Month: September 2020

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This is a very lovely house–8,000 square feet of living space, 8 bedrooms, 9.5 bathrooms, five fireplaces. The property is oceanfront, with three acres, pool, pool house, tennis court, and a cute little bungalow by the beach to store your boogie boards or to house your teenagers for the weekend.

It came onto the market back in the summer of 2013, asking $45 million. Which was a stretch then, but the price has been cut over and over since. So why did it take seven years to sell? Here’s the property from Bing Maps:

That’s correct: the property is right next to the busy Two Mile Hollow beach parking lot. The plot is long and narrow, so while it offers all the nice extras people want, there isn’t very much empty usable space outside. Plus, there’s isn’t that much ocean view from the house, or so it seems.

But as we know, everything will sell if the price gets low enough and this finally did (probably the pandemic helped): it closed a few weeks ago for $24 million to an LLC. So everyone’s happy, right?

Probably not. The developer paid $15.450 million for the property (with teardown) in January of 2007. 8,000 square feet at $700/sq ft = $5.6 million; add another $1.5 million for pool and site work. Say another $1 million for the broker’s commission. So the developer is all in for $23.55 million. Now, the property has been for rent for the past few summers, so that would help with maintenance costs. Still–we think the developer took a bath.

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Congrats to the new owners, congrats to Susan Breitenbach and Cutter Koster at Corcoran who got the place sold, and commiseration to the developer.

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While perusing local listings, we happened to notice three smallish houses for sale in Southampton, all a smidge over $1 million. They’re all very different; with $1 million in your pocket and after a Southampton place, which would you choose?

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This charming 1920s place at 25 Little Fresh Pond Road might be our favorite–we’re a sucker for the rounded portico over the entry. Inside, the vintage charm is still evident while the interiors are bang up to date. Asking $1.1 million, the property includes the house, 0.23 of an acre of land, and a “generous 1,200 sq ft vaulted sky-lit pre-existing non-conforming garage structure is equipped with heated floors, running water, air and forced heat.”

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At 179 Elm Street in the village, you’ll find this property asking $1.05 million. However, the property is being auctioned off online with bidding to commence on September 6, so a buyer may be able to snap up a bargain. The listing says the 1920 1604-square-foot house on 0.17 acre has “potential,” which means, yeah, a buyer would want to refresh that kitchen! We’ll be interested to see what this sells for and what the buyer does with it.

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Also probably built around 1920 is this cottage at 21 Old Town Road asking $1.05 million. It is pretty charming but also could use some updating. There are two bedrooms and one bath in about 1300 square feet, set on a fairly generous 0.26 acre parcel. Not enough space? There’s also a separate cottage (though it looks attached) with more living space.

Which place floats your boat? Let us know in the comments.