Westhampton Land Buyers Are Doing Very Well

I just had a request to list a piece of land in the Westhampton/Westhampton Beach area and it led me to an interesting observation.  In examining sales for land for the last six months, we find that there have been some pretty amazing land buys lately.  From April through July, the three vacant lots by Anderson Cooper’s estate in Quiogue sold for some very reasonable numbers. The 1.33 acre #17 St. George Place sold for $550,000, one acre at #20 Notamiset Rd. sold for $500,000 and #21 St. George Pl., a 3.28 acre subdividable parcel sold for $799,000.

Note that this is in a section of Quiogue that has some pretty valuable homes. A lovely home at 12 Linden Lane just sold for $1,765,000 in February and 20 Linden Lane, which sits on the water, just sold in May for $3,600,000.

17 St. George, 21 St. George and 20 Linden were all part of the Frankfurt estate. There was a previous one acre piece of land that was also owned by Frankfurt that sold in May ’10 for $800,000.

Firstly, have the prices for land dropped that precipitously in the past year? Secondly, the buyer of 21 St. George got an amazing buy. If they subdivide that 3.28 acre lot into three 1+ acre lots, they will have three lots that cost $266,333.33 per lot. Not a bad deal to build some spec houses on. All in all, the most recent buyers of land are doing very well.

Finally, there has been one other raw land sale in the past six months in the greater Westhampton Beach area; 44 Halsey Rd., Remsenburg transferred in May for $204,000 to an LLC, a really low price. Maybe we are about to see some spec building returning to our area. At these prices the numbers can work.