01/14/2013 06:22 pm ET Updated Mar 16, 2013

Not So Chic Condo Project in Sag Harbor

Condos don't work in sag harbor. That's why I was very surprised to see one going up on a recent visit. There have been two other developers that have tried, one of which is directly on the water in Sag and has now been a rental for several years. There is carpeting throughout, the finishes mediocre at best.

Hamptons people want to feel like they are in the Hamptons. They want to be able to go outside, have a backyard, have nice finishes, especially if the developer is going to be charging a premium. This is not the Jersey Shore, where that sort of thing works in that market place.

The second project is near the water and it has been sitting completely empty for the past two to three years. When this hit the market, everyone thought it was going to be the hottest ticket in town. The design was terrible, the finishes were just ok, the lobby was cold. Again, nothing sold.

So here we go again. It's the old Bulova watchcase factory, which has been decaying since 1975. Finally someone had the stamina to stay the course and bring it to life. It is a fabulous location, from which you can walk right into town. It will have one, two and three bedrooms and a couple of townhouses with five bedrooms. Prices are going to range from $710,000 to over $10,000,000. The rendering looks nice. Maybe if boats slips came with these units they would be more of a unique product. But to be an apartment building in prime sag harbor sounds good in theory, but I haven't seen it work yet. I would love your comments.