- Mountain Top Properties is seeking to capitalize on the Hamptons real estate market through its maiden investment fund, Mountain Top Capital Fund I LLC
- In conjunction with renowned contractor, On Site Builder Construction, the fund will seek to acquire, build, renovate, and resell homes in the exclusive Long Island enclave
- Mountain Top Capital Fund have announced plans to raise up to $75 million to fund its commercial endeavours, with a significant amount of debt capital already secured to fund operations
- Brokers say that despite several slowing factors, the luxury market are still bidding and buying the Long Island beach homes
Memorial Day weekend marks the traditional opening of the Hamptons summer season, with thousands of visitors making the journey to one of the world’s most famous summertime destinations in an array of vehicles, boats and jets. Those arriving at the wealthy cluster of seaside enclaves on the eastern tip of Long Island are likely to encounter some of the grandest and most luxurious homes on the eastern seaboard, properties that have historically been the playground of America’s elite – and commanded prices commensurate to their relative grandeur.
Mountain Top Properties (OTC: MTPP), a diversified real estate holding company focused around acquiring, marketing and operating assets through its wholly owned affiliates has now sought to revolutionize hitherto exclusive Hamptons real estate market, through subsidiary, Mountain Top Realty Inc. The managing partner of Mountain Top Properties’ maiden real estate fund focused on residential redevelopment within the Hamptons’ exclusive beachfront communities, Mountain Top Realty Inc. has partnered with On Site Builder Construction Co. Inc., as their design partner in their ambitious endeavour (https://ibn.fm/MTPP).
Helmed by Joseph Kelley, On Site Builder Construction have gained a well-earnt reputation for building some of the Hamptons’ highest quality homes over the past four decades spanning a broad plethora of architectural styles – ranging from classic homes through to ultra-modern, glass-encased seaside mansions. Having built over 60 homes in the seaside retreat, Kelley and On-Site Builder Construction have the distinction of being the original builder for the Hampton’s most expensive properties in both, 2019 and 2022 – the latter at a remarkable $118,500,000 price point. Now and going forward, Mountain Top and On Site Builder Construction’s partnership will seek to leverage upon Joseph Kelley and team’s reputation and technical know-how within the Hamptons real estate market to make the shift from one-off, customized homes through to the provision of finished, turnkey properties to prospective buyers.
Through its Mountain Top Capital Fund I, Mountain Top Realty has sought to raise $75 million to acquire, renovate and remarket homes in the Hamptons; thus far, the fund has already received debt capital commitments amounting to 70 percent of their anticipated real estate acquisition costs, as well as a further 100 percent of the planned construction costs – and will look to deploy $10 million in the future to leverage strategic waterfront opportunities within the exclusive enclave.
As coveted as the Hamptons real estate may seem, the island’s housing prices hit an all-time high due to the stinginess of the market. The average price of a home in the Hamptons hit a record $3 million in the first quarter, due to the lack of homes available for sale, eventually leading to a drop in total deals, with sales volume down 57% in the first quarter (https://ibn.fm/UyIqg). Though not all is totally doubtful, as the high ends of the Hamptons market seem virtually “unfazed”. This luxury market – consisting of the top 10% of sales – broke multiple records during the first quarter, with the average luxury price surging 33% to $16.1 million, according to Jonathan Miller, CEO of Miller Samuel.
Brokers also added that many of the of the current listings are not priced right. With there being more interest from buyers than there are homes available in the Long Island community, Mountain Top Properties aims to turn this shortage around as sales are hoped to pick back up as more homes become available.
For more information, visit the company’s website at www.Mountain-Top-Properties.com.
NOTE TO INVESTORS: The latest news and updates relating to MTPP are available in the company’s newsroom at https://ibn.fm/MTPP
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