Is this $3.75M Ask in Sag Harbor Village Crazy?

There's a growing trend in the Hamptons of wanting to make a few million bucks on your house. Well, that's nothing new, but we feel like HGTV shows about house flipping encourage this behavior. Yesterday, we reported on musician Billy Joel's ex-wife, Katie Lee, trying to move her house for substantially more than the purchase price. Today, we are bringing you the stats on 12 East Union Street in Sag Harbor Village. According to Trulia, the property previously sold for $705K in 2003. This 6 bed 4.5 bath is now asking $3.75M. At first glance, that sounds insane! We understand that the owners did a lot of renovating, but let's be honest, that drain pipe on the back of the house is really noticeable.

The home is approximately 3K sq. ft. with slightly less than .25 acres, so it's not a spacious estate. Yes, yes, it's super cute. And, let's not forget that Sag Harbor Village doesn't live in reality. The upswing in Sag real estate doesn't appear to have any end in sight. However, this massive price increase is steep. The backyard is tasteful, but postage stamp pools (even gunite ones) don't accommodate many guests or even a big family. Does beautiful landscaping and a village location in white hot Sag Harbor justify a $3.75M ask? We really want to know what you think!

· Pricey in Sag Harbor [Corcoran]