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Hook Pond Cottage: It's Back and $1M Cheaper

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Last time we checked in on two cottages on Hook Pond in East Hampton, they were headed to the auction block. (The story till now: back in January 2014, this property, consisting of two cottages, hit the market asking $28M. A year later, it was pricechopped $10M, with the houses also available separately, for $8M and $10M. Each property is on about an acre. In April of this year, a third house was been added to the mix on an additional acre, for a total of $27.5M, but this house was not included in the auction.)

One of the properties, 10 Lockwood Lane, sold at auction last month. That was the slightly smaller house on about an acre that was not actually contiguous with the Main Beach parking lot. We don't know (and the auction house isn't saying) how much the hammer price was on Lockwood Lane; it's scheduled to close in January.

That leaves 81 Ocean Avenue without a buyer. This is the newer, larger cottage, still on about an acre, and contiguous to the beach parking lot. Given that the house, according to the latest listing, was finished in 2009 (unless that date refers to the purported renovation), it might be possible to raze it and build new. It's only 3200sf, with four bedrooms and 4.5 baths. No pool, and because of wetlands setbacks, it might not be possible to build one. With the new Village building regulations, a 5000sf house would be permitted on the one-acre plot; however, again, much of Ocean Avenue is a historic district, so we don't really know if a new-build is possible.

Price for 81 Ocean is now $6.95M, a bit over $1M less than the $8M previously asked for it. Think it'll finally sell?
· Ocean Avenue, East Hampton [BHS]
· Nab a Bargain on Hook Pond Cottages at Auction? [CH]
· Lovely Hook Pond Cottages Are Yours for a Mere $28M [CH]
· Lovely Hook Pond Cottages Are Yours for Ten Million Less [CH]