Long Island houses near the water that sold for under $1 million

On the barrier island of Long Beach, which was ravaged by Superstorm Sandy in 2012, a raised home is often "out of reach" for a first-time home buyer, said listing agent Barbara Mullaney.

"Because these properties are so desirable, and you get such an influx of people looking," she said. "As a first-time homebuyer, it's very difficult."

Newsday reported last month that the median home prices in Suffolk and Nassau counties were $690,000 and $810,000, respectively. The sub-$1 million price point remains competitive across the Island, including among beach communities.

And yet, in June, Mullaney and her clients closed a deal at $865,000. The home was not raised, and the price reflected that, she said. Though challenging, it is still possible to find a home in a beach community for under $1 million — if the buyer is willing to make compromises. 

"You really do need to work with a Realtor that really knows the market, that has the pulse on everything that's going on in that particular community," Mullaney advised buyers with that budget.

She also recommended obtaining mortgage pre-approval early and saving a "substantial downpayment."

Newsday spoke with listing agents about recent sales in beach communities that have closed at under $1 million.

Long Beach

Closing price: $865,000

The $865,000 sale Mullaney represented in June was a three-bedroom, 1½-bathroom home on the west end of Long Beach.

"It's in beautiful shape, it's completely updated, all that good stuff, but," Mullaney said, "It's not raised, it's not brand new."

The house has hardwood floors, an updated kitchen and a finished basement, Mullaney added. The main living space is not on the ground floor, she said.

With a covered porch and a west-facing facade, the 968-square-foot home is "a great beach house," said Mullaney, of Coldwell Banker American Homes. The house is within walking distance of the beach, she said.

"What's nice about the west end is that you're never too far from the beach," Mullaney said.

Flood insurance on the property is mandatory and totals $1,954 annually, according to Mullaney.

Westhampton

Closing price: $425,000

The perceived price of entry to Dune Road is high: many associate the stretch of road with $3 million to $4 million houses, said Compass Greater NY agent Mariana Nunes. But in June, Nunes sold a co-op unit there for $425,000.

"I think a lot of people don't realize that these opportunities exist along Dune Road," Nunes said. "Something like this is usually overlooked."

The Westhampton House co-op building is open only from April to November, but the buyer owns the unit, Nunes said. The garden-floor studio Nunes sold last month measures 450 square feet and has one bathroom. The listing advertised a Murphy bed that could also serve as a table or desk.

"If you're someone who just wants a place to hang your hat and enjoy beach life without the burden of having to maintain a property or anything like that, it's kind of a win," Nunes said. "You're on the ocean, you have everything taken care of for you."

Residents of the "well-maintained" building have access to a pool and various village amenities, Nunes added. The building also has an elevator. 

"For under half a million dollars," Nunes said, "I liken that to like winning the lotto."

Taxes and maintenance fees combined total $7,800 annually.  

Point Lookout

Closing price: $850,000

A block and a half from the ocean, a "two-bedroom cozy cottage" in Point Lookout sold for $850,000 in March, said listing agent Tom Hug.

Hug, who sold the property with his son, Frankie Hug, for Hug Real Estate, attributed the closing price to the size and location of home. According to the listing, the house is  840 square feet.

"Under a million is not easy," Tom said.

The house has two bedrooms, two bathrooms and a living room with a dining area, he said. There are a gas heating system, a rear patio and space to park four cars, he added. The water is not visible from the property.

To those shopping for a house near a beach at this price point, Hug said there is "nothing available;" but if something comes up, he said a cash buyer has a better chance at getting one than a buyer with a mortgage.

"People prefer to have a cash buyer," he said.

Sound Beach

Closing price: $805,000

Several years before the January sale of a three-bed, 2½-bath home in Sound Beach, the previous owner turned a four-bedroom Colonial into a three-bedroom, said listing agent Nick Albanese. The fourth bedroom became a full primary bathroom and walk-in closet.

"She thought she was going to be there forever," Albanese said of the seller. "So she did it the way she wanted to."

This year, the home sold for $805,000, said Albanese, of Douglas Elliman Real Estate. The listing price was $799,990, he said.

From the side of the house and the backyard, there is a view of Long Island Sound, Albanese said. The home is in proximity to a beach open to members of the Sound Beach Property Owners Association, for which membership starts at $350 annually, according to Albanese.

"A lot of houses that aren't on the water, it's not easy to get the water view; but this house had the water view, which added to some of the value," he said.

Cherry Grove

Closing price: $920,000

In the West End section of Cherry Grove, Summer Place Realty agent Evelyn Danko closed the sale of a two-bed, one-bath home at $920,000 in February.

"There's not much under a million, frankly," Danko said of the beach house market.

Danko described the home as a "small two-bedroom house" and attributed the closing price to its size.

"Frankly, it's a lot of money for that house," she said; but the home was in "mint condition" with a newly painted exterior.

Outside, there are a private heated pool and an outdoor shower. Many area properties do not have space for the pool, she said.

"The grove has small, small lots," Danko said. "But the thing is the prices are getting comparable to other communities."

Fire Island

Closing price: $970,000

The sale of a six-bed, two-bath Fire Island house listed for $970,000 closed at that price in January.

"It's possible to find in a water view, but not waterfront, for that price," said listing agent Nancy Bush, of H&G Realty New York. "And that property had a great water view." 

The elevation of the house facilitates the view, Bush said. A wooden path leads to the boardwalk, but not to the beach.

Each bedroom has its own split, Bush said. The listing advertised a new roof and cesspool, as well as upgraded electric.

Though Bush said the nearby Davis Park area was "still affordable," she said homes listed for under $1 million are "very hard to come by" in her experience.

"So if you get a listing, you know, it's usually gone very quickly," she said.