In 2006, a Credit Suisse executive forked over $4.5 million for a simple home on Davids Lane in East Hampton. Since the purchase, it looks like the home's been more or left untouched: the kitchen, for example, still needs a gutting. Either way, the 5,000-square-foot house hit the market in October for $4.85 million—just enough to leave a modest profit after the four-year hold. But yesterday's PriceChop of $555,000 changes all of that! With a new asking price of $4.295 million, the homeowners actually stand to lose about $200,000. But since that sum's about the cost to rent in these parts, we'll call it a wash instead.
· Listing: David's Lane [Sotheby's]