Sagaponack is now the third richest postcode – Ira Rennert can help
On November 8, the annual ranking of the richest zip codes in the United States was announced. And there was shocking news. Sagaponack, who had been No.1 for five years until he was pushed back by Atherton, Calif., To No.2 in 2018, fell to No.3 in 2021.
Number 2 is now Back Bay, Boston.
Considering everything that was done last year to bring Sagaponack back to the top of the standings, this is a sad blow.
The announcement of this year’s winners was made by propertyshark.com, which examines the average annual price of real estate transactions in every zip code across the country.
As a village official from Sagaponack commented the other day, “That’s a lot of postcodes. And we are the best.
No. Third best.
When Sagaponack was first king, the ZIP code 11962 appeared on jackets, shirts and baseball caps across the country. Residents of 11962 were interviewed. The news went viral. The advertising pushed Sagaponack’s average real estate transaction price not only higher, but significantly higher. And the rest of the zip codes in the Hamptons basked in their glory, each scoring ever higher average prices across all of their separate zip codes.
None, however, are high enough to challenge Sagaponack, or its many high-end competitors. This year, Water Mill ranks # 13, Bridgehampton # 31, Wainscott # 34, Amagansett # 37 and Quogue # 38.
In the wake of this disturbing news, however, a group of concerned residents of Sagaponack (their group is TCROS, which stands for Concerned Residents of Sagaponack) met several times this week to review the issue, take stock of the situation. and see what can be done about it in the future.
The meetings were held, and rightly so, at the Sagaponack post office, first in the small lobby, then later. as footfall increased, in a larger storage room at the back among the many Amazon boxes. This room was kindly provided by post itself, since the meetings took place after the 5 pm closing.
Forty people attended the last meeting.
“We’ve had a lot of high-priced deals this year,” said Willis, who led the group. “1145 Sagaponack Main Street sold for $ 19.8 million; 454 Daniels Lane for $ 10.75 million and 515 Parsonage Lane for $ 10.65 million. We knew that all of this would dramatically increase our average price, which it did. It has increased by more than 28% compared to the previous year.
“But not enough to beat Atherton,” someone said. “And then Back Bay?” Who knew? Where do they come from?”
“Who do they think they are? Someone else said.
“It’s ridiculous,” someone else said.
“I think,” Mr. Atherton said – yes, his name is Atherton – “we just had too many trades in the under $ 1 million deal range. This lowered the average. “
“We came up with an average selling price of a house at $ 5 million,” Mr. Willis said. Atherton, Calif. Is at $ 7.46 million, Back Bay at $ 5.5 million.
A discussion then took place on the idea of having a minimum of $ 4 million for any real estate transaction in Sagaponack. Some have argued that this would be unconstitutional. The government could not dictate minimums. People have rights.
After that, there was a long pause as everyone gazed at Alron Porter, who owns a tenth acre piece of property on Parsonage Lane that couldn’t be worth more than a million dollars.
“Let’s just hope Alron doesn’t sell next year,” someone said.
“Anyone else have an idea?” Willis asked.
“I was thinking of Ira Rennert’s house,” Ms. Peabody said. “If we could get him to sell it could be a slam dunk. “
A lot of people started to nod their heads in agreement. What a sensational idea.
In 1998, Ira Rennert began building a house that could be the largest private house ever built in the United States. As the project progressed in the years that followed, neighbors argued over it. It was felt that the building inspector who approved it should be fired.
“It is in accordance with the law. It is a private house. Just very big, ”the home inspector said.
On what had been a 63-acre oceanfront potato farm, nearly a dozen buildings totaling over 110,000 square feet were constructed. According to cbsnews.com, there are 29 bedrooms, 39 bathrooms, three swimming pools, and a house of prayer. the New York Post reports that there are two outdoor tennis courts, a large swimming pool, an auditorium with a basketball court, a gym, a spa, a basketball court, two bowling alleys, a wading pool and a garage for 20 cars.
As the project moved towards completion, novelist Kurt Vonnegut, who lived in a small, historic salt box on Main Street, said if the town gave Rennert a certificate of occupancy, he and his family would move out. But when Rennert planted a forest of beautiful bushes and trees everywhere, making the project almost completely invisible from any public road, Vonnegut didn’t budge when the time came.
When completed, the total cost would have exceeded $ 120,000,000. And so the Rennerts settled down. And they’ve been there ever since.
With inflation and rising local property prices, it is estimated that today it would sell for over $ 600,000,000. A sale of this amount would indeed explode the average price of real estate transactions in any other zip code in America.
“But how do we get it to sell?” Someone asked. “I’m sure he really enjoys living here.
“This could indeed be a problem,” Willis said.
“We could organize protests,” someone suggested. “We could carry signs, ‘Sell your house, Ira’. “
“Where can we protest so he can see it?” “
“I don’t know. The beach?”
“If he knew the importance of this…” someone said.
“We could organize the demonstration on Peters Pond Lane, this dirt road still in disputed ownership. He could see us from there.
“Should we go personally?” “
“No. We were hiring people to protest. It’s done all the time.
A discussion followed. A vote has been requested but has been tabled. Maybe there was another idea.
“How about we give Sagaponack a new, more stylish name?” Here is my idea. Replace it with Sagaponack Heights.
Great joy arose. That was the answer! And so they went to see the mayor at Sagaponack town hall down the road to get the ball rolling. And Willis, the last one out, declared the meeting over.
We are awaiting further developments.