Hamptons hot spots
As available land has become scarce, it has increased in value especially in prime areas south of highway near the ocean and waterfront.
Wainscott, Sagaponack, Bridgehampton and Water Mill still have a few large parcels available and all have the rural feel that, along with the beach, first attracted the high-end clientele to the Hamptons years ago, offering plenty of open space, farmland, vineyards, orchards and reserves.
Read MoreA Wall Street guy's guide to the Hamptons
The villages of Sag Harbor and North Haven — artsy, low-key, and historically under the radar — are now hot. Buyers are coveting their boatable waterfront as similar inventory shrinks throughout the Hamptons, and properties there are commanding prices 30-percent higher than in the first quarter of 2013.
What buyers covet
After a five-year standstill, the Hamptons' building renaissance has revealed a marked shift in aesthetic as the elaborate, traditional design elements long favored here are giving way to a cleaner, lighter look. Buyers are drawn to interiors with an open flow, abundant natural light, and flexible floor plans.
Bigger is better — clients are coveting expansive master suites with his and her baths, dressing rooms, private porches, and sitting rooms. Walkout lower levels boast ceilings as high as 12 feet, plenty of light, and everything from state-of-the-art gyms and theaters to bars, wine cellars and service kitchens.
Today's Hamptons buyer also seeks integrated indoor/outdoor living. Sliding glass walls that seamlessly connect indoors and out, outdoor kitchens and fireplaces, pergolas, and pool houses equipped for entertaining are all sought-after features.
Who's ready for summer in the Hamptons?
Commentary by Jeffrey Collé, president of JC Construction Management Co. and SusanBreitenbach, senior vice president of the Corcoran Group.