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A local broker’s Montauk home sells for $8.7M

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Broker Michael Schultz spent about two years renovating the ’70s contemporary

Photos courtesy of Corcoran

Local Hamptons real estate broker Michael Schultz of Corcoran Group Real Estate has sold his Montauk home at 58 Surfside Avenue for $8.7 million, after having owned the home since 2005.

In 2005, Schultz purchased the ’70s contemporary style home for around $4 million, and spent about two years and approximately $1 million renovating the structure. Renovations to the home included finishing the basement and adding a pool.

Schultz told Curbed that his favorite part about the Montauk home was its casual vibe. The broker said that it was the type of home where it didn’t matter if you tracked in sand after coming off the beach—for him, and the tenants he hosted at the property over the years—it was “all about the views and the easy, relaxed nature.”

The home sold relatively quickly. Though it had been listed on the market before, the buyers were ready to close soon after deciding on the purchase. It sold earlier this month for $8.7 million—more than twice the amount that Schultz purchased the property for in 2005.

Standing 2,850 square feet, the home has four bedrooms and three bathrooms on 0.84 acres of oceanfront land. Inside, there is a double-height living room, hardwood floors, sliding glass doors, a fireplace, and, according to Schultz, views of the ocean from every room in the house.

The sale does not leave Schultz without a Hamptons home, however. In 2015, he purchased a shingled oceanfront home designed by Robert A.M. Stern, located at 380 Old Montauk Highway in Montauk.

Montauk Highway

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