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The home at Madison Hill Drive at Camp Hero, Montauk DOUGLAS ELLIMAN
What’s advertised as the “farthest house in the East” is on the market in Montauk for $775,000.
The three-bedroom, one-bath ranch can be found just west of the Montauk Lighthouse in the Camp Hero community—the former Air Force base homes that East Hampton Town took over as government surplus property. The town proceeded to sell the homes to 27 families for affordable housing in the mid-1980s.
The original price was approximately $40,000. To keep the homes affordable, any profit on their sale was capped at the Consumer Price Index, allowing the owners to make about $125,000 at best. That cap expired after 30 years, however—and now the homes can be sold at fair market value.
According to a listing with Douglas Elliman, the approximately 1,350-square-foot home sits on a quarter of an acre and has a newly renovated kitchen and bath.
on May 23, 2016