The Point would become a haven of escape for whoever eventually buys it. Yes, the property may break some financial records for the priciest property in the area.
However, judging by its many alluring features, it is worth every cent. New York is known for its fast-paced life, but the Point offers a retreat from the humdrum of everyday life.
A Treasure Trove on Long Island
The Point is one of those properties on Long Island that real estate brokers have gloated after. Due to the almost generational transitioning of its ownership, the sale of this exquisite property has been a long time coming.
The Point sits on 3.37 acres of land at the Great South Bay of Long Island. Fire Island looms in the distant backdrop of the sky when a spectator stands on the beach of the Point.
An Obscure Village That Plays Host to Quiet Wealth
On the over three acres of land sits a 5-bedroom residential estate. The name of the town that hosts the 5500-square-foot estate is Bellport, New York.
A pair of baby boomers made the Bellport estate their residence in the past 35 years. However, the family is letting it go, and the asking price is $16.5 million. This is a staggering amount and record-breaking for a property in the area.
The Point, on the Verge of Breaking a Bellport Record
Before now, the highest any property has sold for on Long Island is $7 million. While the Point may end up selling for slightly less than its asking price, it would still hold the record of the most expensive real estate buy.
Carolle Gagliano, 75, is the current owner of the Point and is looking to pass it on to whoever is willing to part with the correct sum. Mrs Gagliano moved into the Point with her now-late husband in 1989.
A Brief History of the Point
The Point is a property with some history as it was passed down from Nancy D.W. Gardiner. Gardiner was the heir to a very profitable hardware business, John Deere Agricultural Equipment. So, she had quite a lot of cash to throw around.
However, for reasons no one can tell, Gardiner decided to put up the Point for sale in 1989.
The Present Owners Are Staunch Locals
The Gaglianos have been lifelong residents of Bellport, even before buying the Point. The husband, Joseph, was once deputy mayor of the village. After Joseph Gagliano’s civil leadership stint, he became a school administrator.
Eventually, Joseph left public service and started a business of his own, a construction company. It was around this time that the couple began hunting for a new home.
A Vacation Destination in New York
Bellport is one of the few villages in New York that still exhumes the aura that suits people who prioritize privacy. Most of the houses and mansions in the village consist of 19th-century and early 20th-century architecture.
However, in recent years, Bellport has become the low-cost equivalent of an expensive getaway. Real estate brokers have compared customer satisfaction. Bellport has a connection with properties in the area that are similar to those in Hampton. One of the few variations is that Bellport properties are much cheaper and/or mostly serene.
Famous People Quietly Living It Out in Bellport
Wealthy people are starting to eye/Bellport as a low-key escape. Over the years, the village has also been home to some famous people. Some of Bellport’s earliest famous settlers are Princess Alexandria of Greece, Calvin Klein designer Francisco Costa, and actress Isabella Rossellini, who happens to be buying up huge tracts of land.
However, the resident who brought the New York village to the public eye is the publishing billionaire, S.I. Newhouse.
The One-Year Real Estate Hike
At the beginning of the year, homes in Bellport sold for an average of $541,500. This figure is up by a third of the average selling price of homes at the same time last year. Redfin, a brokerage firm with concerns in Bellport, made this data available.
Newhouse bought his Great South Bay lot for $6 million. However, so far, the most expensive real estate transaction to have taken place in Bellport is $7 million. So, according to Deborah Pirro, an agent for Daniel Gale Sotheby International Realty, the Point is on the verge of exceeding that record.
Realtors Take on the Point
Pirro, who is familiar with the Point property’s attributes, affirms that the buyer will enjoy every bit of their money, even at the $16.5 million asking price. She cited factors like amenities, location, and privacy as things that make the Point a catch.
Mrs. Gagliano said she opted to list her property for that much because people often spend more than that creating an estate of their taste in the area. She has lived in Bellport for so long that she can estimate the price of a property without bias.
It’s Not That Expensive
Carole Gagliano said of the trend among new buyers in Bellport, “They’re buying properties for $6 million or $7 million and knocking them down,” she said. “Then, they’re putting in another $10 million.”
The Gaglianos have a history in Bellport. After Joseph started his construction company, the couple decided to move from their then residence and get a beach house.
On a Hunt for a New Residence
Unfortunately for the Gaglianos, most of the available beach-front properties were old houses that would require major and expensive upgrades.
However, after prospecting for a little longer, Joseph Gagliano found an alluring property. It was not perfect, but the family fell in love almost immediately. The Gaglianos changed the little quirks and made active upgrades throughout their years of occupying the Point.
The Point, Simple and Exquisite
Unlike the first set of houses the Gaglianos encountered when they were initially searching for a new property, the Point was perfect for the family. It was a simple and winding bungalow.
Before the Gaglianos moved in, the Point had the configuration of a ranch. It had shrubs growing around and a lone road that led up to the property. So, when any vehicle drove down that road, it either had some business at the Point or was lost.
How to Make Life-long Memories
Besides the private road, the Point has a private beach, a waterfront bay view, and a deep dock. Carole admits that one of her most memorable times at the Point was raising their two daughters at the Great South Bay.
She reminisced about weekends when the girls would jet ski around the bay, and sometimes, the entire family would jet ski to Fire Island for breakfast. Their neighbor, Newhouse, was also acclaimed for using the deep dock often.
Building to Taste and Letting Go
Since Joseph was into construction, the Gaglianos made major upgrades to the Point after moving in. For example, they installed a central air conditioning system and a tennis court.
Unfortunately, Joseph passed away in 2021, and the swimming pool, spa, and entire bungalow became too much for Carole and her dog. So, she decided to move to a nearby community and put the estate up for sale.