T
he Hamptons' Further Lane is home to some of the largest and most expensive mansions in the region. However, a recent code change by the East Hampton Town Board has put a cap on new construction, limiting homes to 10,000 square feet or 7% of lot area plus 1,500 square feet.

    This move has sparked controversy, with some arguing it unfairly rewards those who built large homes on small lots while penalizing those who protected nature. Martha Gundersen of Douglas Elliman notes that the change has created a new market for "pre-existing, nonconforming attributes" - essentially, homes with unique features that can't be replicated.

    As a result, these types of properties are now in high demand. For example, an eight-bedroom home at 39 Timber Trail in Amagansett, which sold last October for $11 million, is back on the market asking $11.75 million due to its pre-existing attributes and proximity to nature.

    Michael Cantwell of Bespoke Real Estate points out that this phenomenon isn't new - as zoning regulations increase, nonconforming attributes become more valuable. He cites a recent sale of a teardown property with a beach shack that sold for $24.5 million.

    Other examples include a 5,500-square-foot home on Georgica Pond asking $32.5 million and the top-listed property, Dune Cottage at 43 East Dune Lane, which boasts 13,176 square feet of oceanfront space, 10 bedrooms, and 12 full bathrooms, all for a staggering $84.9 million.