Transaction highlights, September 23

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27 Bayview Avenue
Sag Harbor 
$800,000

This house was built in 1940 and is only 1,450 square feet, but it is in proportion to the lot, which is .15 acre.

As was the custom during the era in which it was built, this is a classic village house, oriented toward the street with a deep front porch and inviting walkway. The public rooms are in the front, with the kitchen to the rear and the bedrooms upstairs. All the rooms are quite small, with the living and dining areas connected into one small living space. But the house has been freshly painted and newly shingled, and has been upgraded over time with modern conveniences.

Behind the house, there is a small yard with deck, patio and landscaping and fences for privacy. A nice old house such as this one might be valued at $225 per square foot. And the deck, walkway, patio and landscaping might be valued at around $75,000. If so, then this sale values all the improvements at about $400,000.

2 Tyson Lane
Unincorporated East Hampton 
$22,875,000

This oceanfront home is the second highest sale in East Hampton this year, following a recent non-oceanfront sale on Lily Pond Lane for just over $25 million.

The 7,000-square-foot house was built in 1990 but the main living spaces are a renovation of a more than 300-year-old barn transported from England. Included in the house are six bedrooms and living, dining, cooking and working spaces built to the highest quality standards. There is a bowling alley in the finished basement, plus accessory structures, including a large pool with pool house (not on the ocean side), garage, and numerous patios, decks and porches.

As always with oceanfront properties, no matter how dramatic the homes that are built upon them, most of the value is in the land. This lot is 1.86 acres and is approached from a long driveway at the end of a private road off Further Lane. It is located behind the double dunes which run between East Hampton and Amagansett, affording maximum privacy as well as a large measure of protection from storms. The lot includes deeded access over the dunes along a path.

It is simply impossible to accurately estimate the value of a custom home such as this one, which includes both an ancient converted barn as well as contemporary spaces. Because of the elements confronting oceanfront houses, they require costly upgrades, and this house may have cost as much as $1,000 per square foot to build, more than three times the typical $300 per square foot cost. If that is the case, the house might be valued at $7 million. And adding an additional $1 million for pool, lawn, landscape, pool house, driveway, decks, patios, etc., might bring the total improvements up to $8 million. The resulting lot value would be about $15 million.

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