A small cabana in Westhampton Seashore might promote for a giant value, however there's greater than meets the attention.
Courtesy of Douglas Elliman Rea
It could sound like a dream to spend a summer season in an elegant oceanfront Nineteen Forties cabana in Westhampton Seashore with beamed ceilings, a hearth, an outside leisure space and a walkway that leads proper to the shore. And now, based on its itemizing, you'll be able to.
However with one bed room and a noticeably small quantity of indoor house, an accompanying $11.9 million asking value could come as a shock — however there’s greater than meets the attention.
“It’s all concerning the land and the frontage,” mentioned Enzo Morabito, the Douglas Elliman dealer who represents this 85 Dune Street itemizing. “You’ve obtained virtually a 2-acre piece that may accommodate a big home and a pool, and also you’re in prime property.”
It’s what the cabana stands on that counts. The itemizing notes the property has some 163 ft of direct ocean frontage, and a swath of that dimension doesn’t usually come up on the market.
“The individuals who wish to be on the ocean, there’s solely [so much] of it, and in the event that they’re searching for a big piece, not a sliver … the frontage is actually what that is all about,” Morabito added. “The acreage and the frontage.”
That cabana, in the meantime, will have to be demolished to make manner for a extra livable construction.
The asking value should still appear steep, however this parcel is situated west of the canal, the normal — however more and more out of date — begin level of the Hamptons, whose super-prime east-of-the-canal cities embrace Southampton and Sag Harbor, the place properties can promote for a lot of thousands and thousands extra. For example, in Water Mill, a comparable oceanfront itemizing with greater than 2 acres of vacant land and 182 ft of frontage now asks $24 million, greater than twice the worth, with Brown Harris Stevens.
And like they are saying, dimension issues. Morabito provides that tons lower than 100 ft broad would require landowners to construct slender properties that run perpendicular to the shore as an alternative of parallel. Meaning “you’re pressured to construct a caboose,” he mentioned, with only one brief aspect of the house open to ocean views, versus vistas alongside a a lot wider finish.
“The broadness of a home, the width of the home, on the ocean is extraordinarily vital,” he mentioned. “It’s the final large lot in Westhampton of this dimension that you are able to do that in a chief spot … you can also make it broad so you've bedrooms which are looking on the ocean, additional bedrooms upstairs looking on the ocean.”
That mentioned, demand is up — particularly alongside Dune Street. In 2021 and thus far in 2022, a minimum of 27 properties have bought alongside that stretch, based on numbers offered by Douglas Elliman, with only a handful of these properties’ itemizing descriptions mentioning tons with greater than 100 ft of ocean frontage.
Constructing a brand new house on this listed lot — with permits, demolition and new building — might take a 12 months and a half, based on Morabito. Within the meantime, he provides, the cabana — although a short lived keep — isn’t a foul in-between spot.
“It’s a jewel on the ocean,” he mentioned. “You’re there and you'll hang around … in actual type. It’s a gorgeous bed room, you’re trying on the ocean and also you’re on one of many prime spots which you could be on in the entire Hamptons proper now.”
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