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Surfside Drive Spec House Makes A $12.995M Hole in One

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Looks like this 13,000-square-foot spec house—putting green and all—has gone and found itself a buyer! The Surfside Drive showplace, which was last listed for $12.995 million, presides over Sagg Pond and is almost oceanfront. But almost doesn't count, until it does. (This property also comes with private ocean access!) So who was crazy enough to build a spec house in 2009? Not really sure, but things seemed to have worked out for 'em anyway. According to Streeteasy, the house was built on land purchased for $4.7 million in '08 and initially listed for $14.995 million—plenty of room for a sizable profit. And then, once the property took shape, the price jumped all the way up to $15.95 million. Rising tides, anyone? Unfortunately, the pumped-up price didn't last too long, and eventually slipped right back down once 2010 hit. Either way, a buyer has come along to make things right.
· Listing: Bridgehampton Ocean Views [Prudential]
· 228 Surfside Drive in Bridgehampton [Streeteasy]