Who says “regular folks” can’t afford to buy in the Hamptons? It can take a combination of luck, opportunity, some diligent sleuthing, and a willingness to look past a few drawbacks, but in many of the villages and hamlets in the Hamptons, one can still find an inexpensive piece of property.
Notice the word “many” was used, not “all.” It is highly unlikely that a buyer will find a property for under half a million dollars in Amagansett, Bridgehampton, Water Mill, and in the villages of East Hampton, Sag Harbor, Southampton, and Westhampton Beach. And in general, such bargains are much more difficult to come by east of the Shinnecock Canal. Still, a survey of transactions recorded since the first of the year—and excluding vacant land purchases—reveal that here and there one can find a home for under $400,000 and sometimes much lower.
The award for “cheapest deals” goes to Hampton Bays, which actually had two houses go for $150,000 and $146,000, respectively, at 63 Old Riverhead Road and 93 Red Creek Road. With the latter, the buyer acquired a 1,280-square-foot home on a 1/4-acre lot, built in 1991, with 2 bedrooms and 1 bath. A tad cozy, yes, but with such a low purchase price, presumably one can add on.
In Westhampton, a property at 76 Montauk Highway sold for $180,000. Above the 200K mark was 11 Jones Road in East Quogue, which went for a nice even $207,126, and in that same hamlet, the purchase price for 9 Pine Tree Lane was $237,000. Just down the shore, on Quiogue, two adjacent houses on Hamilton Avenue were picked up for $220,000 and $280,000. In Westhampton, 8 Hollow Lane sold for $298,000. Even in the Village of Westhampton Beach, a lucky buyer paid only $320,000 for 73 Beach Road. This one is 1,400 square feet, with 3 bedrooms and 2 baths. Back to the under 300K category: six properties in Hampton Bays sold for prices ranging from $255,000 to $290,000.
There is indeed a different tale to tell east of the canal, where deals under 400K are pretty much nonexistent. But is one still possible? Yes, so don’t despair! True, as has been reported of late, the competition is fierce among developers to acquire what are teardowns, meaning individual wannabe buyers have to really be nimble to find one first. But one swift soul managed to obtain 577 Montauk Highway in Southampton for $380,000. At just 710 square feet with 3 bedrooms and 1 bath, it’s a tight fit … but at least a way to afford to live in the Hamptons.
on Mar 6, 2017