A classic-contemporary Norman Jaffe-designed home on one of East Hampton Village’s most desirable streets is up for auction.
The contemporary property at 100 Further Lane, listed for $27.5 million, is among more than 20 properties set for sale through Sotheby’s Concierge Auctions next month.
“Our process is designed to identify unique assets that are difficult to value and therefore lend themselves to auction,” said Paulina Kimbel, vice president of business development at Sotheby’s Concierge Auctions.
An architect known for his contemporary, sculptural homes, Jaffe designed more than 600 projects over his 35-year career, 50 of which took place in the Hamptons, where he became known for his groundbreaking designs. He died in 1993.
If something is difficult to value, Kimbel says an auction is a good alternative. “That’s especially true for this listing,” she says. “It’s not your property from the cookie cutter.”
Iconic Norman Jaffe House
Built in 1980, the 6,000-square-foot home is filled with many Jaffe signatures, including the warm, natural wood, high ceilings, and many windows that let in the sunlight. The open concept living room with a natural stone fireplace flows into the dining rooms overlooking the lawns and entertaining areas and opens into a chef’s kitchen with breakfast nook.
The home has been updated over the years with interior design work done by an Arti Institute of Chicago graduate who has worked with several Bauhaus expats.
There are four bedrooms, each in a separate wing with its own bathroom and walk-in closet.
The 3 acre site opposite the old Bouvier House, owned by Jacqueline Bouvier Kennedy’s family, includes a pool and tennis court.
Although the property is listed at $27.5 million, one can only guess what it will actually fetch on December 14th. “The listing price is really there to provide a guide for them – the auction is a no reserve auction. The property is sold at auction to the highest bidder,” explains Kimbel.
“It’s really anyone’s guess,” she adds. “I’ve been with the company for quite some time – up to nine years – and the most important thing I’ve learned is that the property has to stand on its own.”
The value depends on the end user – whether it’s someone who wants to embrace the Jaffe house or not.
The site will be a major draw for buyers as it offers three acres. “The question mark is ultimately what the buyer wants to do with it,” she says. Do you want to modernize the house or start from scratch?
This is Sotheby’s Concierge Auctions advantage as it focuses exclusively on luxury property auctions to offer an alternative solution for properties that are harder to market.
“It’s the intangible that we support in valuing,” adding, “We provide a means of finding out what it’s worth.”
Kimbel likens it to an art auction. A Picasso, for example, is valuable, but nobody knows the current market price.
The company was privately held for the first 14 years of business until last year Sotheby’s Auction House and Anywhere Holdings, which owns Sotheby’s International Realty and the Corcoran Group, came together and formed a joint venture to hold a majority stake in the company. The company works with all agencies.
The company has sold properties for between $2 million and $140 million, with the latter setting a record for auction when it sold its 30-car garage in 2022.
In most cases, sellers have already tested the traditional market. However, the East Hampton property was unlisted when it was placed on the auction block. Records show that the home was owned by Joel M. Stern, an authority on finance, chairman and chief executive officer of Stern Value Management, and a creator and developer of economic value. He died in 2019.
“It was on the market for a short period of two years. When the sellers came to us, they were really motivated and market oriented at that point. Then they chose their listing agent,” explains Kimbel.
Rebekah Baker of Sotheby’s International Realty’s East Hampton Brokerage is the listing agent.
“We always work with the agent community and in our 15 years in business we’ve never bypassed the agent,” says Kimbel.
There’s a 2% co-broker commission for anyone who brings the buyer, Kimbel adds.
Bidding will take place between December 6th and 14th and will start online via the company’s digital marketplace, casothebys.com, which allows pre-qualified buyers to bid from anywhere in the world.
The auction will conclude live on the Sotheby’s Auction House stage, only the second time that Sotheby’s Concierge Auctions has held a live auction at Sotheby’s Auction House (the first was in September). The upcoming sale includes more than 20 with a wide geographic reach from Europe to California, South Carolina to Indonesia.
“We’re going to have a live auctioneer at Sotheby’s Call the Auction, like you would imagine any other live auction, and bidders can either bid in person,” she says, adding that most still choose to do so, over the phone or to be online.
The online auction allows for a transparent competitive environment in which bidders can bid against each other without knowing who they are bidding against.
“People really love their anonymity these days and really love to bid from anywhere,” says Kimbel.
Bidders must register on the site and provide proof of cash funds, which will determine their winning bid. A deposit of $100,000 is also required – it will be fully refunded to anyone who doesn’t win. These measures ensure that only serious interested parties take part in the auction. Registration closes on December 5th.
Kimbel says there’s a special starting bid incentive. Anyone who places a written and binding starting bid will receive a 6% credit on that starting bid amount to reduce the final commission amount if they win.
At an auction, the buyer’s commission is always 12% of the property sold. “The higher the starting bid, the more they save,” says Kimbel.
The seller is responsible for paying brokerage commissions.
While these auctions work in the same framework as a traditional sale, there are some differences. The “diligence phase” takes place before the auction, not after. Shoppers have the next six weeks to do their homework and come up with a number that makes sense to them, Kimbel says.
Property details, a small report, a survey and a home tour are available. Interested parties can order their own house inspections at their own expense.
Over the next six weeks, Kimbel said the firm will gain a better understanding of what the property is expected to bring.
There is now an open invitation to view the property between 1 p.m. and 4 p.m. so that interested parties can form their own opinion, says Kimbel. A project manager is on site every day.
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