Charming Southampton Village Farmhouse Still Needs Updates But is Now $500K Less

When this house hit the market about three months ago, we thought it was charming but overpriced at $5.5M. Now 10% has been chopped off the price, down to $4.995M. Spacious at 4000sf, with nine bedrooms and 6.5 baths, the house has been used recently, we think, as a guesthouse or B&B. The whole first floor seems to be a mess of small, pointless rooms, with multiple parlors and sitting rooms, and the kitchen is long, narrow, and weird. It all needs renovating into something that makes a little more sense for today's families. On the plus side, there's a deep lot with 1.14 acres of land, including a pool, pool house and tennis court, along with mature trees and rolling lawns, and nice porches for relaxing.

Back in May, commenters were underwhelmed with property: "Hideous. Should be half the price." And "Yikes. Needs a ton of work. We may soon find the precise value of 1.14 acres in this location." What do you think is a reasonable ask for the place?

· Village Classic with Tennis [Sotheby's via HREO]
· Charming Southampton Village Farmhouse Asking $5.495M Needs Updates [CH]