Transaction highlights deed analysis is based on real estate transfers for East End properties for the period between April 13 and April 19, 2010.
Seller purchased this .4-acre lot on what is commonly referred to as one of the best streets north of the highway in the Village of East Hampton, in 2007 at the height of the market for $1,672,000.
In 2009, the seller constructed a 3,900-square-foot, five-bedroom post-modern residence, with Gunite pool and detached garage. Upgrades include radiant heat in all baths, an outdoor fireplace, finished basement with gym, wine cellar and media room.
Assuming that the exterior improvements cost around $100,000, in order to break even, the seller needed to keep his costs below about $1,500,000 to construct the residence, or about $380 per square foot.
This house in Hither Hills was built “upside-down” (with the living areas upstairs and the bedrooms downstairs) in 1970 to take advantage of an ocean view. The house is 1,800 square feet, has a great room with central fireplace, two bedrooms, and sits on a .25-acre lot.
Houses close enough to the ocean so that its presence can be felt are always desirable. The seller purchased this house in 1997 for $395,000 and it has held its value well through the crash. This sale represents a compounded annual rate of return of more than 7 percent.
This 2,400-square-foot Colonial was built in 1990 and the seller purchased it that year for $210,000.
The house has been well maintained and is in excellent condition. It has a living room with fireplace, a family room, dining room, finished basement and four bedrooms, including a master suite on the first floor. The .46-acre lot is located on a quiet street just north of the highway and is improved with mature landscaping and a swimming pool.
This sale represents a desirable compounded annual rate of return of more than 7.5 percent.
27east on May 20, 2010