While it’s difficult to put a dollar amount onto a new luxury home, it has to be priced right to sell. Case in point: This 8,000-square-foot East Hampton estate, which just chopped another $4.75 million off its list price to $24.75 million after lingering on the market for four years at five different price points.
The estate, situated on 2.8 acres on the oceanfront and close to the celebrity-heavy Further Lane, first came onto the market for $45 million in 2013, according to listing records. The price dropped to $39.5 million in 2014, edged up to $39.888 million in early 2015, fell to $32.888 million later that year, and finally settled at $29.95 million in September 2016.
The new price tag, $24.75 million, adjusted earlier this week, represents a $20.25 million, or 45%, discount from the original ask.
Listing agents at Corcoran Group didn’t immediately respond to a request for comments on the price reduction.
Property records show that Beautiful Joy LLC, bought the site for $15.45 million in 2007 before developing it. The developer/owner couldn’t immediately be reached for comment. The architect was Hamptons-based A+M+L Architecture.
The two-and-a-half-story residence on Two Mile Hollow Road, offers eight bedrooms, nine full bathrooms and one-half bath and separate guest quarters, according to the listing. Additionally, it features five fireplaces, a chef’s kitchen and ample space for entertaining.
Outdoors, it has a beachfront bungalow, an infinity pool with spa and a Har-Tru tennis court, according to the listing.
Whether all these spaces and amenities, coupled with a new, lower price, will translate into a sale is still unknown. But overall, the super luxury market in the Hamptons has picked up steam lately.
Throughout the affluent Long Island seaside community, 18 homes sold for $10 million or above during the second quarter of 2017, doubling last year’s numbers, according to the latest report by Douglas Elliman and real estate appraisal firm Miller Samuel.
On average, the top 10% of the most expensive homes in the Hamptons took 241 days to sell in the second quarter, 95 days faster than the same period last year, according to the report.
Curbed first reported this home’s price reduction.
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