Arbor Realty Trust CEO and president Ivan Kaufman just bought a 58-acre estate in the Hamptons for $35 million — about half of its $75 million asking price from 2003 (and about $14 million less than its most recent asking price), reported the New York Post.
The estate in Bridgehampton, called Three Ponds Farm, features an 18-hole golf course, a large pool, several gardens, a tennis court, and ponds.
The estate was first listed in 2003 with an asking price of $75 million. Then in 2007, listed again for $68 million. It was relisted back in December 2018 for $49 million.
Down the street, the 42-acre Jule Pond estate in Southampton was slashed by $30 million for an asking price around $145 million instead of $175 million.
The developments of the deteriorating Hamptons mansion market comes at a time when luxury real estate across the North East is under structural stress.
Several months ago, we reported about the housing crisis developing between Manhattan, Greenwich, and the Hamptons.
The median sale price of a Hamptons home has fallen to a seven-year low of $860,000, according to our report.
Some of the real estate slowdowns can be connected to President Trump's federal tax reform, which makes it more expensive to own estates.
Across all price levels, sales in the Hamptons have declined five straight quarters. This has led to an overall decline in the median sale price of homes, down 5.5% in 1Q19 versus the same period a year ago. About 300 homes changed hands in last quarter, was the lowest sales transactions in many years.
The wealth of the Hamptons real-estate market is closely correlated with those of nearby Manhattan, another real estate market that is quickly cooling.