country Pointe Estates are located on the former site of Wholistic Tennis Academy at 44 Depot Road, within walking distance of the Long Island Rail Road Station in Westhampton; it’s just a five-minute drive to Main Street and Dune Road’s beaches. A five-minute drive south is Beechwood’s second development, Oneck Landing, overlooking Moriches Bay at Oneck Lane and Fiske Avenue.

At Country Pointe Estates, the half-acre lots feature homes ranging from 2,700 square feet to 5,900 square feet of living space. Asking prices range from $2.1 million to more than $3.6 million.

The Aberdeen is a new model, just added to the offering at Country Pointe, featuring the same amenities for a buyer who wants to entertain, but with fewer bedrooms than the Atlantic, Beacon and Commodore homes — plus with a better price point.

Floor plans for all four styles show open-concept great rooms and entertainment-ready kitchens, first-floor primary bedrooms and spacious mudrooms — some of the most sought-after features by Hamptons homebuyers. Extensive outdoor living spaces at each home are connected to a pool and a pool house.

Dubb says most buyers desire finished lower levels with space for a pool table, a bar with a “man cave” and a gym.

Prospective buyers are shown floor plans, not just on paper but on a large, interactive screen at Beechwood’s temporary showroom at Country Pointe Estates, where they can swipe through the different exterior and interior designs. (Visitors may even forget they are in a trailer, as it’s stylishly decorated and well-appointed to reflect the houses that will be built!)

Beechwood is using many of the same interior finishes and products that were used at The Latch.

“We’ve got model photography, we have samples of materials, and we’ve got walkthrough videos that we’re able to show prospective purchasers,” he says. “It’s one thing to have words on a page describing a flooring, it’s another to see a photo of it or to be able to pick it up and hold it in your hand.”

Every house at Country Pointe Estates will be unique.

“One of the hardest things about buying off of floor plans is you need to share the vision. You need to be able to use your imagination,” Dubb says.

There is a bit of “self-sorting” that goes on, Dubb says, because people know they are not going to see a finished house before they make the decision.

Some people still struggle to conceptualize it, while others pick it up right away. “We get a lot of buyers who have built houses for themselves or who have been involved in construction or in renovations in their (other) homes,” Dubb says. “Sometimes you can see the wheels turning — sometimes it’s very easy, some people pick it up naturally.”

Getting in Early

Dubb is excited for the model home, which is being framed, to be completed because there is still no substitute for being able to walk through a space. Of course, there is also no guarantee how many homes will be available after the model home is finished, as several lots have already been sold. Its anticipated completion date is early spring of 2023.

Buyers looking for value will jump at the opportunity to buy in this phase. For instance, at Beechwood’s project Weddington Glen in Weddington, North Carolina, a suburb of Charlotte, 50% of the homes available have been sold since Beechwood started selling in March. There is no model home even under construction yet. “It’s entirely off of floor plans and renderings,” Dubb says.

Those buyers will be rewarded in the long run because they got in at the preconstruction prices, and the homes in the community are going to be worth more when construction is complete, Dubb adds.

Just like with Country Pointe Estates in Westhampton Beach and another ongoing project Beechwood has at Oak Ridge in Saratoga, the floor plans and architecture were designed specifically for that location and market.

So what’s the biggest drawback to buying off the floor plan? The lack of immediate gratification, Dubb says, as buyers are purchasing a house not yet built. “If you buy an existing house, you get to move in 30 or 45 or 60 days. That is not the case when you buy pre-construction.”

As for the developer, offering all that customization is a double-edged sword. “We throw ourselves at the feet of our buyers. When we say we offer customization, we mean it.

So that means if somebody decides that they want to put a special kind of tile in their master bathroom, and it’s hard to source, we’ve got to go and figure out how to source it.”

Grappling with the supply-chain issues and labor shortages is a challenge all developers are facing. Dubb reports his industry is starting to see the supply issue normalize. “When we were building The Latch, we were really in the thick of it and we managed to get everybody in for the summer,” he says.

