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Hook Pond Cottages: Buy Two Get One Free! (For $27.5M)

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81 Ocean Ave East Hampton NY
81 Ocean Ave East Hampton NY

Well, you can't say they're not trying. Whether their efforts are realistic or not is a matter of opinion, of course. And ours is: no. 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. Now, a third house has been added to the mix on an additional acre, for a total of $27.5M. This new place is a five bedroom traditional with a pool and pool house.

The caveats with this property is that it's next to the Main Beach parking lot and there is some doubt about whether a buyer would be able to put pools by two of the houses because of wetlands rules. Thinking you might buy it all, knock all the houses down and build a new mansion? Think again. Much of Ocean Avenue is a historic district, so we're not sure what in the way of renovation or demolition is possible. And again, you're next to a busy beach parking lot.

· Lovely Hook Pond Cottages Are Yours for a Mere $28M [CH]
· Lovely Hook Pond Cottages Are Yours for Ten Million Less [CH]
· Dream Compound with Access to Main Beach [Sotheby's]