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Hamptons.com
July 24, 2015

Bishops Pond Southampton Village: From Work Site To A Luxury Condominium Community

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

In my previous two articles, I discussed the technical differences between residential cooperatives and condominiums, and the opinions of Hamptons realtors regarding their marketability. For this article, I looked to the condominium development Bishops Pond in Southampton Village. What I found particularly intriguing was the size of the venture (72 units over 113 acres), its location (previously a 20 foot hole in the ground gravel pit abutting railroad tracks), and its commencement date (2011, when the recovery of the real estate market was still in question). For the facts, I interviewed Steven Dubb, whose firm the Beechwood Organization took on this challenge, and Mary Slattery, an Associate Broker with the Corcoran Group who “partnered” with Beechwood to market the units.

I started the conversation by finding out from Steven how many of the 79 units had been sold and are occupied as of the date of the interview. “We have sold 73 units between the original site and an additional ten in what we call the Enclave,” he shared. “67 are already occupied.” I thought that was an impressive number, especially when he answered my question regarding final certificates of occupancy regarding the units. It is not uncommon for the developer to occupy based on temporary certificates of occupancy, which means there are still items outstanding before the building department will issue final certificates of occupancy. “We have final C.O.s for all of our units,” noted Steven. I was also very impressed with a statistic Mary shared. “We started our sales in March 2013, out of a storefront on Job’s Lane, and between Memorial Day and Labor Day, we sold 52 units,” noted Mary. “In the summer of 2014, the first ten weeks, we saw a buying frenzy.”

A Bishops Pond living room option. (Courtesy Photo)


What are the sizes of the units and what were the prices, I asked? “We started at $750,000 to $1.6 million and the sizes are three to five bedrooms,” Steve responded. “We raised prices six or seven times and now we are at $1.9 to $2.5 million.” I then asked Steve, who is buying these units? They don’t meet the profile of the typical condominium buyer who is looking to downsize. “No,” he agreed. “These are people typically over fifty years of age, cash buyers who have sold homes on the North Shore of Long Island, Northern New Jersey, and Southampton for $10 million and are looking to “downsize” their maintenance responsibilities, not their living space. We will finish off the basement if they so desire and all of the units have a garage.” Slattery added, “They like the idea that here you can get a basement, garage, and a first floor bedroom, all included in the unit. That’s not typical with condominiums. Just to give you an idea of our buyers, we have seven year round residents. It is not uncommon for them to have a home in New York City, Palm Beach, as well as the Hamptons. They are people who want to travel and not be tied to a home with common charges of approximately $650 a month.”

That brought me to the question of investor units. A concern among purchasers of condominium buyers is the fact that it they attract investors rather than those who wish to make it a home. I asked Steven how he addressed this issue. “We were very sensitive to that issue and one of the steps we took was to require that the purchaser not resell the unit less than a year from taking ownership,” noted Steven. “We also have restricted rental to no fewer than 30 days and no more than three times a year. I don’t think that we have any more than 10 percent or 15 percent investor units.”

A seating area at the Clubhouse of Bishops Pond. (Courtesy Photo)


Normally, a developer will do a market analysis of what comparable homes in the area are selling for before deciding to proceed with incurring the up-front costs related to development. I asked Steven, given the fact there weren’t any comparable developments, (Watchcase in Sag Harbor wasn’t completed yet), what made you confident that you could make a project of this scale work? His answer, “You’re right, there weren’t any large scale condominium developments that we could use in the Hamptons homes, but we did build condominiums all over Long Island and we did feel that we knew the value of condominiums. We felt comfortable making a bet that there were people who wanted the opportunity for the carefree luxury living that condominiums could provide in the Hamptons. We took a leap of faith.” Considering the risk, did you get the return that justified the risk, I asked? “Yes, it’s been a good experience,” he said. “A lot of my real estate friends who knew the Hamptons didn’t think we would succeed.” But it wasn’t just a leap of faith, I assume you did your market research, I offered. “Yes. Mary [Slattery] and I monitored the market for years before we took the plunge.” Mary added, “I have never seen the market so carefully watched as has been my experience with Beechwood.”

I then asked the question that I asked of other brokers in my first article. Do you think the rate of appreciation for condominium resale is competitive with the historical single family home, given the fact that we don’t have a history of these sales? Steven’s answer, “I think that what is selling for $2.5 million today will be selling for $3.5 in a couple of years. Also, there are not many pieces of property that can be zoned for condominiums, so as the lifestyle choices for condominium living increases, so will the rate of appreciation for existing units.”

