This story is proof of the old adage that the three most important things to remember about purchasing real estate is location, location and location.

The New York Post tells MHProNews that Richard Lester purchased a one-third acre lot in the Hamptons on New York’s Long Island for just $300 in 1956. He then purchased a 700 square foot $15,000 manufactured home and moved it to the property, and has lived there with his wife ever since. Today, the 79-year-old fisherman said the $15,000 purchase was a stretch in their budget at the time. Now, this tiny piece of land and one-bedroom manufactured home is worth $1.1 million!

So, what makes this property worth so much today? It’s the surrounding neighborhood. The home is located just one mile from the ritzy Indian Wells Beach and is surrounded by huge homes owned by the rich and famous. In fact, Lester can boast neighbors that include Jerry Seinfeld and Paul McCartney.

The property is being offered for sale and the listing realtor, Ray Lord, says the asking price has nothing to do with the manufactured home. It is all about location.  Lord says, “Erase the manufactured home from your mind and it’s $1 million for land.” However, that leads to ask the question, “How on earth is that manufactured home worth $100,000?”  The Realtor said, “Needless to say, I think an offer of $1 million would be accepted.”

Though the Hamptons property listing says that someone could potentially live in the manufactured home while they plan for their “4,000 square foot new house,” Lord notes that buyers don’t seem very interested in that idea.

However, Lester still lives with his wife Tess in their modest castle, which sits on 0.36 acres of land in this exclusive and expensive enclave. A nearby home recently sold for $4 million.

Lester, who still makes his living from the sea, said he never dreamed he’d land the big one — on land.  “I think it’s ridiculous!” he said. ##

(Photo Credit: New York Post)

 

Article submitted by Sandra Lane to – Daily Business News – MHProNews.