The Hamptons posted six hamlets on PropertyShark’s recent list of the 100 most expensive zip codes in the country. It begs the question: What is on the low-end of a high-end market?
Analysts from Point2, an online real estate marketplace and sister division to PropertyShark, “set out to discover a homebuyer’s Holy Grail, the least expensive homes the most expensive zip codes,” as writer Andra Hopulele put it in the study of the data found by the analysts.
“When it comes to our homes, now more than ever, we want it all: Amazing location, plenty of square footage, and a price tag that doesn’t look like the owner misplaced a comma,” the Point2 report says. “But most homebuyers already know that this golden triad of optimum space, great location, and affordable price is as elusive as it is desirable.”
Affordability is all relative, and, as those of us in the Hamptons well know, even the low end is often not all that affordable.
Sagaponack’s 11962 was named the most expensive zip code in New York State and the third most expensive overall in PropertyShark’s list. What’s the least expensive property on the market? A home at 446 Toppings Path is now asking $1.2 million — it was asking $1.4 million at the time the data was collected. No matter, it is well below the $5 million median sale price for the zip code.
The 0.63-acre property is located north-of-the-highway and well outside of the Village of Sagaponack. The 1,500-square-foot home is listed with RealMart Realty. According to the listing on Zillow, the three-bedroom, one-bath home is just three miles to Sagg Main Beach in one direction and 3 miles north to the Village of Sag Harbor. It does also come with a pool.
Water Mill’s 11976 was listed as 13th on the list of the most expensive places with a median sale price of $3.745 million. A home at 1 Farmstead Lane in that hamlet for $1,795,000 is the least expensive listing — but it already has a buyer. The four-bedroom, two-bath farmhouse, which is represented by Stephanie Melstein of the Corcoran Group, is in contract.
The 0.56-acre home, also north-of-the-highway, borders an agricultural reserve to the back with expansive farm field views over Blank Lane. The property may not be by the beach, often considered the prime location in the Hamptons, but it is a beautiful spot.
Over in Wainscott, a home at 21 Bathgate Road holds the title of the least expensive listing. While the 11975 zip code’s median sale price is $2.75 million and it came in at 34th on the list, this home is being offered at $1.295 million.
“This property has a lot to offer. The house, which is a throwback 1970s split level, had its sister recently sell at 11 Bathgate,” says Sarah Minardi of Saunders & Associates. “These two properties abut one another, although they are accessed from different ‘Bathgate Roads.’ The location of 21 Bathgate, in particular, is more private and prestigious, with only two homes on the lane.
The 2,185-square-foot home has four bedrooms and two baths. It is currently rented for $4,750 per month, plus utilities and services. “While the tenant is month-to-month so as to allow for the house to be delivered vacant, purchasing the property as an investment with the tenant remaining in-house allows the new owner the ability to figure out next steps while still enjoying the passive income from excellent tenants,” Minardi explains.
Another bonus Minardi points to at this property is the traffic light, which makes traversing Montauk Highway to Wainscott Stone Road much safer. The half-acre property is just a short jog, cycle or drive to the ocean at the end of Beach Lane.
In Amagansett, which came in 37th on PropertyShark’s list with the median sales price of $2.645 million, a condo that is listed at $525,000 is the least expensive. The one-bedroom, one-bath unit is located at Ocean Colony Beach and Tennis Club at 2004 Montauk Highway. The lower level unit in “Dunes West” has private views of the dunes abutting the Atlantic Ocean from the private sundeck.
Right behind Amagansett is 11959 in Quogue, the only zip code west-of-the-canal to make the most expensive zip code list, at the 38th spot with a median sale price of $2.593 million. The newly-listed home at 15 Deerfield East Road is the least expensive in Quogue at $1.25 million.
The 2,542-square-foot contemporary home, listed with Douglas Elliman Real Estate’s Adriana Jurcev, sits on 1.2 acres and is just six minutes to Quogue Village Beach. This property also has a pool and a great rental history, according to the listing.
For the least expensive listing in the 11963 zip code, which covers the greater Sag Harbor, we head over to Noyac. The property at 49 Pine Crest Lane was listed at $849,000, more than half of the zip’s median sales price of $1.9 million. Kyle Rosko and Marcy Braun of Douglas Elliman Real Estate already put the home under contract soon after it was listed in October.