From what we can tell, what we have here are the classic problems of overimproving for the area and buying at the top of the market. The property, which is currently asking $7.99M, is more expensive than any other in the area; it's now been on the market six months. It last sold for $9M in August 2007, which must have been near the market peak. The listing states, "When renovating the 3 structures, which boast a total of 9 bedrooms and 8.5 bathrooms, no detail was left out, in order to elevate this 1920 home to the 21 century and to transform it in into one of the most spectacular estates in Southampton." Indeed. The previous owners probably made their money back but the current ones are selling at a loss.
In any case, you do get a lot for your $8M here, although $7M sounds much more like it. There's 2.71 acres of land and 9538sf in three houses: a 1920 main house, a guest house and a garage with loft. There are multiple terraces with wisteria and a pretty pool. And despite the North Sea address, the property isn't very far from the village and the ocean.
· 144 Edge Of Woods [Elliman]