This 1993 contemporary is located on a narrow lot between Fairfield Pond and the ocean. The house is long, narrow and generally rectangular, providing ocean views to the south and pond views to the north.
While the lot is 1.8 acres, much of that land is likely not buildable due to dune and wetland setbacks. Some of the lot, which is now beach, may in fact be public property, which is currently the subject of a very important dispute in the Village of East Hampton.
There is already a substantial 5,200-square-foot house on the lot, with eight bedrooms and 7½ baths. The house itself may be entirely renovated by its new owner or perhaps the buyer intends to flip this house in a few years for a profit.
The seller purchased the house in 2006 for $13.5 million. Since that time much of the real estate in the United States has been substantially devalued.
But if there is a sure bet in real estate, it might be oceanfront in Sagaponack. And while many other properties have declined precipitously in value since 2006, this seller was able to use and enjoy this spectacular location for five seasons and pocket a gross profit of $2 million.
This .4-acre lot is located along the eastern edge of the Village of Sag Harbor, between Route 114 and Sag Harbor Bay. This area is one of the most historic African-American summer communities in the United States.
Sag Harbor, short for Sagaponack Harbor, derives its name as the harbor for the farmers and fishermen of Sagaponack. Sag Harbor was a bustling whaling community in the 19th century, which attracted freed blacks who often crewed alongside Native Americans on whaling ships.
In the mid-20th century, the whalers cottages in the old community of Eastville began transforming into new communities—such as Azurest, Sag Harbor Hills and Ninevah—which were havens for black professionals from New York who wanted to summer with their families in a safe and accepting environment. This particular vacant lot is a corner location in Sag Harbor Hills. Its sale price, approximately a quarter of a million dollars, is roughly in line with the recent sale of other vacant half-acre lots located far north of the highway in other developments in the Hamptons.
This 2,800-square-foot contemporary is located south of the highway on Mecox Road.
The property is also a corner lot. But it is almost an acre, with lovely landscaping whose value is often underappreciated by buyers unless they have built a home and learned firsthand that landscaping an acre can easily cost well over $100,000.
While this three-bedroom home is perfectly serviceable, it is likely to be torn down.
But even if it is now a teardown, the sellers did well to buy in this neighborhood, paying $560,000 in 1992 and earning a gross return of more than 8 percent annually, while enjoying their place in the sun for almost 20 years.
More Posts from 
