Price? It All Depends

The boundaries of parcels in East Hampton Town may seem firm, but subdivision regulations have only been around a few decades and many older lots were created by a far less precise process. Old wills, barely legible handwritten agreements, or ancient quitclaim deeds - unreliable sources that may at times conflict - are often used to document the boundaries.

Take the case of a 4.7-acre parcel off the corner of Northwest and Old Northwest Roads. Long and narrow like a bowling alley, wedged between another bowling alley and a strip of two-acre house lots along Old Northwest Road, the lot is owned by investors grouped under the name Fiona Inc.

A Bargain, But. . .

It is part of the disappearing white pine forest that once covered most of Northwest, highly coveted now by builders and homeowners for its soft light and graceful terrain. At the rear is Joshua's Hole, a freshwater wetland at the hub of trails used occasionally by hikers but mostly by thirsty deer. There are nature preserves on two sides of Joshua's Hole, with a third side about to be preserved.

The Fiona parcel is recommended by the town open space plan for preservation, not just for its wetland and white pines but as a link in the Northwest Woods trail system. However, the town has so far made no move to buy it.

Zoned for three-acre residential use and in a water recharge district, which restricts clearing, the parcel was priced at a firm $135,000. So firm, in fact, that when an offer came in a couple of months ago the principals of Fiona balked at anything under $150,000, to cover the broker's fee.

The deal went to contract. Michael DeSario of Cook-Pony Farm, the broker, said the price was a great bargain by current Northwest standards - for a buyer who was willing to wade through the complications and wait eight months for the permits.

Not So Simple

"It's not so simple to buy land anymore. All the easy lots are going, going, gone. What we have left are lots of pieces that are difficult to get to the bottom of. It shows you how small this town has become," said Mr. DeSario.

The Fiona lot's narrow width and proximity to wetlands could make it a tight fit for a house. Its length necessitates up to 1,000 feet of drive way, which could add $20,000 to the cost. The wetlands need to be flagged. And, the title is hazy.

Fiona Inc. paid just $1,000 for it in 1987, after obtaining a quitclaim deed from Howard T. Finch, a resident of Ridge. Mr. Finch inherited the property from his father, who bought it for $1 from James and Margaret Gay and their son, John Gay, in 1915.

Muddy Waters

That may sound straightforward enough but a card in the Town Assessors Office contains a cryptic note, dated 1987, saying the owner had theretofore been unknown but was believed to be the estate of John Gay.

It doesn't mention the Finches, but goes on to say that a bygone developer, Algonquin Realty, may have intended to include the parcel in a series of old filed maps in the neighborhood. It never did.

To further muddy the waters, one Margaret Gardiner sued Fiona Inc. in 1989 to resolve a dispute over the north boundary. Howard Finch has died, and his estate, which retains an interest, has not gone to probate yet.

"This lot definitely would have been more valuable if all the questions were answered and there was no risk . . . . It could take eight months of work to clear it all up, and then you're not really sure of what you're going to get," said Mr. DeSario.

He said a similarly-sized lot nearby without such physical and legal complications sold recently for $200,000.