Wainscott Oceanfront Cut $4M after a Year on the Market

The site of this property is impeccable: Wainscott Pond to one side and 315 feet of ocean frontage to the other, with 2.3 acres of land. The house itself garnered mixed reviews from commenters when the listing debuted on the market 13 months ago. We liked the laid-back, beachy style, but others did not. "Very little usable space on this lot. For >$20m I want some grass and room for a pool... Have to think this is a teardown given the size (are there any 3BRs at this price anywhere in the East End)." And "The house and its interiors/exterior presentation are exactly in the right context for the location. An ugly SlickMansion in its place would not work. That being said, the price is way too high, even with limited quantities of oceanfront properties for sale."

We agree that 3500sf with three bedrooms, two baths and two half baths was not a lot of house for $26.5M. Now the price has been chopped down to $22.5M, will there be any takers?

· 120 Beach Lane [Elliman]
· Another of the Wainscott 'Magnificent Seven' Hits the Market [CH]