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4 Years And 4 Pricechops Later, This EH Home Is Under $10M

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There's languishing on the market and then there's languishing on the market. Sadly, for this 4000 sq. ft. residence's owner, this particular listing falls firmly into the latter category. It first hit the market at the beginning of 2008 with a laughable $18.5M pricetag (that's over $4500/sq. ft.) attached. In the following years, it felt the sting of the pricechopper's blade to the tune of $8.5M, or about 46% off the original ask. It's been on the market for just a hair under $10M for 10 months now so there's a very good chance chop numero five is on its way.

The owner must be shaking their head in frustration because on paper (and in pictures) it looks like a great listing. It's set on 3 acres off of East Hampton's Ocean Avenue, boasts five bedrooms, four fireplaces, a chef's kitchen, an antique cottage, a refurbished carriage house with work space, established specimen trees and landscaping, a sunken tennis court with viewing pavilion and the requisite gunite pool. It's definitely not wanting for amenities, we'll say that.

Other than the unrealistic initial offering, anyone have any ideas why this can't seem to find a buyer?

· Listing: 24 Ocean Ave [Corcoran]