Gone in 60 Seconds

A large 2 acre lot came on the market at 5 Felcon Dr, which is off South Shore Rd (Sewer Bed Rd) in what looks like a used-to-be large family plot that has been subdivided.  Its about 1/2 mile from the waste water treatment plant, so not as much of a "sniff factor" as the 24 Field Ave lot I talked about. The price? $795,000 (134.7% of assessed, a little below last years average sale of 136%, so a low starting point).  Ding! Gone in 60... well, one day, or some fraction thereof.  If a good deal comes up, you need to move on it immediately, especially with vacant land.

I also noticed a new listing at 6 & 4 Seven Mile Ln in Sconset for $2.85M for both.  There is a house on #6 as well as the vacant lot at #4 that I talked about earlier and liked.  This is not a bad deal!  The house is OK-Nice, could use a little updating or nicer finishings but certainly a great start.  This all borders hundreds of acres of conservation land out the back door. A 95% offer is $2.7M  Not a bad deal, I dont expect this to last long.

Another development in the Land for under $1M is the listing of 3 Friendship Ln.  This sold a while back (9/8/14) for $390,000.  The buyer added HDC approved plans and sold it for $480,000 on 9/8/16 (yes exactly 2 years later).  The present owner is trying to get $710,000, or a 47.9% profit in 10 months.  At this price it is a very expensive 59% of the approx $1.2M upper end value for this neighborhood.   It will be interesting to see what it goes for this time.

Another interesting listing demonstrating how people are making $$$ (or at least trying to) is 1 Jefferson Ln in Town for $1,500,000.  This is the rear 1 BR 1 BA 776 sq ft cottage to 55 Fair St and because it is 50 years old it can be subdivided off the original house.  Also because it is not an antique, you can take the cottage to the dump on Sunday.  The sale comes with plans for your new residence AND accessory cottage, all on a 3626 sq ft "spin-off" lot. Your lawn mower guy sure isnt going to take long!  The original house, which originally included this cottage, sold on April 28, 2017, or 3 months ago, for $2.25M. In other words if they get their $1.5M, the original house will have only cost them $750K, which they can then sell for around $1.5-1.6M, so a total gross profit of about $750K, or 33.3% in less than a year (only 3 months if they sold it tomorrow).  A $1.5M sale here would represent 156% of the assessment of the land.  This is yet another example of buy the original dividable property and spin off the "dividend", lowering your cost of the main.