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Don't Let the Asking Price, Listing Photo Get Your Hopes Up!

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Perhaps you've noticed the latest listing on East Hampton's storied Lily Pond Lane? One might think, "Wow, at $19.9 million, this oceanfront neoclassic manse is a steal!" Not so fast, though—the hefty price tag merely belongs to the modest cottage sitting next door to that oceanfront home. Tricky, but not totally unreasonable. The single-story home weighs in at 4,500-square-feet and occupies nearly three acres of land south of Lily Pond Lane. It's south of every border in town! And it also comes complete with a huge cabana, detached 2-car garage, and 2-bedroom guesthouse. Overall, not oceanfront, but not half bad either. That said, wonder if the property will sell for more than the $17.5 million it did a couple years back?

· Listing: Lily Pond Lane [Sotheby's]