East Hampton Cottage Sheds $1.4M, But Finally Finds a Buyer

This 4,200-square-foot cottage-style property might have good looks, but it definitely didn't have an easy time selling. Originally priced at $4.350 million, the East Hampton "pied-a-terre" offered clean decor, an attractive pool, and a staggering seven bedrooms. And it's fair to say that the house's small chunk of land—it only has 1/3 an acre—was safely reflected in the reasonable asking price. But the general public didn't seem to think so, 'cause the price was chopped five times over the past few months, leaving it at $2.995 million. Thankfully, all that slicing and dicing proved effective, because the cottage is now listed as in contract. Eek, turns out the current owner paid $3.750 million for the place back in '05. Perhaps a more subdued celebration is in order.
· Listing: Pied-a-terre In The Hamptons [Saunders]