Case Study: 20 Oak Street, Piermont, NY
Winning a Historic Cottage with Smart Strategy and Clear Vision
When we found 20 Oak Street, it stood out immediately. A charming 200-year-old cottage tucked into the hillside of Piermont—full of history, character, and storybook appeal. It didn’t come with land, but it came with opportunity.
We knew from the start that competition would be strong. The property had broad appeal and serious potential. So we moved quickly—and strategically.
Offer Strategy
We submitted a best and highest offer that included:
Initial offer of $480,000
Highest & best set at $100,000 over asking for my realtor to use to negotiate
A $100,000 FHA 203(k) renovation loan
20% down
No inspection contingency
No mortgage contingency
This gave us a competitive edge. We weren’t just offering the highest price—we were also offering certainty and speed. The seller accepted our offer, the contract was signed, and escrow was funded.
Due Diligence: FOIL Request & Legal Review
Before the offer was even accepted, we filed a FOIL (Freedom of Information Law) request with the local building department. Through that request, we uncovered:
An open permit from 2012
An outstanding violation tied to that permit
This became critical during contract review. The seller’s draft contract included language stating they would not be responsible for clearing open permits. Because we had already done our homework, we were able to push back immediately. The seller was made aware that the permit and violation were on record, and we successfully had that stipulation removed from the contract—ensuring both issues would be cleared before closing.
Renovation Plan
Because the lot has no yard or exterior space, we focused on enhancing livable square footage within the existing footprint and adding rooftop access:
Add a Widow’s Walk rooftop terrace with structural supports tied into the primary bedroom below
Redesign the compact first floor into a dedicated guest suite or short-term rental unit (Airbnb)
Upgrade the top-floor primary suite during construction of the rooftop
Preserve the kitchen and living area on the main level with light, high-impact upgrades
Install ductless mini-split air conditioning for year-round comfort
Semi-finish the detached garage into an office/flex guest space with a dedicated laundry area in back
Current Phase
With the contract accepted and contingencies waived, we’re currently:
Reviewing general contractor bids for the full renovation
Working with an architect on measured drawings and structural planning
Submitting plans and cost breakdowns for the FHA 203(k) appraisal
Preparing for closing, once all due diligence and valuation align
Summary Details
Property: 20 Oak Street, Piermont, NY
Sales Price: $475,000
Offer: $100,000 over asking
Loan Type: FHA 203(k) renovation loan
Contingencies: None – no inspection, no mortgage
Project Scope: Roof terrace, guest suite, garage conversion
Due Diligence: FOIL request revealed open permit + violation
Legal Outcome: Seller agreed to clear all issues before closing
Current Status: Pre-closing: bids, drawings, appraisal underway
Takeaway:
This purchase shows the power of preparation. From financing and contingency strategy to proactive legal research, every step strengthened our position—not just to win the home, but to protect the investment. Now, with contract and planning in motion, we’re ready for the next phase: turning this historic cottage into something both timeless and truly livable.
For more information on this or other renovation-focused real estate opportunities, please reach out directly.