A Fire Island Pines residence designed by the late architect Horace Gifford has hit the market for $2.995 million. The three-bedroom, three-bath property, owned by fashion designer Derek Lam, showcases Gifford's signature cedar-and-glass aesthetic.
The home is situated in the Fire Island Pines community, a coastal enclave known for its modernist architecture and seasonal resort atmosphere. The listing arrives during the summer season, when demand for second homes in the area typically peaks.
Mortgage rates remain elevated compared to recent years, potentially cooling buyer urgency for vacation properties. That said, luxury cash purchases in high-demand coastal markets have held steady, insulating certain listings from rate sensitivity.
For buyers, the property offers a rare opportunity to acquire a Gifford original, though the price point targets the upper tier of the local market. Inventory in Fire Island Pines remains tight, giving sellers some leverage in negotiations.
Economists note that while luxury second-home sales have moderated nationally, architecturally significant homes in exclusive beach communities continue to command premiums. The long-term outlook for such properties depends on broader economic conditions and buyer appetite for seasonal coastal living.