U of M Professor's Water Mill Home Is Listed At A Loss

Looks like Neil Flax, an associate professor emeritus at the University of Michigan, knows he's got a dud on his hands. After listing this four-bedroom contemporary near the middle of March at a loss, he's already chopped the price by $151K. The ask now? $999K...about 80% of what he paid for the place back in 2006. Other than having purchased during the height of the market, Mr. Flax also faces the problem that the house feels a little dated. While the brokerbabble claims this to be "one of the most stylish modern homes you'll see at this price point," the kitchen, pictured bathroom and 90s design all say otherwise.

· Listing: 5 Tanager Lane [Corcoran]