A home near the water out east sounds like a dream. And one that’s reasonably priced, yet even more out of reach.
“It is very rare indeed to see a home in the Hamptons priced under $400,000,” says real estate agent Susan Connelly of First Hampton International Realty.
Anne Marie Francavilla, a real estate agent with Douglas Elliman Real Estate, who’s been selling homes in the Hamptons for several decades, says the homes that come up for these prices go rather quickly.
“It’s supply and demand, says Francavilla. “If something comes up like this, especially investors, they’ll want to get it, fix it up and flip it for more money.”
Francavilla recently listed a two-bedroom cottage near the bay in Hampton Bays that the owners had rented out for many years for $349,000. At least 30 buyers expressed interest in it and it went under contract after a week on the market.
“As soon we put it on the market, we were on roller skates selling it,” quips Francavilla.
“For that price, anybody wants a piece of paradise,” she says, adding that she saw a lot of interest from young couples, families and people looking for a summer bungalow.
Most of the housing stock that’s selling for under $400,000 is in Hampton Bays, Westhampton and Flanders areas, all of which are at the western end of the Hamptons.
Westhampton cottages in this price range usually are a bit older and often get sold by word of mouth, says Francavilla. Many Hampton Bays listings were summer cottages that were later winterized, bought, renovated and flipped, notes Francavilla.
Flanders, which is in the town of Southampton, has a number of homes near the water that are very desirable, says Francavilla. “But those prices have increased," she adds. "I sold one years ago for $90,000. Now that one is probably over $400 or $450 [thousand].”
Ten years ago, there were dozens of homes on the market at any one time for between $279,000 and $379,000. Today, there are only a handful, Francavilla says.
After the financial collapse, the market dropped in 2007-08, and many homes were selling for well under $400,000. Since the market picked up around 2012-13, the prices are higher than ever.
“If you see something, you should jump on it,” Francavilla says.
Here are several East End homes on the market for under $400,000.
At $385,000, this cottage is currently the lowest-priced home for sale in Westhampton. Annual property taxes are $2,516.
Built in 1910, the house has three bedrooms, two bathrooms, a family room and mudroom.
Situated on .22 of an acre, the house is close to schools, beaches, restaurants and shops, and is in the Westhampton Beach Union Free School district.
It’s a “wonderful opportunity for a first-time home buyer or to use as a vacation getaway,” says Susan Connelly, of First Hampton International Realty, who is listing the house with husband, Richard.
A three-bedroom, one-bath ranch home in Flanders on one acre is listing for $330,000 to $375,000. Annual property taxes are $3,405.
The sellers will accept an offer within the range of the two prices, says listing agent Camille Simpson of Fave Realty Inc.
The house has a formal dining room, living room, eat-in kitchen and unfinished basement.
Located near the Tanger Outlets in Riverhead and several beaches, including Iron Pier, South Jamesport, River Heron, Meschutt and Ponquoque Town beach, the house is in the Riverhead Central School district.
A Hampton Bays home is on the market for $349,990. The annual property taxes are $3,295.
The ranch-style home has three bedrooms and one bathroom, an eat-in kitchen, and a living room with a fireplace. A short walk to the marina and Shinnecock Canal, the home is close to beaches, shopping and restaurants, and is in the Hampton Bays Public School District.
The listing agent is Christine Sparacino of RE/MAX Sparrow Realty.
A ranch-style home in Flanders is listing for $350,000. The annual property taxes are $4,896.
Located on .37 acres in the Bay View Pines beach community, the two-bedroom, one-bath home has a spacious kitchen, an open floor plan and an attached one-car garage.
The home is close to beaches, Sears Bellows Park, Riverhead shops and restaurants, and is in the Riverhead Central School district.
The listing agent is Zona Stroy of South Fork Realty.
A two-bedroom, one-bath cottage is listing in Hampton Bays for $390,000. Annual property taxes are $4,813.
The one-story house, which has an eat-in kitchen and office, is on .31 of an acre and is a short walk to the Shinnecock canal and the marina and a short drive to beaches, shopping and restaurants. The house is in the Hampton Bays Public School district.
The listing agent is Maria Langiulli of Village Real Estate
A two-bedroom, one-bath home is listing in Hampton Bays for $399,000. The annual property taxes are $4,499.
Updates to the 900-square-feet ranch-style house include the roof, flooring, kitchen, air conditioner, heating, hot water heater, irrigation, landscaping, lighting, and bathroom vanity. The house has a combined living room/dining area with fireplace and skylights.
The .14 acre property is close to Shinnecock Bay and restaurants, and is in the Hampton Bays Public School District.
The listing agents are Robert Landsiedel and Jean Lee Landsiedel of Douglas Elliman Real Estate.
A three-bedroom, one-bath Cape is on the market for $385,000 in Hampton Bays. Annual property taxes are $5,460.
Built in 1940, the house is on a .11 acre lot and is walking distance to marinas and Shinnecock canal. The home is close to beaches, shopping and restaurants and is in the Hampton Bays Public School District.
The listing agent is Maria Langiulli of Village Real Estate.
What to look out for
“Anything that’s $400,000 or less is a fixer-upper,” says Keith Micallef, owner of Home Inspections of the East End, based in Sag Harbor
The top things to look out for are mold and roof leaks, advises Micallef.
Mold, he says, is not as easy to detect as one might expect and should be checked in the attic, basement and garage, and behind the washer/dryer.
“We visually inspect for it, but you have to know what to look for,” Micallef says.
Micallef advises hiring a home inspector who will know how to spot problems, such as roof leaks which can be found on the ceiling of the top floor of the house and on the roof itself.
A home inspection, which typically takes several hours, covers everything from the roof to the structural, mechanical, plumbing, heating, electric, hot water heater, air conditioning and appliances.
Any problems. from mold to leaks to cracks in the foundation can be fixed, “if you have enough money,” says Micallef.
Because they’re not experts on fixing the problems, home inspectors cannot give prices, Micallef explains. Once you identify the issue, contact a plumber, electrician or any other expert in their respective field.