Is Mt Misery in Sag Harbor the Next Neighborhood on the Up?

Fairly close to the smokin' hot downtown of Sag Harbor, yet known for much lower prices, Mt Misery seems like a gem in the rough, with a lot of upside potential. A couple of trades have taken place recently and a few new listings have hit the market at higher levels than the area is known for, including the first million-dollar listing. Some agents have told us that they think the area offers some of the best values in the Hamptons, especially with Sag Harbor schools. What do you think of the area?

Details for the million-dollar listing: a 2500sf four-bedroom, three bath traditional that's been attractively renovated. There's 0.55 acre of land, with plenty of deck and a brick patio around the pool and a separate garage. Asking price is $1.125M.

· Newly Renovated Sag Harbor Traditional [Saunders]