Entrepreneurs

Hamptons' Bespoke: Selling 8-figure properties to the wealthy

The Hamptons is a playground for the wealthy. In the pricey Long Island enclave, where the average home price is above $1 million, two millennial brothers have managed to make a name for themselves — racking up more than $500 million worth of property sales in less than two years.

Since launching Bespoke Real Estate in 2014, Zachary and Cody Vichinsky have become major players in the luxury real estate market, honing in on properties valued at $10 million or more.

Before going off on their own, the brothers — who hail from a family of developers and were exposed to the industry at a very young age — worked in the Hamptons at the Corcoran Group's Bridgehampton real estate firm. They were the top-producing agents when they saw a need for a more tailored, sophisticated approach to buying and selling high-end real estate.

Zachary and Cody Vichinsky, Bespoke Real Estate
Source: Bespoke
Zachary and Cody Vichinsky, Bespoke Real Estate

When the duo started their own agency, selling property to the same kind of clientele, they added a concierge feel, with perks such as personalized iPads loaded with information about prospective homes and chartered helicopter services from Manhattan to the Hamptons.

Fast forward nearly two years, and Bespoke is at the heart of at least 40 percent of the waterfront property sales above $10 million from Southampton to East Hampton, according to The Real Estate Report.

"Bespoke really was a consequence of us saying, 'How can we really take this system and perfect it?'" said Zachary, 31. "The same type of service you get with a $200,000 house is what's being given — or what was being given — with a $200 million or a $10 million property."

He said his firm aimed to "make it much better, make it much more organized, and much more conducive with the level of expectations that a buyer or seller has if they're purchasing a very expensive asset."

Some of those assets are more expensive than others. Bespoke's listings include a $72 million waterfront mansion with 11 bedrooms and a heated pool, and an 8-acre, $29 million oceanfront estate with 10 bedrooms. Prices in the Hamptons have remained steady in the face of headwinds from the global economy, which have hit other rich markets like Miami.

However, Bespoke insists not all luxury markets are the same, and the Hamptons is a world all its own.

A large percentage of the clientele, when looking into buying property in the Hamptons, aren't looking for their primary homes. The typical client may already own property in New York City for work and looks to the Hamptons for a summer home or weekend getaway.

The Hamptons is a "land-driven market where the dirt and the soil is the most valuable thing," 29-year-old Cody told CNBC from Bespoke's glass-encased offices in Water Mill, New York. There are many cases in the Hamptons where old houses are bought, knocked down for new large luxury homes worth tens of millions.

"It's not like Manhattan where you can always build up, and you can have $10-million-and-up condos or apartments. You got one house, on one property here," he said.