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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

Hamptons summer rental goes for $1 million

Beate Moore of Sotheby’s International Realty is listing a Sagaponack home for rent for Memorial Day through Labor Day 2008 for $1 million. That works out to a little over $10,000 a day for the summer season. The house is also for sale for $19.9 million.

Records show the owner of the eight-bedroom, 12,000-square-foot traditional home on Parsonage Lane is Andrew Saunders, a real estate agent for Sotheby’s in the company’s Bridgehampton office. Moore says that Saunders, a former Wall Street executive, is not representing himself in either the sale or rental of this property.

According to Moore, the home was briefly listed for sale last year for just over $20 million, and during a showing of the property, Saunders was offered $1 million to rent it out for the summer. At the time, Moore says, “The owner did not entertain the idea of a rental,” but the $1 million offer, “put the idea in his head.” Saunders, who currently lives in the home, now owns a second home in the area.

A $1 million pricetag for the season is not unheard of, but it is rare. Harald Grant of the Southampton office of Sotheby's confirmed to REAL LI this week that he had rented out a Southampton home for $1 million for the summer of 2007. Although Grant declined to give any details of the transaction, real estate sources say the property was an oceanfront mansion on Gin Lane.

A spokeswoman for the Corcoran Group says that company's highest rental for the summer of 2007 was $750,000. Of the asking price, Paul Brennan, senior vice president of Prudential Douglas Elliman says, "That's very ambitious...I have not heard of anything over a million."

While this new listing in Sagaponack does not set a record, it "might be setting a record for something that is not on the ocean," according to Janet Hummel of Town & Country Real Estate in Southold. "It’s a beautiful house," she adds.

Hummel says that the rental market for the summer season looks strong. Despite jitters about the real estate market in general, "people still want to be out in the Hamptons…we’ve had 20 rentals already in the Bridgehampton office, and three or four are pretty high end, in the $300,000 to $400,000 range."

Whoever winds up renting this home will be in good company. Rocker Billy Joel purchased two adjacent properties in Sagaponack last year. In June, Joel purchased actor Roy Scheider's home for $16.75 million for wife, Katie Lee. In November, the singer closed on the purchase of the house next door for $11.6 million.

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