Two small three-bedroom cottages built many years ago sit on this 1.4-acre flat lot with mature trees and glimpses of Moriches Bay. This property is surrounded by large homes—its neighbor at 24 Basket Neck is 5,000 s quare feet and contains 7 bedrooms and pool; it sold in 2006 for $3,500,000.
Number 29 is essentially a land sale, with the additional value of the right to maintain its pre-existing multi-family status. This property is likely to be transformed and improved with a large new house, with one of the existing cottages remaining for guests.
This unique 15,000-square-foot, 25 room Georgian mansion was constructed in 1929 and sits on 15 park-like acres, which includes large brick terraces, a carriage house, pool pavilion, tennis court, meadows, formal gardens and specimen trees. The property is not on the water, but it is large enough to subdivide in the future for the sale of vacant parcels or the construction of additional homes comprising a family compound.
Seller purchased this historic estate in 1994 for $8,000,000. This sale represents a compounded annual rate of return of over 9 percent.
This elevated 1.4 acre, west-facing lot offers views of the sun setting over Fort Pond Bay with East Hampton, Gardiner’s Island, the North Fork and Connecticut in the distance. It is surrounded by attractive homes.
As always, vacant lot transfers are critical pieces of valuation information. Seller purchased this lot at the height of the market in 2007 for exactly what he sold it for this year, indicating that land values in Montauk have survived the crash intact. Although the seller didn’t make money over the short-term, this stable investment provided a safe haven for his money.
27east on Mar 8, 2010