The guidelines have arrived! With the last of the longtime tenants gone, East Hampton Village is set to adopt 'bid-and-auction instructions' for Main Beach's Sea Spray Cottages next week. Prospective bidders, here's what we know: The auction will take place on February 6th, with 13 one, two and three bedroom cottages up for grabs. Leases are set to run from May 14th to September 19th, and 'tenants in good standing' will have the option for a two-season renewal, at a 5% annual increase.
Minimums: For one bedrooms, $30,000 to $35,000. For two bedrooms, $38,000 to $45,000. For three bedrooms, $55,000.
Reqs: To bid, expect to sign a lease upfront and bring a $15,000 bank check payable to the village. Unsuccessful bidders will get their checks returned.
Rules: One unit per tenant, though bids on more than one will be accepted. No LLCs, trusts or companies allowed. Cottages will only be rented to people. As for brokers, he or she is allowed to represent a tenant at the auction, as long as that tenant pays the fee.
Misc: Cottages are as is. That means some might be partially furnished, some not. Prospective tenants can go inside for inspections on January 16th and January 23rd (11am-2pm) for inspection. Live bidding will take place on February 6th, but bids can be entered at Village Hall in advance until February 5th at 4pm.
· Bids to Begin for Sea Spray [EH Star]
· All Sea Spray Coverage [CH]