Spotlight: This Week’s Real Estate Transfers

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This column spotlights sold properties on the South Fork from the week’s deed transfer list. Each week we analyze the highest, lowest and median sales.

Highest Transfer:

$11 million

47 Georgica Road, East Hampton

Located south of the highway in East Hampton’s tony Georgica section, this property features an 11,600-square-foot, shingle-style house designed by well-known local architect Peter Cook and built in 2000. With all that square footage there is plenty of room for guests: eight bedrooms, eight baths, two half-baths, an oversized kitchen, paneled library, formal dining room, vaulted living room, three-car garage and all the amenities. The house is sited on 3.6 park-like acres, a larger property than many in the surrounding area, and has the requisite Gunite pool and pool house, as well as a much sought-after bonus: room for tennis. Originally purchased in 1997 for $2.7 million, the existing house was torn down by the selling owners to build the house now on the property. It has been on the market since 2009, when it was priced at $19 million. There were various price drops each year until it reached its last asking price of $13,200,000 in June 2013. In my experience, properties that are priced correctly generally sell within 10 percent of their asking price, which this one did. This property’s selling price was in line with other comparable sales in the area.

Approximate annual taxes: $88,081.

Median Transfer (Note: 50 percent of sales are above the median and 50 percent are below)

$1.3 million

128 Three Mile Harbor Road, Springs

This stylishly renovated cape is set on 1.54 acres near the beginning of Three Mile Harbor. Although it was built in 1957, all major systems were recently updated, and the kitchen and baths are also newly renovated. At just over 2,000 square feet, the house offers four bedrooms and two baths, as well as a water filtration system and security system. The back of the house has ample sunny decking and a large yard with an 18-by-44-foot saltwater pool. This listing came on the market in August 2014 for $1,295,000 and closed for $1,300,000 in October 2014, indicating a bidding war. Generally, homes that are renovated and decorated by designers, such as this one, are very appealing to buyers, and sell quickly. The owners who just sold it purchased the property in 2008 for $815,000.

Approximate annual taxes: $8,641.

Lowest Transfer

$390,000

117 Hog Creek Road, Springs

This simple but charming cottage was built in the 1950s on .22 acre near the historic section of Springs. It offers 850 square feet of living space with two bedrooms and one bath. There is some room for expansion of the house. This listing has been on and off the market since June 2010, when it was priced at $425,000. It underwent various price changes, once going as low as $310,000, until it reached its final asking price of $395,000 in May 2014. My guess is that it was hard to find a buyer for such a small house that hasn’t been updated. The property was purchased for $135,000 in 1998.

Current approximate annual taxes: $3,642.

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