Montauk Property on East Lake Drive.

NYO spotlights the Hamptons, where real estate sometimes follows Manhattan trends, but has its own particular flavor as you move through the towns of the South Fork. 

You might think that, less than a year after a cataclysmic coastal weather event like Superstorm Sandy, home buyers would be a little gun shy about purchasing properties near the ocean. But you would be—in the case of the Hamptons, according to the experts we consulted—wrong. The fact is that the Hamptons, unlike some communities in Long Island closer to Manhattan, largely escaped the wrath of Sandy, although some low-lying properties, like Jane Lauder’s cottage by the sea, were flattened. But by and large, the East End was spared and is drawing buyers who might have considered beach communities elsewhere. “Superstorm Sandy is attracting new people to the Hamptons,” says Ernie Cervi, Corcoran’s Executive Managing Director in Bridgehampton. “Where beach communities were devastated by the storm, those in search of a world-class beach resort are test-driving the Hamptons.”

Last year, brokers say, the market did not start really hopping until the end of the year, which brought tax breaks for those who closed before the start of 2013. Different story this year, says Marcia Altman, senior director for Brown Harris Stevens of the Hamptons. “The market has taken off with great enthusiasm,” she says. “Some price ranges are selling like hot cakes.”

And with some first-quarter results already trickling in, both trade volume and pricing are on the rise. “I thought the transactional volume of the fourth quarter 2012 might cannibalize the first quarter of 2013,” says Andrew Saunders, head of Saunders & Associates, which has offices in Bridgehampton and Southampton. “But our bookings are very strong. There’s renewed enthusiasm for the Hamptons.” Among those who are enthused, Mr. Saunders adds happily, are the investor class. “For prime investable properties south of the highway, there are many more buyers than sellers.”

The clubhouse at Bishop's Pond, site of a new development.

One seaside and wind-swept area that is attracting a lot of attention these days is Montauk. The once-sleepy fishing village at the farthest reaches of the South Fork has become a magnet for the glamorous and even those in search of nightlife. “Over the past few years, many restaurants, hotels and club-like venues have been established in Montauk,” Mr. Cervi says. “You can still go there for its great surfing, beaches and small-town atmosphere. But now you can also go to a chic place for lunch and hang by the pool.” Everyone from singer-songwriter Rufus Wainwright to candypreneur Dylan Lauren has heeded the siren song of the new—but still charming—Montauk.

Oceanfront is great, but being near any kind of water is always a draw. And as Mr. Cervi points out, the Hamptons are chock-full of beautiful bays and ponds—something that many homebuyers love. For those who must have ocean, but don’t want to travel as far out as Montauk, there are plenty of other pleasant options as well. “There are great oceanfront deals in Westhampton and in Quogue,” points out Douglas Elliman president and CEO Dottie Herman, a longtime Hamptons expert and great aficionado. “The beaches are beautiful there. Further east, if you search north of the highway, there are some really spectacular homes with unbelievable views, and for less than what you would pay for the same amount of space south of the highway. Each town has its own character—there is something for everyone.”

Ms. Altman sees the trend moving westward as well. “The western Hamptons, Westhampton Beach and Quogue area are particularly hot,” she says. “The traffic that clogs the roads east of the Shinnecock Canal and the difficulty getting into restaurants, etc. ... further east, has brought the buyers to this area in droves.”

Everyone is noticing the uptick in activity. Ms. Herman says renters commenced their searches for Hamptons summer getaways earlier in the season this year compared to last, and everyone seems to agree that well-priced properties for sale are moving briskly.  “Anything priced right is hot,” Ms. Herman says, “because people want to know they are making a smart investment. The Hamptons is one of the most beautiful places on Earth, no matter where you are.”

Somewhere to dine al fresco in the Hamptons.

