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Stately East Hampton Mansion Pricechopped Again

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18 Ocean Ave, East Hampton
18 Ocean Ave, East Hampton

Well, you can't say they're not serious about selling. This property, known as the Louis Faugeres Bishop House after the doctor who once owned it, hit the market back in mid-October asking $13.9M; it was pricechopped down to $11.5M back in March, and yesterday another $1.6M was sliced off the asking price, for a $4M discount so far.

Everyone thought the price was way too high last autumn; commenters wrote: "Done at $10-$11M." "Sorry - it will move in the $8s. Double sorry, it will take multiple price reductions to move it." In March, commenters wrote, "At $11.5M - land is worth $8.5M which lends $3M to site improvements. Make a bid at $8.995 and see where it goes," and "Too stately for the buyer of now. Needs a complete systems/infrastructure overhaul, completely new kitchen, and likely a shit ton more. I agree this has to go much further down before it ultimately trades in the 7's. Maybe 8." Guess we'll see what happens.

The house was designed in 1928 by architect L. Bancel LaFarge in the fashionable French country style and is made of handmade brick. Today it retains much of its original charm with terraces, French doors, climbing plants, and fireplaces. There are five bedrooms and four and a half baths plus a two-bedroom staff wing. Of course there's a heated pool and lovely old trees. The plot size is 1.5 acres and you can easily walk to town.

· Louis Faugeres Bishop House, Ocean Avenue [BHS]
· Stately East Hampton Mansion Pricechopped $2.4M [CH]