Commercial Real Estate Financing

Latest News

Hedge Funder Scott Bommer recently purchased three properties in Lily Pond Lane of East Hampton for a whopping $110 million. In Southhampton, luxury fashion designer Ellie Tahari just rented out his estate for $800,000 during the months of July and August.

It is these types of sales and rentals that are stabilizing the Hamptons real estate (RE) market. But thanks to a murky market, high-end buyers have been hesitant to purchase luxury homes in the Hamptons at the moment. The average sales price in Sag Harbor dropped 24% to $1.6 million.

“What upsets me is when you see some of these huge houses that just seem so enormous. You wonder, ‘Why do they need to be so big"? - Richard Meier, Pritzer-Prize winning star architect.

Home to some of the highest summer rental prices in the US, Hamptons homeowners have struggled getting full asking prices this summer. Renters are uninterested in full-season deals, persuading homeowners to adjust their asking prices.

“The rental market this year is probably one of the worst we’ve seen.” - Judi Desiderio,  CEO of Town & Country Real Estate.

Are these "unnecessarily" large properties and their price tags impeding the growth of the Hamptons RE luxury market? If not, what are the main factors? What is the solution?

About

Cerco Funding LLC is a New York-based real estate private equity firm. Cerco acts as a direct portfolio lender originating commercial bridge loans nationwide. Cerco has extended capital for acquisitions, refinancings, repositionings, and a host of special situations.

Contact Us

CERCO FUNDING LLC
Address 230 Central Park South, PH17
NY 10019
New York, USA
Phone +1 (646) 435-7080
Email [email protected]