New houses in The Hamptons are often very extravagant. Though expensive, they can make for great investment opportunities. This month, we're excited to feature a recently completed new build in Sag Harbor, NY that turned out to be specifically that for one real estate investor.
This New York property has been built with numerous exciting features, and our borrower was determined to make it exceptional for the future owner. This real estate investor was able to build a beautiful home with lovely amenities in just one year. Upright was there to help the borrower turn the property into a modern, upscale home through the help of a new construction loan.
Check out the video below to see how this property in The Hamptons was updated to become a modern masterpiece with high-end finishes. The borrower spared no expense to make sure this property would stand out among the rest!
This real estate investor saw a fantastic opportunity to build and turn a profit through financing with a new construction loan. After successfully completing the project, the borrower listed this home for over 4x the price of the land. With 5,500 square feet, this Hamptons home features 20-foot walls of glass to brighten the ground floor, an open-concept dining room and kitchen, large prep pantry, 3 bedrooms (one with an outdoor terrace), a secluded guest suite, which requires access over an interior 'bridge," a private library or media room, an elevator that goes to all floors, and a built-in 2-car garage. The home sits on nearly 2 acres of property, with a large backyard that features a secluded covered patio with an outdoor fireplace, sparkling gunite saltwater heated swimming pool, a large raised patio overlooking the pool, with a runway layout, a tennis court, and a pool house with a full bath, wet bar, and inviting space for a bedroom, office, or art studio. We are proud to showcase how our private money loans help to build homes like this one.
3 Stats You Need To Know for Building and Selling Houses in The Hamptons
According to Town & Country Real Estate, The Hamptons can be a great place for a new construction flip. Some of reasons for why you might want to build and sell a house in The Hamptons are listed below.
- In 2019, 1,670 homes were sold in The Hamptons.
- Median home price was $998,750 in 2019.
- Median income is around $97,500, well above the national average.
Are You Ready to Build and Sell a House in The Hamptons?
Do you have an investment property ready for a new build like this one? Apply in under two minutes to get fast funding for your next real estate deal. Check out our Hard Money Lender team in New York or Click below to get started:
Looking for an alternative to stocks? Real estate investing can earn 8-10% annual returns on pre-vetted, low LTV, real estate-secured loans. Upright Upright offers industry-leading visibility into each project, enabling investors to be highly selective in the loans they choose to fund. Click below to make an investment today!