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$475K In East Hampton: A Six-Bedroom In Need Of Some "TLC"

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Where: 17 Ocean Blvd., East Hampton North
Price: $475,000
Bedrooms/Baths/Sq. Ft.: 6/4.5/3000
Acreage: .55
Sale Date: March 1, 2012
The Skinny: Homes that offer this many bedrooms and this much square footage aren't very commonplace in the Under 500K category, especially in East Hampton. Listings in this price range tend to be much smaller cottages offering three (maybe four) bedrooms. However, there are exceptions to every rule and this would be one of them. There's an excellent reason why a home of this size (albeit one in need of some cosmetic work) sold for so little: foreclosure. Following a few years of bouncing between banks and holding companies, RCP Holding Corp ended up with the property after paying $453K (it had almost a $1M mortgage) at auction in July of last year. They, in turn, sold the place to the new owner, HCDC Holdings LLC, for $475K?$75K less than what they were originally asking.

· Listing: 17 Ocean Blvd [Prudential Douglas Elliman]