Small Private Island on Putnam Lake For Sale
Purchasing a private island for less than $1 million might seem farfetched, but not if buyers are interested in a small piece of land in the middle of Putnam Lake.
Willow Island in the Town of Patterson became a hot real estate topic in the tri-state area last week when several media outlets reported a private island was for sale for less than $1 million. The price listing is currently $850,000 for the island that includes a 1,922 sq. ft. four-bedroom house with 1 1⁄2 bathrooms. Additionally, the Colonial house built in 1932 has 35 windows and multiple docks considering it is only accessible by boat.
There is also a separate 600 sq. ft. studio with vaulted ceilings and a separately deeded private driveway and garage on the mainland for a person to park their car before they head over to the house in solar powered boat provided. (Motorized boats are not permitted on Putnam Lake.)
According to a 2011 report on the creation of the Putnam Lake Park District by the town, Willow Island, which is also known as Plum Island, was filed as a separate subdivision map on May 24, 1933.
The listing is being shown by Houlihan Lawrence real estate agents Linda Finn and Regan Andrews. In an interview, Finn said last week once a couple of smaller real estate focused online publications reported on Willow Island and then the New York Post, her phone began ringing off the hook.
Finn said last Wednesday in the first 24 hours since the news about the island broke, she’s received inquiries from at least 20 interested buyers. Many people interested are from New York City (people from Manhattan and Brooklyn are shocked the island is for under a $1 million considering how little that amount of money buys in the city), while someone from Georgia and another person from Colorado even reached out.
“It’s unbelievable,” Finn said, later adding. “It’s in very nice condition. The current owners did a lot of work in there so to find that under $1 million, that’s eye catching for a lot of folks.”
It’s been the busiest couple of days in Finn’s career.
Finn said while taking a boat out to a home could be a nuances, it’s only a five-minute row from the closer side of the mainland.
“It’s not far, it’s easy–the accessibility,” Finn said.
Finn said while she has been able to sell some antique and ultra-modern homes that have their own intrigue, she said this is the most unique home she’s ever had the opportunity to sell. Most New York islands are public land where people can get a permit to camp out there, but having a private island with a house is exceedingly rare.
There have been owners of the island that have lived there part-time as a weekend getaway (like the current owner), but also families that have lived there year round with children even taking a boat to shore every morning in order to catch the bus to Brewster schools.
Because it is an island, conventional financing is not on the table because a bank will likely not give a mortgage on this piece of property, Finn noted. She’s planning on showing the property all this week.
“We’re really trying to prescreen and make sure we have all cash buyers,” Finn said.
