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After A $175K Chop, This Montauk Contemporary Is Under $1M

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According to a convoluted trail of pages from StreetEasy, this four-bedroom contemporary has been flirting with the market since January of 2008. It began its quest to find a buyer hoping that $1.5M would be the magic number. No such luck, so the 2200 square footer's new goal became $1.375M until the listing was removed in the summer of 2009. It popped back up between September of 2010 and July of 2011 with that same number in mind, but again, nothing doing. When it returned from its most recent hiatus this September, the price had been dropped another $200K. Then, late last month, another $175K was trimmed. Asking price now? $999,889. Ladies and gents, meet the newest member of the Under $1M club.

It looks nice enough in the photos. That Fort Pond view is pretty killer. According to the brokerbabble, it's "survived the past five hurricanes and proceeding storms without any damage." And, perhaps most importantly, it's not outrageously priced. So...uh...what's the hold up? Our best guess is that buyers are probably hesitant to purchase a place sitting right next to a restaurant. The listing images do an incredible job obscuring how close this place is to East By Northeast. Check out a shot from Bing Maps:

It looks as if you need to drive through the parking lot to get to the place. Curiously, though, Google Maps shows the home with its own driveway. The difference is most likely due to one of the mapping utilities using out-of-date satellite images (survey says...Bing!), but that really doesn't change the fact that the location is probably why the place has been proving to be a tough sell.
· Listing: 55 Edgemere Street, Montauk [Prudential Douglas Elliman]