Time to check in with this massive (in every way) property. To recap: back in July 2012, this property sold for $12.5M after a year on the market. Then the owners put it on the market in July 2014 for an eyewatering $24M, double what they paid for it, without putting any work we could see.
While the property is an impressive place, with 4.9 acres of land, 400' of waterfront on Old Towne Pond, and multiple dwellings, we were incredulous about the asking price. Some commenters agreed: "Absurd." and "They'll be tap dancing to the fair if they get $16MM." Others didn't think the ask was so ridiculous: "A 1-acre teardown without waterfront at 35 Wyandanch sold in May 2014 for $7.5mm. So the $24mm ask for four times the land plus waterfront is not out of the ballpark."
The listing was then pricechopped down to a much more realistic $19.9M in January 2015. Didn't sell. Two million more was sliced off the price, and a couple weeks ago, another couple million were knocked off. Now the asking price is $15.95M. Is this finally low enough to entice a buyer?
The estate comprises four buildings: "a charming two-story gate house converted into a seven-room home, a barn renovated into a four-bedroom house, and a stable converted into a three-bedroom guest house." But they may all be goners; as before, the listing notes "this property offers the opportunity to create an unparalleled compound, with permits in place." There are beautiful old trees, a gunite pool, and a tennis court, all close to the ocean.
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