This article appeared as the cover story for the September 2022 issue of Behind The Hedges. Read the digital version here.

Read the original article here.

East Hampton Village had the highest median price of any neighborhood in the New York vacation destination—$5.7 million

Sustained demand and limited supply have kept the Hamptons real estate market hot, even as the number of transactions has slipped. 

The median price of a home in the upscale New York enclave reached $1.6 million in the second quarter, up 13.9% annually and 14.3% compared to the first three months of the year, according to a Thursday report from Douglas Elliman. 

However, the number of sales was down 34.7% year over year, from 675 in the second quarter of 2021 to 441 in the same time frame in 2022, the data shows. 

“Price trends pressed higher as sales volume slowed, responding to a combination of lack of supply and rising mortgage rates,” wrote Jonathan Miller, president and CEO of the appraisal company Miller Samuel and the author of the report..

Although listing inventory was down 17.1% annually, it registered a 33.5% jump compared to the first quarter, according to the report. About a third of sales were subject to multiple bids.

For the luxury segment, the top 10% of sales, the median price rose 30.8% year over year to $8.5 million in the second quarter, the figures show. Sales dropped 33.8% annually, from 68 to 45, while inventory was down 27.6%. 

Meanwhile, Hamptons transactions have grown in the short term, jumping from the first three months of the year, according to a separate second quarter report from Corcoran, also released Thursday.

“Reported sales decreased annually in all South Fork villages and hamlets but increased in more than half of the areas compared to first quarter 2022,” according to the report. “Southampton and Southampton Village improved most significantly quarter-over-quarter, increasing 41% and 43%, respectively.” 

Westhampton Beach was the neighborhood that had the biggest rise in its median price across all price points, seeing an 82% jump to $1.3 million, the Corcoran data showed. In addition, the number of sales was up 13%.

East Hampton Village had the steepest median price of any neighborhood out east—$5.7 million—while East Quogue/Hampton Bays had the lowest, $750,000, according to the report.

Read the original article on Mansion Global here

101 Hill Street, Unit 7, Southampton

Sold Price: $4,287,500
Closed: January 25, 2022

Unit 7 at The Latch, a new luxury condominium complex by Beechwood in the heart of Southampton Village, is a single-family townhouse. It features a dramatic open floor plan, double-height ceilings, oversized windows and top-of-the-line finishes. Douglas Elliman, Corcoran and Sotheby’s International Realty had a tri-exclusive and we hear that this was sold in-house by Beechwood Homes. The last ask was $4.4 million. The Latch is now sold out.

Original article on Behind the Hedges

Author: Taylor K. Vecsey

The Latch, a luxury condominium development in Southampton Village created by The Beechwood Organization, has received two prestigious awards from the National Association of Home Builders (NAHB).

The development, designed by Jim McMullan of Fleetwood & McMullan and Jason Poremba of Jason Thomas Architect, earned a Platinum award for Historic Preservation and Restoration and a Gold award for Single Family Community Under 100 Units.

“This is a high honor greatly appreciated by Beechwood and the entire team who worked with us to bring forward the best of the past for future generations to enjoy this beautiful property,” said Steven Dubb, The Latch’s developer and the principal at The Beechwood Organization.

In the early 1900s, the property, known as The Village Latch, was “the Grand Annex to Southampton’s Irving Hotel across Hill Street,” Steven Dubb, Beechwood’s founder and CEO, told Dan’s Papers in 2020. “Reported guests included Presidents Theodore Roosevelt and John F. Kennedy, the duPonts, Fords and Vanderbilts, and Hollywood stars,” he said.

In 2016, Beechwood bought the approximately five-acre parcel with an inn that was operated 67 rooms across several run-down buildings.

The two turn-of-the-20th-century buildings — the iconic main Latch building and the adjacent Terry Cottage, which had been moved from across the street — were designed by noted Gilded Age architect Sanford White of McKim, Mead & White (White designed many iconic Hamptons homes, such as the Sevens Sisters homes in Montauk, the most famous of which talkshow host Dick Cavett sold last year).

