Chris Stewart of Douglas Elliman has a knack for scoring great listings. This Greg D’Angelo built beach house is no exception.
Mathematically, the numbers add up nicely for a smart buyer.
Sample land values South of the Hwy in the fashionable Amagansett Dune’s neighborhood run roughly $1.4M to $2.2M (The closer you get to the ocean the higher the numbers get).
Sample cost to construct for a home of this size and quality would run $400+ per ft or an estimated replacement cost of $1.365M to $1.6M depending on high-end finishes.
When you take into account the positive attributes like: a quiet street, private beach access, the limited number of homes in the neighborhood, then you imagine your children riding their bikes safely around the neighborhood in the early evening hours while the family sits on the upper deck after another perfectly executed BBQ, drinking cocktails …
Well anyway, excuse us for day dreaming, but the cost to duplicate this (like/kind) scenario for a newly built construction combo may run over $3.2M.
Really, no kidding, try it.
So why isn’t this Hamptons Speculator recommended bargain sold, closed and the new family already counting the days, minutes and seconds until summer 2017 begins? One word.. Vision.
It’s not that you can’t see it from the view of the top deck or get the total beach living vibe.
Some buyers lack vision until they’ve seen 10, 20, or 30 homes before circling back to a home like this. Only to find out it’s too late.
Now for the best part.
We mention D’Angelo Built for a reason. Greg D’Angelo is one of the premier builders in the Hamptons.
Greg enjoys a reputation for his workmanship, but more importantly his work stands apart from the rest because they’re engineered to stand the test of time.
We believe the technical term most commonly used is, “They’re built like a brick Sh@# House.”
We should mention why. Greg’s attention to small details comes from his back ground as a concert level pianist. His obsession with perfection might also come from his Italian gene pool, but his down to earth demeanor, and honesty comes from having his knuckles beaten by those crazy nuns at LI’s Chaminade High School.
Currently Greg is working right around the corner on Hand Lane, and has teamed up again with local Architect Erica Broberg on a super cool project. We recommend you not check it out because you’ll leave with a serious medical condition called house-envy.
However, having the builder working around the corner or having him take a pre-purchase visit, we’re certain Greg can show you in a NY minute where or how some changes and possible upgrades can be made.
But before you get to “the builder and the Architect phase” of remodeling, there are two simple approaches you could take with this home:
1) Buy it. Buy the furniture too. Use it as a traditional family beach house. It’s priced well under market value so just enjoy it for what is … if you need a reminder, it’s a place for the family to relax, and let kids and pets run wild.
As we like to say, if milk isn’t coming up through your children’s nose from laughing so hard at the dinner table, then you know they are not having enough fun.
Instead of spending the money on the rehab, make the singular focus about making lasting family memories.
In other words over look the dated items. It’s a place to eat, sleep and bathe in between walks to the beach, trips to the IGA for ice cream and s’mores for night time beach bonfires.
2) You could budget roughly $300k, and here’s how you spread the funds around.
[Disclaimer: Greg D’ Angelo Built also assumes there are no major structural defects that need addressing, and remind our readers that homes this close to the ocean take a beating from the weather, humidity, moisture, and age faster than homes farther inland.]
Here’s our thoughts on a simple makeover plan:
$6,500 – Select demo work; bath title, and kitchen reconfiguration, dumpster fees.
$12,500 – Floor refinishing. Strip, sand, and re-stain. We’d go with a light gray wash and 2 to 3 coats of poly in a mat-finish to hide the beach sand.
$18,500 – for upgrade in trim detail and dry wall repair.
$33,000 – Kitchen and bath upgrades to include new tile work, include re-facing cabinets and vanities, and counter tops. (possible new island).
$14,500 – New appliance upgrades.
$7,500 – for a new fireplace surround.
$35,000 – painting both interior and exterior, power wash and re-staining.
$29,000 – For window and entry door upgrades.
$55,000 – Exterior landscaping, front yard screening and include a back/side-yard seating area with a patio fire-pit.
$25,000 – add an above ground Fast Lane Pool & Spa, and decking. (In ground pool not allowed)
$10,000 – Miscellaneous
$246,500 – Total.
$53,500 remainder. We assume you can negotiate into the price the beds, dressers and a few necessities. Next, go to Wayfarer, Pottery Barn, Pier-One and Target to outfit the living room, kitchen, dining and outdoor entertainment areas with super cool and fun furniture and staging items. Buy top of the line mattress covers, sheets, towels and bedding from Bed Bath & Beyond, IKEA or wherever… and the beach house transformation is now complete!
Our guesstimated end value is now $2.85M to $3.250M (Depending on details, execution and design taste).
Rental value: $100,000 or $40k forJuly and $65 for August. (Again depending on staging and cool design features).