$1.1M cut from 0.62-acre oceanfront Sagaponack property with teardown

The 0.62-acre oceanfront property at 41 Gibson Lane in Sagaponack went on the market for sale in May of this year, seeking $13.5 million. While the property does have a home, the 1,700-square-foot cottage is a teardown, originally built in 1890 with three bedrooms and three bathrooms.

Recently, $1.1 million was taken off the asking price of the listing, putting it for sale at $12.4 million.

Oceanfront land in Sagaponack is coveted—a multi-million dollar piece of property void of any structural dwelling might not even cause us to bat an eyelash while just miles away, turnkey homes on bigger lots won’t ask even half as much. Elie Tahari’s Sagaponack home is just 4,500 square feet but is asking $45 million. The value here, of course, is in the land.

Nearby, the 2.6-acre oceanfront property at 159 Trees Lane last sold in 2006 for $6.1 million. Granted, land value in Sagaponack has increased significantly since, it was still assessed to be valued at a little over $13 million just three years ago in 2014, according to Zillow.

But 41 Gibson lane is almost a full two acres smaller than that, plus the future property owner will have to pay for the teardown. Even while we know that the properties in this area have increased in value since 2014, we still think that $12.4 million for less than a full acre—even if it’s oceanfront—is asking a bit much.

The property is listed with agent Kevin Wells of Douglas Elliman.

• Sagaponack oceanfront beach cottage stands 1,700 sq. ft., asking price $13.5M [Curbed Hamptons]
• 41 Gibson Lane [Douglas Elliman]