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Rental Wars: Sea Spray Cottages Will Go to Highest Bidders

Summer 2010 will mark the first time East Hampton's Sea Spray Cottages will be rented to the highest bidder. The 13 units at the village-owned enclave at Main Beach will be up for grabs after 30 years of giving 'existing tenants the right of first refusal on the seasonal leases'. The move comes as the village board believes the cottages should be generating more revenue in an 'open, competitive process'. Basically, the village needs cash. Now. There is a 300 person waiting list for the coveted oceanfront spots, something at will likely drive prices up come next year.

According to the Star, seasonal rentals last summer 'ranged from $27,882 for a one-bedroom unit to $51,211 for a three-bedroom', bringing in $495,661 for the village. The already high prices are comparable to other oceanfront cottages on the East End, but the location at Main Beach (within walking distance to the village) should certainly incite some bidding wars. As expected, many of the longtime tenants are upset about the move, hurt that the village would take away the summer homes that many have renovated and furnished on their own accord. The village maintains that there were no assurances that the leases would last forever, and it must do what is financially right for the community. The end of an era.
Photo courtesy Carissa Katz via EH Star
· Sea Spray Hits the Rental Market [EH Star]

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