Who is buying these homes? Mostly New Yorkers, and those from the tristate area, with a smattering of foreigners and the usual contingent of people from the entertainment industry. Most deals are not the high-profile ones that make the news, like hedge fund titan Steve Cohen’s $60 million purchase in East Hampton on Further Lane and the Atlantic Ocean. In fact, as Mr. Saunders is at some pains to point out, the “critical mass of transactions is $2 million and under. The Hamptons has an elitist reputation. But the lifestyle is affordable to more people.”

Concurring that the super-rich and famous alone do not make a market, Ms. Herman says, “The second-home market is a huge trend right now among two sets of people: Baby boomers who want to buy a place big enough to have their children and grandchildren come visit, and the younger set who want to feel like they can get away without the hassle of taking a plane. They can drive a couple of hours and still feel like they are on vacation. With interest rates near record lows, I anticipate this second-home trend will be around for a while.”

Buyers are looking for value and solid investments, says Ms. Herman, plus “big spaces to entertain with great kitchens, luxurious finishes, big closets and great views!”

The buyers Ms. Altman is seeing are asking for and paying higher prices for updated homes with new kitchens, baths and updated mechanical systems. “There is also a very noticeable trend towards modern,” she notes. “It’s showing up in new construction and in the ’70s and ’80s contemporaries that lend themselves to modern renovations.”

Mr. Cervi says the confidence in the Hamptons market is evident in broad daylight with new construction dotting the landscape. “Investors and end users are buying raw land and building substantial homes,” he says. And in yet another development, Mr. Cervi’s firm, Corcoran, is involved in the creation of two new condominium buildings as well. One is the conversion of the Bulova Watchcase Factory in downtown Sag Harbor, called, appropriately, Watchcase. The other is Bishop’s Pond, a parcel that will feature large units in Southampton.

jallon@observer.com

"Captain Pete Dawkins Keeps on Winning"—a headline that preceded his 1988 Senate defeat at the hands of Frank Lautenberg

Heisman trophy winner, Rhodes scholar, youngest ever brigadier general in the United States Army, Republican candidate for the U.S. Senate—not traits that one typically associates with Greenwich Village. But that didn't stop Pete Dawkins and wife Judi from picking up a one-bedroom loft at 74 Fifth Avenue.

The fifth floor co-op in the 12-story, 1910 building—just a block from Union Square Park, a place with nary a hippie in a sight these days—was listed by Michael Johnson and Hayim Nommaz at Corcoran, and eventually sold for $1.57 million, a bit under the $1.59 million ask. Sellers Greg and Vivian Cioffi have owned the unit since at least 1997, according to city records.

While The Observer was not able to ascertain how much they paid for it, the couple was obviously eager to get their money's worth, because they tried listing it in 2010 for nearly $1.6 million, but to no avail. The Cioffis eventually decided to rent it out for $7,200 per month, before finally settling on a lower price.

At 1,700 square feet, the home is reasonably spacious, but the layout yields only a single bedroom which lacks a private bathroom, plus two windowless interior home offices—one of which clocks in at 185 square feet, plus an en-suite bathroom. Perhaps these deficiencies perhaps account for the co-op's below-average $926/square foot price? (The hefty $2,288-a-month maintenance charge probably doesn't help.)

Despite the awkward layout, the unit is chock-full of amenities not usually found in a one-bedroom loft apartment, form an in-unit washer/dryer and to a roof deck complete with wooden water tower (quaint! although it's no hot tub).

The Dawkinses bought the unit amidst a larger downsizing—they sold their 18-room, 18,000-square foot estate in Rumson, N.J., in 2011, for $12 million, less than half the $29.9 million they originally wanted for the waterfront spread. The couple was at one point involved in a legal battle with their next-door neighbors, Michael and Diane Gooch, over a caretaker's house that they wanted to build in lieu of an existing poolhouse. Thank goodness the Greenwich Village Society for Historical Preservation won't have to worry about such problems, as 74 Fifth Avenue has limited potential for a  2,700-square-foot addition.

And specialize he does: Mr. Wexler made a nice chunk of change on the Carnegie Hill five-bedroom, flipping it for more than twice the $4 million he paid in 2007. Yet being a specialist can come with its risks, too: Mr. Wexler had the audacity to list the home only a year after he purchased it for $12.5 million.

