Southampton home returns to market with the same price after five years, asking $22.5M

The oceanfront home across the street sold for $19.5M, though

By Grace Cassidy Oct 25, 2017, 7:15am EDT

In 2012, Curbed featured the property at 477 Little Plains Road in Southampton, which is a corner lot that also sits on the coveted Gin Lane. At the time, the home had just cut $2.5 million from the asking price, putting the property at $22.5 million, which is the price that stuck around.

Since then, the home has come on and off the market several times, always asking the same $22.5 million asking price—even after five years.

The downside is that the listing has no photos of the interior, which, to us, means that the home probably needs some work. Though, the 6,500-square-foot home has seven bedrooms and six bathrooms, and it sits on a full four acres of land. While the property is located just 200 feet from the ocean, it doesn’t look like it has ocean views due to the high hedging that’s often found across the street on Gin Lane properties.

Across the street, the property at 140 Gin Lane last sold for $19.5 million back in 2006—and that’s an oceanfront property with 3.21 acres of land, and a home that stands over 13,000 square feet.

Moreover, the home at 466 Little Plains Road—which is also a corner lot on Gin Lane—is on five acres of land and last sold in 2005 for $14.9 million. Given the surrounding homes, we’re thinking that this property will need to come down in price.