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Nicely Renovated Historic Water Mill Home for $2.795M

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Light, open, spacious, and charming

This is a very handsome old house, newly renovated with taste and style, set on 1.75 acres of waterfront property with permits approved for expansion, a pool, and a tennis court. So why the low price? The title for this listing is "At the Pulse of Historic Water Mill Village," which should set off some alarm bells for the Hamptons buyer. Let’s just say you can easily walk to Number 1 Chinese Restaurant, not to mention wave to LIRR passengers.

Of course, when this house was built in 1880, Water Mill was a very different place. Even then, the Sag Harbor Line tracks ran right next to the property, but the Long Island Rail Road was bankrupt until Austin Corbin purchased it later that year. Yes, the property was on the main road, but there was much less traffic, and fewer shops, and probably not even any Chinese restaurants, much less number ones.

Location issues aside, the property has much to offer. Rolling green lawns, frontage on part of the Mill Pond, and a house that’s ready to move in to. Open and light, with new French doors, the house sports four woodburning fireplaces, a new kitchen (love the trend for patterned kitchen floors—so much more practical and fun than wooden floors in a kitchen—and the copper ceiling tiles), a spa-like master bath, and a guest room/library with fab built-in bookcases. (We just hope the flippers didn’t rip out any original features.) In all, there are four bedrooms and three baths in 2800sf.

Hard to say what a reasonable price is on a unique property. It last sold in February 2015 for $1.15M; obviously it’s undergone some considerable work since then. What do you think of the place?