It looks like he had to wait for another gaga market to come along in order to sell it.

After a three-year hiatus, Mr. Wexler brought the property back on the market in 2011, having waited out the recession and realizing his hopes of tripling his money were in vain, asking $9.7 million. After a number of price cuts, it was whittled down to to $8.7 million.

The house does have some awesome features, like what the listing claims is the only detached garage in Manhattan "an added convenience that can only be described as priceless." Well, maybe not priceless.

Mr. Wexler and wife Julia, who list their address as Irvington, N.Y., on the deed (we hope they at least enjoyed the house a little while they were paying all the taxes on it!), sold the home to CMI Residence LLC.

If the new buyers don't try to double their money with a fast flip like the deliriously-confident owners of 122 East 72nd Street, they'll enjoy a beautifully-restored space with Tiffany stained glass lamps and eight wood-burning fireplaces. The historic house was built in 1885 by Jacob Ruppert, as a wedding gift for his daughter. So much nicer than a silver tea set.

kvelsey@observer.com

Jonathan Galassi, publisher and president of Farrar, Straus and Giroux is leaving behind the bookish borough of Brooklyn for this sunny, Greenwich Village co-op.

The publisher and poet sold his breathtakingly beautiful Carroll Gardens townhouse for $2.3 million in February after divorcing from his wife Susan Grace Galassi, a curator at the Frick, at the end of 2011.

Mr. Galassi paid $1.7 million for the two-bedroom bachelor pad, according to city records, listed for $1.75 with Corcoran broker Paula Manikowski.

The apartment, while decorated in a manner befitting its former occupant, Annabel Teal, the young Johnson & Johnson heiress (lavender walls, a custom-made vanity and what appear to customized closets perfect for storing party frocks), is a bright, airy space.

The apartment boasts inlaid herringbone floors, original moldings, a fireplace and a marble-floored bathroom, according to the listing. There's  also an impressive kitchen with lots of high-end appliances and fixtures and a wine cooler (an essential for those hosting literary gatherings).

Not one to wallow in heartbreak, Mr. Galassi has plenty of projects to keep him busy these days. Besides running a huge publishing house, he's also trustee of Phillips Exeter Academy and a translator of Italian poetry. He just recently published a book of his own poetry.

As for Annabel Teal, the deed shows that she's moved on to a palatial, family-owned 48th-floor condo in the Trump Tower. No longer on the market, the tiger-carpeted apartment was most recently listed at $24 million.

And if she tires of the Trump Tower, there's always her mom, Libet Johnson's place—in one of the Vanderbilt mansions.

kvelsey@observer.com

Park views from the terrace

The 19th floor co-op apartment at 875 Fifth Avenue boasts stunning views of Central Park from the both its spacious terrace and the Fifth Avenue facing windows that run the entire length of the 1941 Emery Roth building.

The views should suit the new owner Lois R. Zaro, who purchased the apartment for $9.5 million, according to city records, and her husband Andrew, the president and CEO of Calvary Investments. The philanthropic couple is well-known for loving both nature and natural resources.

The Zaros made headlines last summer when it was revealed that Mr. Zaro, a co-chair the Hamptons Splash party for sea-saving charity Oceana, also happened to be the second-largest residential consumer of water in the Hamptons. (His house chugged 13.5 million gallons. The average American consumes about 300,000 gallons per year)

With four bedrooms to its two baths, this new apartment, listed with Corcoran broker Abby Levine for $9.8 million, should provide ample opportunities for long showers and luxuriating in the bath. (Double sinks in the master suite and a wet bar are also a nice touch.)

The seller, Henry Kaufman, the noted economist, financial consultant and president of Henry Kaufman & Co., may also be able to offer the couple some tips on asset management. In any event, a terrace rather than a sprawling lawn should be a step in the right direction for the Zaros.

kvelsey@observer.com

Owen Laster

Named by The New York Times as "one of the most powerful literary agents of his generation," Owen Laster was an old-guard bookworm who spent his entire career at William Morris. Having worked with such literary luminaries as James A. Michener and Gore Vidal, Laster was a fixture in the book world for decades until he retired in 2006. Not surprisingly, the New Jersey native lived in a book-crammed co-op on Sutton Place, which his estate just sold.

