Fairfield: Preston's Picks # 1:
Ash Creek / Beach marketing area.
Property abuts marshlands with southerly exposure towards Long Island Sound.
Residence A Zone. Non-conforming, 50' frontage, .29 acre, rectangular in shape, and level. Site is located within a 100 year flood plain. Available topo maps show street grade at approx. 8.5' - 9' above sea level. Min. base elevation = 11'
Existing improvements: 1938 built, frame, colonial style dwelling having approx. 1,450sf of living area on two levels. 3BR / 1.5Bth. Full Bsmt. HW / Oil heat - above ground oil tank. Detached, frame, 2 bay garage.
Highest & Best Use difficult to determine given likely variance & FEMA compliance requirements. Projected pricing for an approx. 2750sf new home is $1,050,000 - $1,150,000. A rehab project could go lean & mean and produce an ARV of approx. $550,000 or max. out and be in the $625,000 to $650,000 range.
Likely acquisition pricing will range from the mid 3's to low 4's.