The Million-Dollar Teardown
By Laura Euler
A couple years back, we had a great idea for a new reality show: Who Can Sell This Rubbermaid Shed in Sag Harbor for a Million? (We admit that maybe the title needed a little work.) Three local agents would compete to sell a Rubbermaid Big Max shed, with a luxurious 7′ x 7′ interior, for a million bucks in Sag Harbor.
Well, this property, listed by Maria Markovic at Saunders, pretty much embodies our idea. Of course it’s not actually a shed but a 900 square foot, 2-bedroom cottage asking $1.2 million. On Madison Street, the property sports a very large plot at 0.92 of an acre. Under current zoning, a new owner could build a 5200 square foot house, plus pool and pool house. There are no clearing restrictions and no wetland restrictions.
Next, the question is, would it be worth it? Say you could get the property for a million. Build a 5000 square foot house for 2.5 million (at $500 a square foot). Would the resulting property be worth $3.5 million? We’d say yes, but not that much above it. Granted, this is a very large plot for the village. The listing also says, “Added bonus- there is a possibility for a subdivision into two, 20,000 square foot lots.” That might make the most economic sense, if possible.
What say you? Worth it?
For more, click here. 354 Madison Street, Sag Harbor
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