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Paul Brennan

Paul Brennan
Licensed Associate Real Estate Broker

2488 Main Street
Bridgehampton, NY 11932
Office: 631.537.4144
Mobile: 631.235.9611

2987 Montauk Highway
Sagaponack, NY 11962
Office: 631.537.4144
Mobile: 631.381.2887
Fax: 631.537.9104

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In the News

Billy Joel closes on second Sagaponack property

Billy Joel's officially a neighbor of himself.

He has closed on his latest beachfront house, a 1-acre Sagaponack property located right next door to the $16.75-million, five-bedroom surprise he snagged in June for wife, Katie Lee.

One of several celebs with a constant eye out for Long Island real estate, Joel paid a little more than $11.6 million for his latest home, which has three bedrooms and two baths. He got $2.3 million knocked off his new home and in June negotiated a $2-million markdown on his first Sagaponack home, which used to belong to "Jaws" actor Roy Scheider.

Whether he would have gotten those discounts two years ago during the housing boom is unclear, because in the last few months a few Hamptons real estate veterans have been wondering whether even the luxury market has been slowing, as it has for the rest of Long Island.

Usually, buying and selling activity is seasonal, with spring and summer strong and the end of year quieter, but the housing boom fudged those lines, with bidding wars and deals all year.

"Last couple of years, there has been no season," said Paul Brennan, regional director of the Hamptons for Prudential Douglas Elliman Real Estate. "It's been full-court press all year 'round."

Like other investors and average house hunters, the rich may also look for bottom prices before investing.

Brennan's not sure if the Hamptons luxury market is really at the start of a slowdown or if it's a return to the seasonal cycle. "People are looking, but they are not writing checks," he said. "The looking has slowed down and the interest level has waned somewhat."

Manhattan-based appraiser Jonathan Miller said the average discount a year ago was smaller than it is now, meaning the spread between the asking and closing prices is widening.

The third quarter report for the Hamptons, due out next week, will show fewer luxury homes on the market, said Miller, executive vice president and director of research at data analysis company Radar Logic, which was commissioned by Prudential to do the report. He said that caused prices to go up by at least 33 percent on the top 10 percent of deals, but at the same time the number of deals dropped by about 30 percent.

Rick Hoffman, regional senior vice president for The Corcoran Group, which had the Joel deal, said he doesn't see a slowdown and expects year-end Wall Street bonuses to continue fueling the Hamptons real estate scene: "That's part of the reason the market has become less seasonal."

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