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Sagg Main Spec House: $20M Asks Are The New Normal

In a land where $65 million homes just glide onto the market, one must take the Sagaponack marketplace with a grain of sea salt. And this spec house on Sagg Main Street serves as a subtle reminder of just that. The 12,000-square-foot manse, which hit the market a couple weeks ago, joins about eight other properties in the apparently normal $20+ million club.

The three-acre swath of land closed right before the season started for $6.887 million, but construction is already underway—and slated for completion in 2013. In Hamptons time, that's like, a decade away! So what's taking so long? Well, builder Jay Bialsky promises to outfit the place with eye-catching features, including "a stairwell encased in a sleek glass tower" and a massive 62-foot pool. Seems worth the wait...and the $21.995 million asking price.

· Listing: New Estate [Saunders]