Monday, November 4, 2013

Hamptons New Normal, High-End Home Tear-Downs

Hamptons Sales Surge Fuels High-End Home Tear-Downs - Bloomberg: "Rich Perello tore down a $4.25 million house on 3 acres (1.2 hectares) in Bridgehampton to make room for two 8,000-square-foot houses with pools and tennis courts that he plans to sell for about $8 million each. The 2,500-square-foot house he leveled was built in 1804 and was “unlivable,” he said. The purchase price “was all land value,” said Perello, a Southampton-based developer, who’s using flooring and beams from the house he demolished in the new homes. “The fact that there was a house on it actually decreases the property value because you have to pay to knock it down.”" (read more at link above)

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