When this property hit the market a year ago asking $28M, we opined, "The price is going to have to come down, we think, to attract a buyer." And it has! Now it's a mere $18M. The houses are also available separately, for $8M and $10M. The newer cottage is four bedrooms and four baths on about one acre; the older one is three bedrooms and three baths on about one acre. And while the houses are nice, the location is right next to a beach parking lot and there is some doubt about whether a buyer would be able to put in a pool.
A year ago, a perspicacious commenter wrote, "Price is quite high and they are very close to road. Also, most of Ocean Avenue is a "historic district" so there is the distinct possibility that the homes cannot be knocked down. Also very "marshy" and you cannot likely put in a pool or even perhaps a basement. The 'wetlands' rule is that you cannot build within 150' of the wetlands line - so you can do the math. … I think $8MM each for these - or total price of not greater than $16MM. These people are nuts asking $28MM for both."
· Hook Pond Compound [Corcoran]
· Lovely Hook Pond Cottages Are Yours for a Mere $28M [CH]
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