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At $450K, This North Sea Homeowner's Loss Is Your Gain

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When we saw that the current homeowner shelled out $665K for this two-bedroom cottage back in 2005 we let out an audible "ouch". Now, half a decade later, they've been trying to unload the place at an ever-increasing loss. This listing first hit the market this past July with an ask of $595K. Since then, it's undergone three pricechops for a total of $145K, roughly 25% off the original pricetag.

Set on .28 acres, the renovated (although it doesn't look to be recently) 800 sq. ft. home's price is now starting to make a little more sense. It features central AC, a one-car attached garage, room for a pool and expansion. Its best feature is, without question, its proximity to water: both Peconic Bay and Fresh Pond are mere steps away. While it may not the prettiest place we've covered, it's definitely in the running for best value.

· Listing: Hot Ticket [Saunders]
· Listing: 104 Lake Drive [Prudential Douglas Elliman]