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A Four-Bedroom Cottage In Southampton Village For $999K

Curiously, although this home has been on the market since June of 2009, its last pricechop came in March of 2010. After a little digging, we found out why the owner hasn't dropped the ask even more: They were hoping to quickly flip the property and it seems to have backfired. After purchasing the place for $740K in May of 2009, they added a pool, re-did the kitchen, installed all-new flooring, finished the basement and updated the landscaping. Prior to the renovation, it was listed as a two-bedroom?it now offers four.

While they wait for a buyer to materialize, they've also made the 1400 sq. ft. cottage available for rent. Asking price to help the owner cover their mortgage? $50K for the season.

· Listing: Southampton Village Cottage [Brown Harris Stevens]
· Rental: 231 Halsey Street [Prudential Douglas Elliman]