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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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