A two-story, 6,600 sq ft home in northwest Water Mill is scheduled for auction on August 25th 11:15 PM, at the Southampton Town Hall, with a mortgage lien of $2.6M.
Even the exclusive Hamptons community occasionally opens up a back door for new residents to enjoy its lifestyle. For the more budget-minded real estate shopper, a perfectly timed foreclosure auction just might be that rare opportunity. One such home in the lovely low-key Water Mill community is coming up for auction on August 25th, having a mortgage lien of $2.6M and a more than generous 6,600 square feet to live in.
Current listings on the market with similar square footage and in close vicinity are asking more than double the amount, between $5M and $6M. Although information on interior design and appliances is unavailable for a clearer comparison, the starting bid on this auction would still likely represent a massive discount on the property’s real value.
The two-story property is located on the north-western outskirts of Water Mill’s 11976 zip code, the 13th most expensive zip code in all 50 States and one that Jennifer Lopez, among other celebrities, calls home.
Like most homes in the Hamptons, it sits on a far-reaching lot – more than 4 acres – and counts 2 kitchens, 5 bedrooms, 6 baths, a pool and a fireplace.
Built in 2002, this is the first time the property has been scheduled for auction. However, it has gone into Lis Pendens 6 years prior for a mortgage lien of $2M, lien that plaintiff JP Morgan Chase Bank is now resolute to reclaim.