Paul McCartney Invests in East Hampton

Reportedly, Paul McCartney has purchased a commercial building in East Hampton Village for over $8mil. Word is that Pauls very accomplished fashion designer daughter, Stella McCartney Willis (pictured with Dad) will open her third retail shop here. Stella currently has shops in NYC and London. For more info on Stella goto: http://www.stellamccartney.com/

A little greedy are we?

Seems the story around Rich Gere's $6.9million waterfront purchase on Actors Colony Road is pretty sad, if true. Reportedly the family selling the unique property accepted an offer brought to them by the broker and then 'shopped the deal' to Gere, who was an exclusion to the exclusive agreement, thereby cutting out the commission. Sound complicated? Basically the seller may have been trying to avoid paying commission. Who knows. The laywers will sort it out.

High end still rolling...

all this talk about the real estate "buxxle" is sickening. And all the while, properties here on the east end are moving fast and furious. Just this week quite a few things have gone into contract: a Southampton oceanfront asking $25mil, a Bridgehampton property deal asking $10mil and even the $3-4mil spec homes that have been sitting, waiting for the market to 'grow into them' are seeing action. Many of these buyers are not concerned with interest rates.

There appears to be an increase in under $1mil inventory, with at least 1500 listings under seven figures and less than 200 at $500k or less. It's not unusual to see an ebb in business this time of year. Keep an eye out for end of 2005 sales figures. I'll have them in a week or so.