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Oceanfront Cottage in Sagaponack Pricechopped to $10.975M

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Now this is a classic beach cottage. Right on the ocean, with 0.77 acre of land, the house is small at 1400sf, but there are three bedrooms, two baths, a sun porch, and decks aplenty. The only problem with the property is that it's located in Sagaponack, so it's insanely expensive for what it is. Price has been all over the place over the years: it was $7.35M back in 2006; more recently it was $13.4M, and last week the price was chopped $2.425M. So while we love the place as a modest beach cottage, we're not sure anyone is willing to pay $10.975M for less than an acre of land, even in Sagaponack.
· Spectacular Oceanfront, Best Location [Sotheby's]