Linda Shapiro?one of the area's "top party planners" according to the NY Times?is having no luck finding a buyer for her Harry Bates custom contemporary in East Hampton. She first put it on the market back in September of 2010 hoping for $1.695M. After a few pricechops and a few different agencies (it's Sotheby's turn this time), the ask is now $1.195M. That's $80K less than she paid for the place back in 2005.
And, since almost nothing sells for the asking price these days, we have a feeling that it's only going to get worse.
Listing: Contemporary Minutes To EH Village [Sotheby's]