Between Memorial Day and Labor Day of 2013, 52 units were sold. (Courtesy Photo)


My next issue had to do with the subject of affordable housing. The state requires a developer of a major subdivision to set aside a certain number of units for affordable housing or make a contribution to a fund for the development of affordable housing. I inquired how this impacted Beachwood. Steven noted, “We had started our project before this became a requirement, but we voluntarily did make a contribution to the Town and Village of Southampton for this purpose.”

Mary Slattery, whose real estate experience in the Hamptons provides special insight from the human factor buyer perspective said the following, “The disadvantages of the sight – a 20 foot gravel pit, the railroad tracks, a dirty blight on the community – ironically worked in favor of the development. People were so glad to see what was going to be developed that they cheered us on. We weren’t taking away farm land.”

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Shelter Island Birdhouse Exhibition And Auction To Benefit Peconic Land Trust

Shelter Island Birdhouse Exhibition And Auction To Benefit Peconic Land Trust

  • @wagsandwalks @themontaukbeachhouse 

Puppies + Pilates + @montaukila = The Perfect Day

Check out our Events Calendar for more events! (link in bio)

#wagsandwalks #animaladoption #adoptdontshop❤️ #dog #montauk #montaukbeachhouse #montaukila #pilates
  • Check out the Top Hamptons Events This Weekend! ⁠
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✨ 50th Annual Hampton Classic Horse Show⁠
📅 Sun, Aug 24 – Sun, Aug 31, 2025 | 8am–5pm⁠
📍 240 Snake Hollow Rd, Bridgehampton, NY⁠
🐴 One of the largest outdoor horse shows in the U.S., a premier summer destination for competitors & spectators.⁠
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🦈 50th Anniversary of JAWS Celebration – Montauk⁠
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Screening, live music with Molly Scheider, themed cocktails, shark merch 🦈 — all to benefit Hayground School.⁠
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😂 Chelsea Handler at WHBPAC⁠
📅 Fri, Aug 22, 2025 | 8pm⁠
📍 WHBPAC, 76 Main St, Westhampton Beach, NY⁠
A night of comedy with Chelsea Handler!⁠
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🎵 The Knocks at Surf Lodge⁠
📅 Sat, Aug 23, 2025 | 4pm⁠
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🌅 Generation S.O.S – Live From Water Mill Fundraiser⁠
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Featuring Jason Biggs, Luke K, & MC Sophie Sumner.⁠
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👜🐶 Bark Jacobs by Marc Jacobs at The HUB⁠
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Hilary, principal and founder, is known for a bold aesthetic that is comfortable and livable. She always keeps her clients at the forefront so they can express themselves as individuals through their spaces. After starting out in the fashion industry, Hilary felt a call to interior design where she has been bringing her unique approach and style to every space as the brand continues to grow.⁠
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Can you discuss your background and how you got started with interior design?⁠
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HM: I studied business and apparel merchandising. After graduating, my first job was at a women’s contemporary showroom in NYC. I had always loved fashion and wanted to be in the industry. After a year, I realized it wasn’t quite what I expected. I had always been interested in interior design, so I took a leap of faith and accepted a job as an assistant to an interior designer. I was initially nervous to leave fashion, but I figured I could always return. I ended up loving it and worked with her for eight years, learning the ins and outs of the business. I also took classes on weekends and evenings to learn computer programs, scaling, and other essential skills. After leaving that position and having my first son, I started my own company, which has snowballed into what we are today.⁠
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His comedy is full of observational humor and nostalgia, whether it be about his many cross-cultural experiences, an ever-changing societal landscape, and his own personal stories growing up. Des brings energy and a unique perspective to every show, evident at his Westhampton show, the place he has spent all his summers since the 90s.⁠
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DB: Well, my background is a little complicated, but the quick version is I grew up in Queens, flunked out of St. Francis Prep at 14, and ended up going to Ireland to boarding school in 1990. It was a crazy, life-changing experience, but it definitely saved my education and ultimately inspired a comedy career that in the early days focused a lot on being an outsider looking in. It’s hard to know if I ever would have tried stand-up if I hadn’t been in Ireland. I got sober at 19 and it was a comedian I knew from that world that pushed me to try stand up. Once I got on stage that was all she wrote. I was addicted.⁠
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