Deed Analysis: 25 Sunset Drive
25 Sunset Drive Unincorporated Sag Harbor $1,395,000
This renovated contemporary sold quickly for the full asking price.
Modem has been hot again for some time but there are very few modem homes being built on speculation, particularly north of the highway and at lower price points. To fill the gap in inventory, enterprising architects, designers, builders and end-users have been renovating older contemporaries. They are snapping up older, boxy, flat-roofed homes-preferably with higher ceilings, sensible floor plans and decent locations, and doing cosmetic renovations with the latest finishes and upgraded kitchens and baths.
It is not easy to find the right candidate. Many older contemporaries are little more than tear-downs either because they were built south of the highway where the lot value has long exceeded the value of the structure, or because they were poorly designed, constructed or maintained.
This house is located in Bay Point, which is a small peninsula in Sag Harbor Cove, just off Long Beach Road, between North Haven, Noyac and Sag Harbor. Bay Point is a tidy and desirable neighborhood with perhaps 100 homes on small lots with little traffic.
This lot is near the center of the Bay Point, and is only .3 acre, which is typical for the area. The home is appropriately sized at 1,800 square feet, with three bedrooms and 2.5 baths
Like many similarly sized contemporaries, the central volume of space in this house is a great room with kitchen and dining area and living area centered around a fireplace. The great room has a tray ceiling for extra height, and the ceiling has been finished with an attractive, light-colored paneling. The entire home has been finished in muted and soothing grey tones, including the wood floors, painted walls and built-in bookcases. The outside spaces are nicely finished as well with simple landscaping and a large deck covered by a pergola,
This home last sold prior to renovation in 2004 for $585,000.
The was a smart buy as this home tick all the right boxes for this kind of project: a good but not extravagant location, high ceilings and a simple layout.
Renovation costs can vary substantially, so it is difficult to estimate the seller’s profit margin. But this was a nicely done renovation that sold quickly for full asking price. In such cases, when the seller “gets his number” it is safe to assume that the transaction was profitable.