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20 St. Mary's Lane In Amagansett, Now $795K Cheaper

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After initially offering the home for $4.25M back in July, the owners seem to be slowly coming to their senses and have dropped the price more than a million bucks in the intervening months.

Set on a little more than an acre in "one of Amagansett's most sought after enclaves", St. Mary's Lane, the 3000 sq. ft. home?as you can tell by the listing photos?has most definitely seen better days. The exterior is hurting and is in desperate need of a power-washing and paint-job. The only thing the place really has go going for it is the location...it's one of the southernmost houses on the street and offers some great views of the Atlantic. Whoever ends up buying the place will most likely have those features in mind when they tear it down and replace it with something similar to its neighbors.

Since this will most likely end up being a land purchase, the $3.2M pricetag will still need to come down a great deal more before someone pulls the trigger. Still, the current owners only shelled out only $500K for the place in 2006 so they stand to make a pretty healthy profit.

· Listing: St. Mary's Lane, Amagansett [Sotheby's]
· Creative director selling Amagansett 4BD for $4.25M [Blockshopper]