With the architects’ designs and consultation from Zach Studenroth, the village historian, the exteriors have been preserved. With work complete, cedar-shingled white structures, designed in Federal Revival Period with Dutch Colonial touches, have been returned to their former glory.

The original 40-room Latch building was converted into two townhouses. Beechwood renovated the interior of the Terry Cottage and it remains a single-family home.

Behind the two historic structures, visible from Hill Street, are 17 new townhouses and a McMullan-designed clubhouse on a private cul-de-sac. The townhomes appear connected by a single shingle-style facade. The homes feature open floorplans and high finishes and appliances, while the clubhouse provides a fitness center and outdoor pool.

Pre-construction sales began in 2021 with homes ranging from $2.6 to $7 million — and all units were sold by the end of the year.

Part of the NAHB‘s Best in American Living Awards, they are considered the nation’s top honor for home builders in the largest network of craftsmen, innovators and problem-solvers. An awards ceremony was held at the 2022 International Builders’ Show in Orlando, Florida.

The Latch also received a Vision Long Island Smart Growth Award in 2021.

This was the third project in Southampton Village for Beechwood, one of the largest developers of single-family and multifamily housing in New York State. The developer was also behind 69 luxury condominium units at Bishops Pond on South Magee Street, as well as Bishops Grant on North Main Street where there are four estate homes.

Founded by Michael Dubb, Beechwood has built more than 7,500 homes in 60 communities across the New York metro area since 1985, including new developments in Saratoga and New York City.

Original Article from Behind the Hedges

Author: Taylor K. Vescey

The Beechwood Organization has nearly completed the 19 luxury condominium homes plus the single-family Terry Cottage at The Latch Southampton Village.

Since breaking ground one year ago, four designer-decorated houses opened for viewing on May 15. The first occupancy at The Latch is set for June and nearly half the homes have sold off floor plan pre-construction. Additionally, two historic Stanford White designed structures — The Latch and Terry Cottage — have restored exteriors and renovated interiors, and new Fleetwood McMullen designed homes are taking shape.

Remaining homes for sale include the Terry Cottage, a 6-bedroom, 6.5 bath single-family home, the largest home at The Latch, with 7,385 square feet of living space, private garage and pool on just shy of an acre for $7 million. Ten of 15 brand new luxury town houses designed to live like single-family homes on three floors with 3+-bedrooms, 3.5 baths, lower level, and garage across 2,763 to 3,168 square feet of living space start at $3.45 million. One of four villa residences, on the market for $2.6 million, with 1,991 square feet living space, is also available.

Among the amenities are a private clubhouse with high-end fitness center and outdoor pool, landscaping of tree-lined grounds, snow removal and refuse collection all managed by The Latch’s condominium association. The central location of The Latch is also one of the best in the Village of Southampton. It is a five-minute walk to shops, restaurants, movie theatre, and Lake Agawam Park or a five-minute drive to Cooper’s Beach.

In-person showings begin this month at The Latch Southampton Village, a 20-unit community — 15 townhouses, four villas and one single-family home — on the 5-acre former Village Latch Inn property on Hill Street.

Nine units have already sold since preconstruction sales began last June, and now that construction is nearly complete, four designer-decorated model townhouses will be open for showings by appointment beginning Saturday, May 15, and the first occupants may move in starting in June.

The project by the Beechwood Organization, a Jericho-based development firm, is a mix of renovated historic buildings and brand new construction. The main Latch building and the Terry Cottage, both turn-of-the-20th-century structures by architect Stanford White of the renowned firm McKim, Mead & White, have been restored under the direction of Southampton architect Jason Poremba of Jason Thomas Architect. James McMullan of Fleetwood & McMullan Architects, an East Hampton firm, designed the new townhouses and villas and the community’s clubhouse.

Mr. Poremba explained during an interview on Friday that the Latch and the Terry Cottage had been changed significantly since they were built, and his challenge was to bring the exteriors back in line with how they appeared originally.