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7 Somers Place
Sag Harbor, NY 11963
Kim D. Hovey with Compass, original listing - (212) 913-9058
$6,995,000
Conventional
Property
Bedroom
6
Bathroom
Full: 5
Property Type
Conventional
Square ft
5879 Square Feet
Property Description
Drawing inspiration from the Greek Revival style of architecture, this quality constructed residence was developed by Sag Harbor master builder, Robert Tortora. No expense was spared in creating the custom moldings, floors, windows (Pella), and systems throughout the house. The rear roof and gutters are lead coated copper an expensive old world architectural detail. Well located only .4 miles to the village center, this stylish home of over 5879 sf is so close to the hustle and bustle of Main Street and yet is so quiet. Positioned on a cul de sac at the end of a private road, the property, formerly owned by Ben Gazzara, boasts .57 lush acres allowing room for expansion, if needed. As you approach the front door you see sculptured rock walls and perennial gardens in bloom including purple Japanese iris and pink Korean lilac. Upon entering your eyes capture the reflection of polished and gorgeous wide board floors made of antique reclaimed wood. The gracious living room with mantled masonry fireplace and elevated ceilings flows to a spacious dining room that can easily accommodate 10 guests or more. The custom light-filled chef's kitchen has a cupola that provides natural light over the center island and includes an intimate breakfast area with additional lounge area where one can curl up with the morning newspaper. The adjacent butler's pantry also serves as a convenient laundry room. An open family room and full bath completes the first level. Upstairs you'll find four large bedrooms and three full baths, including a grand primary bedroom with marble bath that has double sinks, jacuzzi tub, and separate shower. An additional 670 sf can be found on the third level that is completely finished with heating and a/c, offering climate controlled storage. The lower level with easy access to the rear yard has a media area, game area; as well as an office and gym that has potential to be two additional bedrooms. The spa/bath here offers a new steam room/shower that easily seats 6 and a sauna with new heater. Step outside onto the mahogany terrace and let your cares just slip away. Look across the bluestone terrace to the inground gunite heated pool, and over lush lawn to a pastoral scenic easement with mature trees. The pool has been recently resurfaced and has a new heater. To the west is a new hot tub and to the east is a separate outdoor dining area with barbeque and lighting, perfect for entertaining. This special home can be sold turn key except for personals and art. *Approved plans are in place to upgrade the septic system to allow for a six-bedroom home.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
2007
MLS Number
--
Location
Address
7 Somers Place
City
Sag Harbor
State
NY
Zip Code
11963
County
SUFFOLK (EAST)
Listing
Name
Phone
(631) 236-9034
Office Name
Office Phone
(212) 913-9058
Agent Name
Kim D. Hovey
Agency Phone
(212) 913-9058

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.