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Modern East Hampton Bayfront Priceupped, Then Sold

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This house, in a midcentury modern style, hit the market a year ago and then was pricechopped once. Back in June, undaunted by the lack of buyers at the $3.2M and $2.995M price points, the sellers of this property upped the price to $3.5M. Everyone was incredulous. "This is a quirky property which is going to appeal to a very specific buyer with a lot of vision and patience. So why was the price raised?" "But if it's sitting unsold, what's the rationale in raising the price above the initial ask? I've seen it done before and I don't get it."

Shows what we know, because the house is now in contract, although we don't know the final price. The 1.3 acres of land is nice and offers a sandy beach on the bay. The house is really cute in a California Modern style, but it's tiny, with only two bedrooms and two baths. The listing notes "this property provides for a building envelope of 4,000± sq. ft. home and even room for a waterfront pool."
· Staircase to Your Own Sandy Beach [Sotheby's]
· Modern Style in East Hampton Bayfront Now Priceupped [CH]