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Cool Old Georgica Association House Sells; May Be Doomed

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[Photos by Chris Foster]

This listing hit the market back in December 2014 asking $11.5M. Just over a year later, it's finally in contract at the last ask of $10.95M. This property was never going to be an easy sell, even though boasts 2.5 acres of land in the coveted Georgica Association, because it's not waterfront; it's a flag lot that overlooks 44 acres of agricultural reserve. And while the cottage is spacious at 3700sf and very charming (though needing a few updates), it's probably a teardown. The listing noted you could "start fresh and build your Hamptons dream home. The property can be cleared to 100%. (Pre-existing/non-conforming allowance)." What do you think? (Edited to add: whoops, we'd forgotten this was the Gilbert residence.)

· How Much for a 1930s Cottage in the Georgica Association? [CH]
· Georgica Association [Sotheby's]