The tome-heavy home at 425 East 58th Street spans 1,800 square feet and was recently renovated, according to a listing from Corcoran agent Rose Marie Laster (no apparent relation). Ms. Laster gushes about the two-bedroom space in the listing, which offers "stunning south vistas of the East River and the panoply of New York skyscrapers."

As the head of William Morris' global literary division, Laster was doubtless flooded with galleys and advance copies of books from aspiring best-sellers. To accommodate, he had bookshelves installed along the walls of the living room and the master bedroom. As the agent responsible for Margaret Mitchell's estate, we wouldn't be surprised if an early edition of Gone With The Wind was hidden among the myriad titles. He also represented Judy Bloom, so perhaps a copy of Are You There God? It's Me Margaret graces the shelve as well.

The home was originally put on the market last May with an asking price of $2.875 million. The buyers, Jay Finkel and David Panicek (both doctors) ultimately paid just $1.8 million for the two-bedroom, 2.5-bath pad. It looks like the late literary agent's real estate agent was not quite as good at selling homes as he was books.

eknutsen@observer.com

Josephine de la Baume at her wedding (photo from Harper's Bazar)

The penthouse at 131 West 11th Street has long attracted cosmopolitan and artistic types. Owned by Vogue editor Grace Coddington for over two decades, the residence has most recently been occupied by DJ Mark Ronson's new wife Josephine de la Baume, a French actress/model/belle jeune. Jet-setting debutantes and voguettes probably won't be frequenting the place any longer, however, as it has been sold... to a young couple in finance—the vanilla of New York real estate.

Ms. de la Baume bought the place from Ms. Coddington in 2009, city records show, around the time she met Mr. Ronson. The couple dated for two years before sealing the deal this summer in a star-studded, hipster-chic French ceremony.

Ms. de la Baume had a pretty sweet set up in her Greenwich Village pied a terre (she lives full time in London, according to The Real Deal). The 1,225-square-foot duplex includes two wood-burning fireplaces, a foliage-heavy outdoor deck, and a 250-square foot master suite, according to floor plans and a listing from Corcoran agents Charles Zullo and Nick Gavin. The dining room/living room/kitchen space is "a perfect entertaining combination," the listing states.

Judging by the photos, it seems Ms. de la Baume had vacated the residence before putting it on the market. Perhaps she was shacking up with Mr. Ronson at his New York pad which, incidentally, is also on the market. Maybe a more substantial New York abode is in the couple's future?

Ms. de la Baume paid $1.45 million for the place in 2009, city records show. She initially asked $1.7 million for the property when she put it on the market back in March, and the duplex ultimately sold for $1.51 million.

The buyers are Christina Lyndon Winstead and Trevor Winstead,  ex-Ivy-league newlyweds currently working on Wall Street.

eknutsen@observer.com

51 Midwood Street (Photo from StreetEasy)

Prospect-Lefferts Gardens is pretty much the final frontier of Brooklyn gentrification. It has gorgeous turn-of-the century homes, but it’s always been on the wrong side of the park. The neighborhood experienced a boom in the pre-Lehman flush days, but property prices have dropped in recent years. It looks like things are on the up and up for PLG, however, as a recent sale came though last week for $1.57 million—the second largest sale the historic neighborhood has seen, and the biggest in almost five years. The deal, which was first reported by Brownstoner,  charts the neighborhoods meteoric rise.

The sellers, journalists Renee Michael-Prewitt and Milford Prewitt, were sad to leave their home at 51 Midwood Street, but after 13 years, it was time. “We wanted to downsize,” Ms. Michael-Prewitt told The Observer yesterday. “We always knew that we would buy a smaller house at some point. This is a four-story limestone and its just the two of us.” The couple had been living in the 4,000-square-foot home since 1998 when, city records show they paid just $309,000 for it.

