Campolo, Middleton, McCormick LLP, Bridgehampton, Ronkonkoma, Hamptons
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Real Estate Center

Transaction Highlights, April 4

Publication: The East Hampton Press & The Southampton Press
By Phelan Wolf, Esq.   Mar 28, 2012 12:03 PM
Apr 2, 2012 3:45 PM

18 Egypt Close
Village of East Hampton
$3,550,000

This home is located on a very good street in the Village of East Hampton. It’s got good proximity to the village center as well as the ocean beaches.

The lot is not quite an acre but still larger than many near the village center, which are often around half an acre.

This house, built in 1970 and around 5,000 square feet, was quite large and grand in its day. It is all on one level, with a mansard roof, which is a style found throughout better neighborhoods in the country, and was once quite popular here on the East End. But these mansard-roofed ranch houses were often not built with a second story in mind, or with deep basements, and 5,000 square feet can seem small in many south-of-the-highway neighborhoods today.

While this perfectly serviceable house would likely be a classic in many very good neighborhoods in other parts of the country, it’s likely a teardown in this location, to be replaced with a much larger two-story home.

It does cost something to tear a house like this down, but there are a number of benefits from purchasing a teardown rather than vacant land. Chief among them is taking advantage of pre-existing, mature landscaping, which is lovely on this lot and adds significant value. It can very easily cost more than $100,000 to properly landscape an acre lot, and the effect still won’t be as attractive as 40-year-old trees and shrubs.

This house is the second likely teardown to sell on this street in the last year or so, with another similar property selling for just under $3.5 million.

While some “done” houses on the market in the Village of East Hampton seem to be lingering, there seems to be a strong appetite among buyers in the village for either teardowns or gut renovation candidates. Many of the houses in the village falling into the “major project” category have been selling for over $3 million over the last year or so. This trend is visible throughout many south-of-the-highway neighborhoods, where buyers who want to make their own statement and design their own home have been scooping up lots and teardowns for the last few years. Lots of new frames are going up, which is a contrast with north of the highway, where there is little new building activity.

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