$13M Amagansett property hits the market

TRD New York /
Feb.February 17, 2010 03:59 PM

A $13 million oceanfront Amagansett residential compound at 55 Dune Lane and 61 Dune Lane has hit the market. The property includes a 2,200-square-foot house and a 700-square-foot cottage with a 600-square-foot attached garage, which has been transformed into a living space.

Dawn Neway, an agent with Prudential Douglas Elliman whose listings include a nearly $20 million, 25,000-square-foot house in Wainscott, has the listing.

The home and the cottage, which features a heated pool, would cost $7.65 million and $5.35 million, respectively, if purchased separately.

The seller, who owns another property in East Hampton, according to Neway, primarily used the Amagansett compound as an “income-producing property,” renting it to tenants on a monthly, seasonally or yearly basis. Neway would not reveal the identity of the seller, saying only that he’s “no one famous.”

Both properties have undergone renovations since the seller first purchased them in 2008, according to Neway, including new flooring. Although she would not divulge the 2008 purchase price for the house, she said that the cottage’s closing price had been “in the high $4 [million range].”

Despite the current property owner’s relatively brief period of ownership, Neway said that he was not motivated by financial troubles to unload the property and added that he’s unconcerned about placing these homes for sale in the middle of a weak Hamptons market.

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