HOW LOW CAN THEY GO? This is the first time I’ve seen a house in Springs (East Hampton) below the 300K mark, and it’s in a generally desirable section: the Maidstone Park area, a few minutes’ walk to a miles-long stretch of pristine Gardiner’s Bay beach on Long Island’s South Fork. (See some of the more appealing cottages in the neighborhood here.)
It’s a 700 square foot, 2BR, 1 bath cedar-shingled cottage built in 1975, on a slip of a lot (.19 acre).
It’s located in a cul-de-sac that happens to be less charming, more Beverly Hillbillies (toys, junk in the yards) than most in the neighborhood; one can only hope that will change eventually. When I went to take a look for myself, I remembered going to a yard sale in front of that house; it was a young family who didn’t have much to offer, goods-wise, and I was saddened to see recently, in my research, that they paid over 500K (!) for the house a few years ago, and that this is a foreclosure/short sale.
Could something cute be done with it? Sure! Could it be a profitable rental? Probably not. Maybe a break-even.
To check it out for yourself, call John Brady at 631/294-4216. The listing, with more photos, is here.
casaCARA 
ys, Cara, i agree. This is a sad state of affairs. But 500 K was definitely overpriced and this is now definitely underpriced. Hopefully will go to a young family who lives out there year-round.
Yes, I feel sorry for that young couple. Real estate costs what the market will bear, but 500K for that sounds like a lot anywhere. Now the bank is giving it away. Why not sell it back to this young couple for 300K at a lower interest rate? Cute place, anyway….
This is really a good price. On the North Fork there are a few like that, but as you said this is a desirable area near Maidstone Park.
A sad state of affairs or that young family but we are not out of the woods yet. We will get there, now is the time to buy.