There seems to be something in the water in Amagansett that makes homeowners drastically overprice their properties. This three-bedroom is a great example. While the recently renovated beach cottage is nice enough, finding a buyer for the original ask of almost $2M was never going to happen.
There's a reason why the home has been on the market for more than a year and a half at this point. It may be south of the highway and look pretty in pictures, but with the amount of inventory currently in this price range, a .17 acre parcel and no pool is going to languish unless the ask is exceptionally attractive. And though the most recent chop is getting there, it still feels overpriced. Even so, if the owner does find a buyer now, they'll be taking a loss. They purchased the home for $1.485M in 2005 and renovations most likely cost more then $15K.
Of note: Including pictures of Marine Blvd. and the Atlantic seems a touch disingenuous on the part of the listing agents. There may be "private Mako Lane beach access" but this home is a good half mile quarter mile away.
· Listing: 21 Mako Lane [Prudential Douglas Elliman]
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