It’s a well-known tenet in real estate: if a property is languishing unsold, simply raise the price by $5M. That’ll do the trick!
Wait, what? At least, that’s the sort of inexplicable reasoning the owners of 42 Old Montauk Highway seem to be employing. So many questions remain unanswered regarding this property. What’s with the weird-ass pagoda roofline? Or the triangular sylight? Why the shiny marble floors in a beach house? Or the many, many bird sculptures? Or the fake Lalique glass table?
Most importantly, what the hell are they thinking with the price? We originally brought you this 7000 square foot house more than 7 years ago. The house was originally listed at $35M in 2008. There were no takers, so naturally the sellers increased the ask to $50M in 2010.The property was removed from the market in 2011 and then came back again last year asking $50M. No one bought, so the price was increased to $55M, where it is now. Hey, sellers, why not a nice round $75M? Go for it!
- Zen in Montauk. [Corcoran]
- 42 Old Montauk Highway. [CH]