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A 2.9 Acre Compound in the Georgica Association for $24M

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With two teardown midcentury homes

Very little compares to the private enclave of estates in the Georgica Association in Wainscott. And for that reason, even though this property offers only two modest 1960s teardowns, the asking price is $23.95M. The property is made of two separate parcels, 29 Association Road and 7 Pierson's Way, which adds up to almost three acres, including frontage on Georgica Pond.

It’s owned by two siblings who recently won approval from the East Hampton ZBA to "tear down a 720-square-foot cottage at 31 Association Road, alternately identified by the town as 7 Pierson’s Way, and replace it with a 3,976- square-foot two-story house, a swimming pool, and over 1,600 square feet of decking." Approval from the ZBA was needed because of proximity to the pond. The other parcel, at 29 Association Road, also contains a midcentury house, making this an interesting proposition for someone to create a family compound. However, we tend to think the price is too high—it will cost millions to build here and the parcels are odd-shaped, with not that much water frontage. On the other side of the pond, a 3.6 acre vacant lot on Chauncey Close is being offered for $11M (though of course only one house could be built there). What do you think?