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Affordable Housing In The Hamptons |
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From The New York Times Real Estate Magazine |
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Near Hampton’s, but at a Lower Price
“Bryan Whalen of Whalen Builders in Hampton Bays said the best time to buy one of his homes is before it's built. "Prices keep going up so rapidly," he said. "We'll advertise at one price, and then three months later the price has jumped." Mr. Whalen has nearly completed two homes on West Tiana Road, a street that borders the bay and is dotted with for-sale signs, summer rental cottages and a new condominium building. One of his two-story colonials has sold for $550,000, he said, and the other is under contract at that price. At least six real estate agencies have offices along Main Street, and Allan Schneider Associates opened a Westhampton office in recent months that also covers Hampton Bays. "It shows that we're looking west," said Felicitas Kohl, a real estate agent at Allan Schneider. |
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A Rare Niche: New Homes for Rent |
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From The New York Times |
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Bryan Whalen, president of Whalen Builders, based in Hampton Bays, plans to hold on to some of his newly built Hampton Bays homes to have rental income during lean times. "If the economy turns, we'll definitely rent them," Mr. Whalen said. "If the economy stays strong, accountants say you might want to hold a few for rental, so you don't pay the capital gains tax on all of them in the same year."
He said the rents would probably range from $2,400 to $2,600 a month for a new four-bedroom home. |
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Articles courtesy of the New York Times Online |