Prospect-Lefferts Gardens has all the trappings of The Next Park Slope. When the former farm was sold in the early 1890s, the proprietor enacted land-use restrictions, requiring nearly all residences to be single-family dwellings. The close-knit community is attracting young couples, like buyers Vanessa Woog and Thomas Scott hoping to own their own homes. Ms. Woog, who works with the Department of Health, and Mr. Scott, an executive director at  Morgan Stanley, come to PLG from Soho by way of Park Slope, a source told The Observer, so it must be the new place to be.

The couple have a full six bedrooms in their new house, with skylights, an oak staircase, restored 19th Century detailing throughout, and an expansive triple parlor overlooking the backyard, which Ms. Michael-Prewitt said she will miss dearly. Ms. Woog and Mr. Scott will enjoy luxuries little seen in Manhattan. And they're getting it at a slight discount from the $1.6 million asking price.

“There were several houses on that block and this one just really went,” Corcoran broker Susan Slater, who had the listing, told The Observer. “It wasn’t on the market very long. I think about forty-five days.”

eknutsen@observer.com

Stone and Debra Phillips (Photo from Patrick McMullan)

Stone Phillips has given up his golden key. The former NBC correspondent and his wife, Debra, have sold their home at 45 Gramercy Park North, officially relinquishing his key to the private and hyper-exclusive Gramercy Park.

Mr. Phillips purchased the home just last year, which had come on the market for the first time since the 1960s. He spent $4.9 million on the place back then, but made a comfortable profit selling it for $5.7 million two weeks ago.

In his listing, Corcoran broker Steven Cohen notes the 2-bedroom, 2.5-bath home's "Palatial outdoor space," the exact measurements of which The Observer was unable to discern from the hand-drawn floor plan that looks more like an impressionistic sketch than a legitimate layout. The terrace wraps around the entire penthouse, however, with access from the master bedroom, the living room and the second bedroom, so however big it is, it must be nice—with all that outdoor space, who needs Gramercy Park.

Mr. Cohen's listing describes the apartment as a "highly coveted trophy property," and with a personal washer and dryer, sprawling views of the city and a wood burning fireplace, we are inclined to agree.

The home was purchased by Michael Goodwin, a financier who currently lives in Bedford Corners, NY. Mr. Goodwin is a managing partner at Bluefin Companies, a financial services group he founded in 2001.

Correction: In a previous version of this post, Mr. Phillip's name was misspelled with only one "l." The Observer regrets the error.

eknutsen@observer.com

The couple occupied a duplex the genteel Lennox Hill building. The 11-room spread came on the market in February for $10.2 million, but that  was a tad too much space for the buyers, couple-on-the-town Andrew Frankel and Kim Saperstein. According to city records, they purchased the top half of the duplex exactly half the asking price $5.1 million.

Just yesterday, The Times was crowing that combo units were the way to go, but not, apparently, for Mr. Fankel, who works in finance, and Ms. Saperstein. Once they clear out every ledge, mantle, shelf and tabletop of its objects d'art, The Observer reckons there will be plenty of room in the home.

The duplex was listed by Corcoran agents Sharon Baum and Heather Sargent, neither of whom could immediately be reached for comment.

According to a floorplan from their listing, the top floor has a massive 500-square-foot bedroom plus another measuring  but 150 square feet. That would be perfect since Ms. Saperstein is about to become Ms. Saperstein Frankel—the two are engaged to be married, according to Mr. Frankel's office. We see a nursery in the apartment's future.

The home also boasts a wet bar off the dining room, three bathrooms, and a working fireplace in the living room, pretty much what you would expect for the Upper East Side. It is an area the Frankel Sapersteins know well, he living at nearby 200 East 72nd Street and she the even nearer 30 East 71st Street.

Correction: Due to an editing error, an earlier version of this post misstated the price as $5.6 million. The Observer regrets the mistake.