Talk of the Town - Real Estate News from the Hamptons and North Fork

September 14, 2014

Real Estate Crowdfunding Hits the Hamptons

Over 60 people now own a Westhampton Beach home nearing completion. But the property, listed tentatively at $3.25 million, isn’t a finely tuned timeshare. Its scores of owners are investors who collectively gobbled up a little under half of the home’s equity for $1 million in a deal engineered by the real estate crowdfunder Fundrise. The deal shows that crowdfunding can help investors tap luxury properties for returns, not just mid- to low-tier residential properties, and retail and commercial spaces. And it also highlights how developers can use crowdfunding to cash out equity in projects before they’re even completed. Chatham Development Company projects that the home will end up costing $2.2 million to build. It’s a 3,500-square-foot, five-bedroom mansion perched...

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