HamptonsRealEstate

Remaining Madoff Homes Already Discounted

Bernie Madoff's last home may have sold strong, but it looks like the momentum is fading. His home in the Hamptons beat the listing price and ultimately moved for more than $9.4 million. Unfortunately for his victims, interest in his Manhattan penthouse and Palm Beach estate isn't as strong. The prices for both have been cut, as the Ponzi schemer moves from news to history. Both homes have been on the market for only two months.

The Manhattan home, on the Upper East Side, offers 4,000 square feet which the broker, Sotheby's International Realty, says is "perched atop a distinguished white-glove prewar cooperative." Originally offered at $9.9 million, the asking price has been slashed by $1 million. So, if you're looking for some new digs in the city, this should be perched atop your list. A 10 percent price drop after only two months in the game means that you could probably work the price down a little bit further. If you were a Madoff investor, think of it as recouping some of what was so wrongly taken from you.

The situation in Palm Beach, Florida isn't much better. The discount is only 7 percent, with the price plunging from $8.49 million to $7.9 million according to the Corcoran Group, which is handling the sale. This home is billed as "a return to classic Florida island living ... when Palm Beach was a less manicured tropical paradise." What does that mean? Does classical Florida island living have anything to do with defrauding the neighbors?

Madoff, now a resident of Butner, North Carolina, believed that the Manhattan apartment was worth only $7 million. He pegged the Palm Beach residence at $11 million.

When both properties move, the proceeds will go to Madoff's victims. Of the $65 million, roughly, that he took, $1.4 billion is said to have been recovered. Even when compared to the investor losses identified, $21.2 billion, it's but a drop in the bucket. The auction scheduled for Saturday may help a little bit, with Bernie's Mets jacket and Ruth's golf clubs going under the gavel.

Gallery: Bernie Madoff In New York City

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Georgica Manor, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

Today's home in East Hampton, New York is build as a designer's home but I haven't been able to find out the identity of the designer. The 14,000 square foot stone and stucco manor house on 1.3 acres overlooking a 17-acre meadow preserve minutes from the ocean. The home is beautifully turned out with a dramatic double-height entry hall with some sort of sculpture, a living room with coffered ceiling, formal dining room, large kitchen/family room, library and the coolest room in the house, a circular domed office. The master suite has a study and twin baths and there are four additional guest bedroom suites. The finished basement has a playroom, wine storage, gym and two staff bedrooms. The property includes a heated pool, stone pool house and a garage. The lovely designer furnishings are available separately. It's listed at $17 million.

Gallery: Georgica Manor

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Tags: east hampton, EastHampton, estate of the day, EstateOfTheDay, georgica pond, GeorgicaPond, hamptons real estate, HamptonsRealEstate

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Hamptons Homes Hot Again

by Tom Johansmeyer (RSS feed) —

Filed under: Real Estate Developments

If you were waiting for the bottom, it looks like you just missed it. Home prices in the Hamptons are on their way back up, rising 4.7 percent in the third quarter. Houses priced in the range of $2 million to $5 million led the charge. In fact, the number of properties clocking in at more than $2 million (including the former getaway of Ponzi schemer Bernie Madoff, which went for $9.41 million) jumped 44 percent -- 46 sales occurred from July through September this year. And, the median price for this part of Long Island increased from $860,000 last year to $900,000 this year.

The action appears to have been driven by buyers who'd normally look for something close to $10 million ... who began to see what they could get for a mere 20 percent of that price. When opportunity knocks ... you know the drill.

Even with this bit of good news, the number of homes sold last quarter fell 2.3 percent, with those fetching less than $500,000 posting the largest decline (22 percent). So, all isn't rosy in the land of the wealthy, unless of course, you're still wealthy.

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Tags: bernard madoff, BernardMadoff, bernie madoff, BernieMadoff, hamptons, hamptons real estate, HamptonsRealEstate, long island, LongIsland, luxury real estate, LuxuryRealEstate, madoff, madoffscandal, new york, NewYork, real estate, RealEstate

Norman Jaffe Design, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

This striking house in the Hamptons might not be for everyone. The angled design from Norman Jaffe is beautiful but if you have a hankering to decorate your house in chintz and Chippendale this is not the place for you. The house is a series of wedges with tilted roofs that allow for massive expanses of glass walls. Details of the home include a copper roof, stone and cedar paneling and a wedge-shaped pool with waterfall and whirlpool spa. The house sits on 2.5 acres a block away from the ocean and overlooks a private pond. It is listed at $12.5 million. Dated or delicious? I'm not quite certain, check out more pictures after the jump and let me know your take on this unique home.

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Tags: east hampton, hamptons real estate, HamptonsRealEstate, new york real estate, norman jaffe, real estate

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