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How Low Will Southampton's 288 Halsey Neck Lane Go?

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Judging by the pricing history for this four-bedroom, it's a pretty safe bet that the owners are motivated to sell. According to StreetEasy, it's been on the market for a little over a year and has seen five pricechops (and one curious priceup?looks like it may have been a correction) in that time. The current ask of $5.799M is a little less than 25% off the initial $7.6M pricetag.

Set on approximately 1 acre in the "heart of Southampton's fabeled estate section," the 4500 sq. ft. home offers a living room with wood burning fireplace, formal dining room, eat-in kitchen, an elevator, den, an office, central air, and a detached two car garage. As you might expect, the gunite pool/poolhouse combo makes an appearance.

The Prudential listing notes that "this property will not last," but what do you think? Does the current price hit the sweet spot or does it still have a ways to go? Keep in mind, the owners do have a little wiggle room. They paid $4.25M for the place back in 2003.

· Listing: Green Hedges, Southampton [Sotheby's]
· Listing: 288 Halsey Neck Ln - Southampton Village [Prudential Douglas Elliman]