The last time this turn-of-the-century farmhouse changed hands was back in 2006. That's when Deptford Prop LLC shelled out $775K with the intention of renovating and then flipping the place for a tidy little profit. Easier said then done, though. After listing the now-updated residence for $1.65M in the summer of 2008, the ask has been lowered six times in an effort to find a buyer. The most recent pricechop sees the three-bedroom being offered at $875K. At this point, breaking even would be considered a win.
So, what's keeping buyers away? Sadly, the 2400 sq. ft. home suffers from an incurable case of terrible locationitis. Not only is the .5 acre property situated directly on Montauk Highway, but it sits right next to a LIPA electric substation. Factor in the lack of a pool (gunite or otherwise) and this is not exactly the type of address buyers are looking for in a Hamptons summer retreat.
· Listing: Bridgehampton Original [The Global Group]