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Best Deals in the Hamptons

1. Montauk
The Goods – This striking quarter-acre Montauk contemporary boasts panoramic views from both first and second floors (and a flat roof that could accommodate a deck). It’s one of the best-built houses in town, according to Sotheby’s broker Bill Williams. “From floor to ceiling only the finest materials were chosen in building this home,” including the “enormous fireplace finished with Zimbabwe Granite.” Better yet, with its hurricane-rated windows and electric roll-down shutters, it’s virtually storm proof. Its attributes go on from radiant heat to top appliances. Located across Old Montauk Highway from the beach, you can “watch the waves break from the 55-foot ocean-side pool.” The owner has put more than $7 million into the property. $4,895,000
Why It’s a Great Deal – Three words: overhead telephone wires. When the owner built it in 2010, he was under the impression that the wires were going to be buried. They will be, but no one knows when.

2. Amagansett Dunes
The Goods – Straddling the eastern Amagansett dunes, this 5,500 square-foot modern gem on two oceanfront acres is the best deal in Town and Country’s inventory according to the firm’s CEO, Judi Desiderio. Designed in the mid-‘80s by modernist architect, Lawrence Randolph, (in an era before modern was the style of the moment) at the time it appeared on the landscape it was “the most stunning thing around,” says Desiderio. The entire home, including ocean-side pool, was built to take advantage of the panoramic vistas, allowing both sunrise and sunset views. “It’s perched on top of the primary dune and you own all the land in front of you; there’s never going to be anything obstructing your view.” Custom built for Robert Mandor, a shopping center tycoon, the house was constructed like a fortress with steel girders. $9.99 million
Why It’s a Great Deal – The house has “fabulous bones,” but the kitchen and bathrooms need updating. In 2013 newscaster Bill O’Reilly purchased a similar nearby property in western Montauk (also a Town and Country listing). His was a 1.6-acre property that sold for $7.65 million (though the house was a tear down.)

3. Amagansett
The Goods – Set high atop a knoll, the secluded 1.8-acre landscaped property, down a long private drive is a brand new seven-bedroom, 6.5 bathroom, 5,274 square-foot farmhouse with a modern edge was built by Edgehill Homes with contemporary beachy finishes, wide-plank oak floors, walls with wood treatments, bluestone covered porch, heated pool and gym. Located near the Devon Colony, the South Fork Country Club and Amagansett Main Street. “This is the last chance to get a new house in the fours,” says Sotheby’s broker Rylan Jacka. Available with furnishings by Sylvester At Home. $4.5 million
Why It’s a Great Deal – “You can’t get new construction at that size or price in Amagansett, East Hampton or Bridgehampton, and with land and construction costs up, you couldn’t buy land today and build for that number.”

4. East Hampton
The Goods – Chris Chapin of Douglas Elliman says his best deal is a parcel at 64 Edwards Avenue, on the fringe of East Hampton Village, with four ¾-acre lots: one with a house and three to build upon. The new Post-Modern abode has four bedrooms and 3.5 baths. It’s also “the closest that you can get to Indian Wells Beach in this range.” $2.3 million
Why It’s a Great Deal – “Whoever buys this and completes the subdivision process is going to wind up with four separate properties – the existing house worth $1.7million, and three additional building lots each worth $500,000 minimum,” says Chapin. That’s a total of $3.2 million. You do the math.

5. Georgica
The Goods – You would think that anything in the Georgica estate section would sell like proverbial hotcakes. But this stately dwelling, built on a dune in 1901 to take advantage of ocean breezes, has been on the market for a while, suffering a series of price reductions. Though more than a century old, Cherridune has been updated with central air, an integrated sound system and high-end appliances. The three-story main house and three-bedroom guest cottage add up to 7,400 square feet, nine bedrooms and six baths (with another two half baths). Old world landscaping includes specimen trees, stonewalls and brick walkways. $6,590,000
Why It’s a Great Deal – Today’s buyers want new. “Back in a time when old houses were sought after for charm and beauty, this was a hot item. Now everyone wants a new house on steroids,” says Brown Harris Stevens broker Martha Gundersen.

6. Sagaponack
The Goods – Broker Susan Breitenbach claims that this 1.4-acre property near the ocean is the “lowest-priced house near the ocean in Sagaponack” and the “best value” in the hamlet. The 5,000-plus square-foot house has four bedrooms, 3.5 baths, library, gym, and “magnificent 50-foot pool. Though a pretty nice abode, it’s all about the land – 1.4 acres of “beautifully landscaped grounds.” The last house to sell on the street (Erica’s Lane) with the same acreage went for almost $13 million. Price just reduced to $6,895,000.
Why It’s a Great Deal – It’s being sold at land value, the house is a bonus,” says Breitenbach.

7. North of the Highway
The Goods – “This grand Southampton estate situated on over five acres off Middle Line Highway is one of the best values north of the highway,” according to Douglas Elliman broker Raphael Avigdor. The owners paid $4,995,000 for the property seven years ago, before investing considerably more for improvements. The 6,000 square foot house overlooks extensive landscaping containing a pool/spa, Zen garden, and tennis court with pavilion. $4,350,000 Furnishings also available.
Why It’s a Great Deal – The owners had to relocate, and this property by default is the one to go from their real estate portfolio. “Sometimes these opportunities present themselves to the market and the savvy investor sees the inherent value rather than others who are skeptical.”

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