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Holy Motivated Seller! One House, Four Pricechops in 2011

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This East Hampton six-bedroom first hit the market last January with a healthy ask of $6.75M. 11 months and $1.8M in pricechops later, the pricetag on the 1.27 acre property is down to $4.95M.

While we really want to make fun of the granny chic interiors, there's no point in doing so?whoever buys the place is just going to tear it down. Much like another listing on Hook Pond, this is all about the land. We're pretty sure any architect would love the opportunity to work with the "gorgeous grounds with bluestone terrace, mature trees, and [a] rolling green lawn to the water's edge." The lack of a pool was a concern, but the listing agent assured us that it's possible to build one.

At this price, it's just a matter of time before this thing gets bought up, knocked down and built anew. Thoughts?

· Listing: 12 Hook Pond Lane [Brown Harris Stevens]