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The Cottages At South Lake Are Now Asking $3.25M

If you're hoping to get into the hotel business, but The Montauket's $16M pricetag is out of your price range, have a look at The Cottages At South Lake. The 1.7 acre compound was purchased for $1.59M back in 2005 and, after few renovations, was then re-listed for $3.75M in 2009. However, that price has recently been cut to $3.25M.

The property boasts eight buildings in total: A 2 bedroom/1 bath Main House, three 1bed/1bath cottages, a pair of efficiency units, as well as a pair of studios. There's 105 of private beachfront access, mature landscaping and "unobstructed views from the South end of the Lake to the Harbor." And, if becoming America's Next Top Hotelier isn't your thing, the units could easily be rented on a seasonal basis. So...anyone interested?

· Amazing Lakefront Boutique Motel On 1.7 Acres [Town & Country]