Become the mayor of Shagaponack with the purchase of this three-bedroom, two-bathroom home in Sagaponack listed for $849,000. The pun for the working name of the newly renovated ranch is derived from the contrast of the home’s simple environment with the opulence of the community it is in.
“We started looking around for something in the area, but everything was fairly high-priced,” says owner Ruth Reid. “Then we found this cottage that was in rough shape. You could barely see the bones of the house. Other people couldn’t see the potential of the house. It’s the ability to see the jewel in the rough."
Sagaponack, according to a ranking developed by Zillow for Bloomberg Businessweek, has the distinction of having the priciest real estate for a small town in America for the last three years straight. With a median home value of about $3.49 million, and ostentatious dwellings like the 29-bedroom, $170 million mansion built in 2004 by Renco Group chairman Ira Rennert, Sagaponack is renowned for homes that are bold and conspicuous.
“It came out of his mouth one night,” Reid says about the term created by her husband, Ron Gitter. When a family friend purchased a customized sign as a gift, the couple immediately hung it over a sink. From then on, the newly restored and updated confines became “incorporated” as the fictitious town of Shagaponack.
The refurbished kitchen comes with a commercial Garland stove, two ovens, a broiler, and a Subzero side-by-side refrigerator. Oversized windows in the kitchen, skylights throughout the house, and a screened-in porch let you take in the Hampton outdoors.
The house is being listed with Michael Daly of Sotheby’s International Realty.