Situated on Montauk’s coveted Gold Coast at 260 Old Montauk Highway is a one-of-a-kind oceanfront property, the only remaining vacant lot for sale on this special stretch of coastline. The property, which is listed with Saunders & Associates’ Edward Bruehl, is within minutes from Montauk and Amagansett, and its unique elevated topography overlooks the picture-perfect white sandy beaches between Hither Hills State Park and downtown Montauk. “For comparison’s sake,” Bruehl shared, “similar oceanfront parcels in the Westerly Hamlets often have little or no view of the crashing waves due to the land’s low elevation or proximity behind a dune. On the Gold Coast, houses are built into the hillside—most are sited over 50 feet above sea level, making for spectacular views from all floors of the house.”
The most appealing aspect of the property is its unmatched value. The basic real estate spec builder model (Buy land for $1, Build for $1, and Sell for $3) proves that if you “buy a new spec house for $3, the builder makes the profit; however, if you buy land and build it yourself, you can cut out some of the spec-profit,” Bruehl explained. Listed for $9.95 million, this 1.5-acre property at 260 Old Montauk Highway is also already fully permitted, and would require only an additional estimated $6 million to build. A similar-sized lot, just four doors west at 240 Old Montauk Highway with an existing renovated home, recently sold for $23 million, implying significant potential investment returns for this property. If this property were to sell at the same price, it would result in substantial profits based on the estimated $16 million in total expenses.In addition to the value-creation, all necessary preparations for this property are complete—the building envelope has been cleared, the driveway has been created, the landscaping has been started by Marders, and a bluestone beach path has been constructed. All of which, in addition to securing all necessary permits, “give a substantial and valuable head start for building, eliminating all the guesswork, uncertainty, significant site-preparation expense and time delays,” explained Bruehl, leaving the buyer with the more enjoyable task of customizing the home.
The ability to execute aesthetic decisions make custom-designed homes significantly more attractive to the homeowner. Everyone has different taste, but when a “buyer gets to take their time and really refine the house to their exact liking and with consideration as to how they live, relax, dine, and hang out, the house takes on a completely different feel,” said Bruehl. “Like buying a suit off the rack versus getting it custom tailored—there is simply no comparison.”
The combination of the meticulous and quality sitework that the current owner has conducted and the ability to customize the home with the assistance of Stelle Lomont Rouhani Architects make this property a truly rare offering. Bruehl strongly suggests considering this lot and the Build-It strategy. After all, where else can you find a fully permitted 1.5-acre oceanfront parcel under $10 million anywhere in the Hamptons?
For more information, please contact Edward Bruehl at EBruehl@Saunders.com or 646.752.1233.