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Renovated East Hampton Cape Trades with a $1M Discount

After spending more than a year on the market, a 4,600-square-foot cape on the tony Davids Lane in East Hampton has finally sold. The property first hit the market for a whopping $6.495 million—well over the $4.4. million the current owners paid for it back in 2004. But that probably reflects the home's recent renovation, which outfitted it with pristine landscaping, a handful of vaulted ceilings, and a snazzy new gourmet kitchen. Unfortunately, the spick-and-span overhaul didn't seem to warrant the lofty asking price, so it eventually tumbled down to $5.650 million. And after that, finally entered into contract for $5.225 million. Over $1 million off, but a contract nonetheless!

· Listing: 87 Davids Lane [Corcoran]