I NEED A NEW PROJECT. I am getting antsy to find another property to fix up. It’s been two-and-a-half years since my last real estate purchase — the Long Island cottage where I sit this morning, waiting for it to warm up enough to go out and put burlap winter jackets on my deer-prone shrubs.
My official profession, the one I’ve been putting on my tax returns for 30 years — freelance writing — is not nearly as engaging and energizing as the active, hands-on work of transforming a derelict property into something not only with curb appeal, but with inside appeal as well.
I’ve come to the conclusion that the hard part is not scrabbling together the down payment, or getting a mortgage, though God knows, that part is hard enough. The hard part is finding the property in the first place.
I have not been resting on my mountain laurels here in East Hampton North, which I’ve come to love. It has everything: woods and gardens, bay and ocean, art galleries and farmland. Do I miss the big city 2-1/2 hours to the west? In a word, NO.
Naturally, any “For Sale” sign gets my scrutiny. But none of these have captured my attention. What I’m excited about these days are two properties that are not actively on the market but that are both unlived-in, unloved, and apparently have been for some time. Both are very near my own cottage, so I know the neighborhood intimately. Both are on half-acre lots. I’ve been to the Town Assessor’s office to get every shred of information I can on each one, including the owners’ contact information (often outdated or wrong, I’ve found).
Last summer, I reached one owner by phone, of a secluded 1960s modernist house, top, quite near the water. Just to give you an idea of the property’s condition: there’s a ‘swimming pool,’ above, with a tree growing in it. The owner threw out a price, which is more than I can manage but not beyond the bounds of reason. I said I’d like to see the inside. He lives far away (and indeed, the house has been abandoned for years); evidently he is in no rush to sell. He said he would contact me when he was in the area, which is not often. I followed up a couple of months later. He said he’d keep me posted. That’s where it stands. But the lines of communication are open. If I had the down payment in hand, I’d be more aggressive. Meanwhile, I’m trying to make my cash on hand grow, and looking around for other, cheaper properties.
Such as this one, above, just down the road from where I live now, a 1940s cottage with an outbuilding only a bit smaller than the original house. I couldn’t find a phone number, but wrote a letter to the present owner’s PO Box. It came back marked Unforwardable. I’m going to put a copy of my letter in the mailbox of the house today.
The place looks like it has been ransacked. I don’t care. It’s on a fairly busy road. I don’t care. There may be mold. I don’t care. (Even mold can be gotten rid of.) I do care about price (presuming the owner’s willingness to sell at all). That has to make sense. If it does, I’m in.
That’s what I want: a fixer-upper to fix up. A handywoman’s special. A diamond in the rough, the rougher the better.
I see value. I see potential. I see challenge. I see reward. Call me crazy, but I see fun.
You go girl!!! Good luck!!
I like the first one!
What’s the play here anyway? Flipping or renting? I dont really understand the market out there. But I know the taxes are decent, right?
I don’t know. Maybe living in. That’s the beauty of real estate. You can do so many different things with it:-) The taxes are $4-5,000/year. Is that good? Compared to NYC property taxes, they’re pretty high!
If I had the financial means and a team of good craftsmen, I would be as interested as you to salvaging these great cottages. They are prime real estate and deserve a loving hand to bring them back to life.
I like the first one too, partly because considering your acquisitions and subsequent renovations up to now, it is an “un-Cara” kind of place. Another part in the partly is that this whole mid-century modern thing is starting to appeal to me too, and I thought it never would. Would love to see what you would do with that place.
Yes, we all (including me) like “the first one” best. The architecture is more interesting, the location better, and it has at least the beginnings of a pool! However, the asking price (IF the owner decides to sell) is probably 250K more than what the owner of the blue cottage would ask (IF he decided to sell). In any event, neither of them are happening at the moment, so I continue my search. But it is fun to fantasize, and I do feel I’m moving toward another project. It’s just a question of how soon.
I love it when you say you’re “antsy” to do another property. That’s a good word for the feeling. Some times we crave the challenge and sense of accomplishment–not just the pretty check after the flip.
Boy I wish I had your gumption to tackle one of these projects! But I’m not too handy, nor too good at seeing “potential”. However, I think your idea to update one of them, is a good one. I hate seeing property going down the tubes because people can no longer afford the maintenance or upkeep. Hope you’re successful in whatever takes you do.
Thanks for the votes of confidence:-) Of course, this is all still in the fantasy stage. But you have to start somewhere, right?
If you are looking for a fixer upper, a diamond in the rough check out Mastic and Mastic Beach. Basically the whole neighborhood is for sale. My friends and I have buying there and doing the same as you but it is WAY more affordable in the Mastics.
Good for you, JP! I started looking in Mastic and Shirley three years ago, thought the potential was huge (even did a
https://casacara.wordpress.com/2009/04/14/near-the-beach-under-200k/ but ultimately decided I didn’t really want to live there. I tried rallying my friends, too, but couldn’t get any traction. The beach is great, and it’s only a matter of time. Would love to hear more about what you’re doing (perhaps it’s time for a casaCARA Mastic Beach update!), so please stay in touch.
I know a great property that’s in need of some sprucing, but it is neither for sale or derelict. Before you return “up island”, as they say, let’s meet in Greenport and you can take a gander at my cottage. I’d love to have your input!