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Southampton Waterfront Gets A $3M Cut, Still Crazy Expensive

This little 8-acre parcel has been on the market since May of 2011 and received its first pricechop just last weekend. The ask now? Only $29M.

While there's a six-bedroom currently on the property, it's not really worth discussing?the listing makes no bones about what's for sale here:

"Unsurpassed in the area, the vistas are truly breathtaking, extending over the bay to the ocean beyond. One of the largest waterfront parcels available, the property provides a host of possibilities, including the creation of a new major estate with a manor house, pool, tennis and potential guest house."As soon as this place finds a buyer, that 3500 sq. ft. of living space is not long for this world. Replacing it will be a residence that befits the "broad, sweeping lawns, mature trees, [and] over 1000' of pristine waterfront." It might be a while before that happens, though. Despite a rebounding high-end market, there have only been a few sales at this pricepoint in recent memory. · Listing: 95 Down East Lane [Brown Harris Stevens]