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[Photos via Hamptons Online]

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IS IT POSSIBLE? YES, IT’S POSSIBLE.

This past week, the website Hamptons.com canvassed the listings in the under $500,000 bracket.

Of the 23 properties they came up with (a few mobile homes among them), eight are “fairly well-maintained cottages and capes” in East Hampton, my new stomping ground. Some, no doubt, will go to contractors and spec builders eager to tear them down and replace them with something bigger.

Even that 500K figure sounds high to some (it does to me; I paid 320K last May for my c.1950 cottage on 1/2 acre in Springs). Said one broker: “There are people out here who think a half a million dollars is a lot of money for a 1980s ranch that needs work. Prices need to come down more before these houses sell.”

Read the whole thing here.

Anyway, who wants a 1980s ranch? Not I. I did a little of my own MLS research on Hamptons Real Estate Online and turned up something much more to my liking: an old cedar-shingled cottage on 1+ acre.

#46659 is a diamond in the rough, wouldn’t ya know. I quote:

Ready for renovation, this charming c.1900 cottage with barn is situated on a 1.20-acre property in a desirable neighborhood. Living room with fireplace, dining, kitchen, two bedrooms, and one bath. Large free standing barn on the property perfect as a studio. Room for further development. $495,000.

Suckered in once again by pretty real estate lingo. I went to see the house, on Springs Fireplace Road. It’s noisy with a capital N, but more to the point, nothing short of throwing a grenade into the house would do justice to the condition of the interior. It’s a gross-out with a factor of 10 on a scale of 1 to 10. All that said, it’s a sunny, open piece of property and some of the neighbors are upscale. Will it sell? Only time will tell.

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