The North Fork real estate market has reached a historic milestone with the sale of Old Field Vineyard for $12.35 million, setting a new record for the highest single-lot transaction in Southold Town history. The 21.41-acre waterfront estate spent just 48 days on the market before going into contract. This landmark transaction represents the third time in a 12-month period that a single-lot luxury property has shattered local records on the North Fork, following a $11.2 million Cutchogue mansion sale and a previous $8 million closing in the same hamlet.

All three historic transactions were managed by Compass real estate agent Bridget Elkin, who offered a surprising look into the demographics driving the high-end North Fork market. While the public often assumes these record-breaking figures are driven by buyers relocating from the Hamptons or Manhattan, Elkin revealed that all three buyers are individuals deeply rooted in the local community. It is the people who live and breathe the North Fork who ultimately place the highest value on its unique landscape.

The future preservation of the historic acreage is heavily secured by Southold’s strict R-80 zoning laws and an Agricultural District exception. These regulations significantly restrict future development on the parcel, ensuring that no more than two additional residential structures can be built, with each requiring a minimum of two acres. Almost every perspective buyer who toured the land expressed a strong desire to maintain its historic integrity, with the ultimate buyer immediately requesting the contact information for the caretakers managing the grapes and trees.

Old Field holds a storied position in Southold history, appearing in town records under that exact moniker as far back as 1665. The family of Rosamond Phelps Baiz has owned the land since 1919. In 1996, Rosamond and her late husband, Christian Baiz, took a gamble on Long Island’s emerging wine industry, shifting away from traditional crops like potatoes to plant 10 acres of Cabernet Franc, Merlot, and Pinot Noir. Over the next three decades, the property evolved into a beloved community hub, even serving as the primary filming location for the 2010 Hollywood movie The Romantics.

The expansive property features a private beach with nearly 500 feet of shoreline along Peconic Bay, open fields, a pond, historic barns, and two residences. The structures themselves carry significant local history, having once comprised the Kreutzers’ Park Hotel, which operated from the mid-1800s until 1915. While the vineyard officially closed its doors to the public, this monumental transaction ensures that the agricultural magic and time-capsule character of the estate will remain intact as it transitions to its next chapter.

🔗 https://northforksun.com/old-field-vineyard-sells-for-12-35m-setting-southold-single-lot-record/

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