Corcoran Real Estate

Real Estate Center

Deed Analysis, September 22

Publication: The East Hampton Press & The Southampton Press
By Phelan Wolf, Esq.   Sep 20, 2011 12:14 PM
Mar 29, 2012 2:21 PM

968 Springs-Fireplace Road
Unincorporated East Hampton (Springs), $4,650,000

This sale is one of the highest priced in Springs in recent memory.

The property reflects three of the most important traditions in Springs: fishing, farming and the artist community, the presence of each of which can be felt here.

The property spans more than 10 acres along the inside of Accabonac Harbor, which gives its name to the Bonackers, or inshore fishermen in the area, and is in the heart of the legendary Springs art community.

While this is beautiful waterfront property, it is important to note that much of this acreage is marshland that cannot be used in a meaningful way as it has no sandy beach or dock.

The upland portion of the lot is an expansive lawn, rolling down to the harbor, with views across the water to Gerard Drive, which runs along the outer edge of the harbor, and Gardiner’s Bay beyond.

The property includes a classic 3,500-square-foot restored farmhouse, circa 1835, with five bedrooms, four bathrooms and plenty of period details, including an oversized fireplace, exposed post- and beam-frame and classic built-ins. There are also a number of outbuildings, including a large barn, and a gunite pool and patio.

The seller purchased this property in 2009 near the bottom of the market, following the 2007 market high, for $5.2 million. While this sale represents an approximate 10-percent loss over two years for the seller, the prior owner paid $1.3 million in 1998, reaping a giant 13-percent annual return over his 11-year ownership, which coincided with a giant bull market in Hamptons real estate.

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