In the third quarter of 2016 alone, Corcoran agent Susan Breitenbach sold nearly $100 million worth of property in the Hamptons.
Ms. Breitenbach, who was ranked the No. 1 agent in the Hamptons by "Real Trends" in 2015, has sold over $4 billion in real estate in nearly 30 years in business, and counted many celebrities among her clients. Just this year she sold Richard Gere’s Hamptons compound to Matt Lauer, according to reports.
One interesting property she currently has on the market: The $39 million childhood home of Jacqueline Bouvier Kennedy Onassis in East Hampton.
Ms. Breitenbach, who lives in Water Mill with her husband, a builder, talked to us about the Hamptons market, why she doesn’t love home theaters and more.
More:Jacqueline Kennedy Onassis’ Onetime Home Asks $9.75 Million
Mansion Global: Describe your dream property.
Susan Breitenbach: One that’s priced to sell. For myself, though, I love waterfronts. I live in a traditional house, but I love new modern homes, too. My dream home might be in Sag Harbor, but anywhere looking out at the water, really. In the Hamptons, there are lots of places that are not quite as known. I live on a property right now with beautiful views, way up high in the woods, and people don’t know it’s there. We have the most beautiful sunsets.
MG: What does luxury mean to you?
SB: It’s about indoor/outdoor living and amenities. I don’t think it needs to be all the bells and whistles—you don’t need to have a home theater. Instead, you just need to think about how you’re going to live there, where you’re going to have coffee in the morning, etc. For a while people got hooked on things like movie theaters with reclining seats, but that’s not what luxury is about. It’s nice to have a covered porch to sit outside.
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MG: What area do you think is the next hub for luxury properties?
SB: Montauk was never big, but now it is. Amagansett feels like how the Hamptons used to be. But there’s really no block unturned here, even on the North Side of the highway.
MG: What’s the biggest surprise in the luxury real estate market now?
SB: We always had speculative houses out here, but now we have them for $30-$40 million …. and quite a few of them. Because this is largely a second-home market, people just want to find something that’s done and ready to go.
My husband is a builder, and he was working on one with an outdoor theater, fire pit, and tennis courts. It used to be that spec houses were very generic, some of them now are just like any other $30 million house you might find.
MG: Where are the best luxury homes in the world and why?
SB: In the Hamptons, anywhere on the ocean. Each of the towns has their own thing, though. Southampton has more gated estates, for example; East Hampton is a little more formal. Whereas in Bridgehampton, Water Mill, and Sagaponack it’s more rural, farm-like. I’m marketing a house for $50 million in Sagaponack, and the people who will buy that don’t want a house in Southampton. They like jogging in the farms and walking to the country store. Each town has its own thing.
But outside the Hamptons, Miami has some major properties. We go there a lot because it’s a quick flight.
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What’s your favorite part of your home?
SB: Sitting outside on the porch by the fire pit and looking out at the sunset is the best. Once you live with sunsets it’s hard not to have that.
MG: What’s the most valuable thing in your home?
SB: Our two Norfolk terriers.
MG: What’s the most valuable amenity to have in a home right now?
SB: It’s integrated space. Especially in the Hamptons, people like these screened-in porches. That’s also why people like modern houses where there are glass doors that open up to the outside. The covered porch becomes an outside living room. That’s really what sells; great outdoor kitchens, too. People like to spend time outside. A lot of the major, big houses that I’ve sold were because of things like that.
MG: What’s your best piece of real estate advice?
SB: For the owner, it’s not to overprice it. Listen to your broker on that. It’s just like how everyone’s children are the best, everyone thinks their home is the best. Get a good broker to give you advice and listen. Sometimes brokers will suggest pricing a house too high to get the listing. Be wary of that.
For the buyer: Don’t overthink. People get caught up in negotiating. Get your ego out of it. If you want the house, that’s what’s important.
More:Luxury Buyers Impacted By Wall Street Performance Rather Than Interest Rates
MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?
SB: Everyone was waiting for the election in a way. Now that it’s over and the world hasn’t come to an end, it’ll be interesting to see how it plays out, and if the stock market stays strong. I think we’ll have a strong spring and summer. The Hamptons are not going to be any less crowded next year.
MG: What is the best area now for investing in luxury properties?
SB: Anywhere near water or near the beach. It really is about pricing. Even if you’re not looking to flip it, it’s good to know you can if you want to. There’s a lot of good value all over.
MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
SB: With a new development you have to be careful that all houses don’t look alike, and you need to check quality. You don’t want all of the same house. That’s not the Hamptons.
If I have a $10 million house, I don’t want it to be the same as 10 other houses.
There can be a lot of fun in buying a new property, though—designing it yourself and making it your own.
MG: What area currently has the best resale value?
SB: On the oceanfront, it’s hard to go wrong. I’ve seen properties go up 100% in a short amount of time. First they’ll go for $2 million, then $4 million, then they get knocked down and sold for $12 million then $24 million. Any waterfront is great, but oceanfront is especially, since it’s so rare.