Springs: Bang For The Buck
As part of The Star's ongoing series on real estate, each week will include a brief look at the market in a particular hamlet. We start with Springs.
There is a strong sale market in every area of Springs, according to Melanie Ross, president of Cook Pony Farm Real Estate.
Though prices in the hamlet have "historically been on the low end," she said they were beginning to move into line with prices elsewhere in town. She noted that affordability coupled with lots of waterfront brings buyers - both second-home and year-rounders - to the hamlet.
Reginald Cornelia, a broker with Blue Bay Realty in Amagansett, said he had "quite a few" Springs houses in contract. "I'm not saying it's a seller's market, but if you price your house reasonably, you'll find a buyer," he said.
"People are beginning to realize there are some very good buys in Springs," and that the beautiful parts of the area insure that they will get a lot of bang for their buck, said Mickey Dion, a broker at the Amaden Gay Agency in East Hampton. School taxes on the high side don't seem to be a deterrent, several brokers said.
Rentals Sluggish
"For anybody who wants to be on the water, it's the best buy around," Ms. Dion said, adding that Clearwater Beach and Lion Head, with their private marinas, Gerard Park, and areas near Three Mile Harbor such as Briarcroft Drive seem to top many a seeker's list. Ms. Ross added Louse Point to the list.
As in other parts of town, Springs summer rentals had been "sluggish," Ms. Ross and Mr. Cornelia agreed, though both expect them to catch up before Memorial Day. Ms. Dion said Springs's secret attractions were country stores, bay beaches, and tennis courts.
There is plenty of land left to build on in Springs, said Ms. Ross, from a lot just under a half-acre listed at $45,000 to 2.9 waterfront acres for $395,000, with builders attracted to low-end parcels on which to put up houses on speculation.
Though large areas of Springs have been subdivided into relatively tiny lots on old subdivision maps, large tracts around Accabonac Harbor have been preserved. Other areas, such as the 165-acre Jacob Farm, between Neck Path and Accabonac and Red Dirt Roads, have been eyed for some type of preservation. The Town Open Space Plan recommends that it be used for a clustered subdivision, with more preserved areas than usual.
Young Settlers
The market for houses priced between $150,000 and $200,000 has picked up, said Ms. Dion, with the "younger contingency" of year-rounders looking in Springs to settle. "It's not the busiest part of town," said Don Sharkey, a town building inspector who heads to Springs once a week. Mr. Sharkey, who checks on renovations and new construction, said Springs seemed to have less construction going on than Montauk, Wainscott, and Northwest.
According to the department's records, in the first quarter of this year, nine building permits were issued for new houses Springs.
Another indicator of the community's growth, the Springs School, has seen its population of approximately 550 kindergarteners through eighth-graders remain steady over the last year or so.
According to a Board of Cooperative Educational Services enrollment projection prepared for the school, which looked at real estate and population trends, it can expect to see a slow but steady increase in students over the next few years, with a total of 600 or so in 2006, with the bulk of new students entering the primary grades.