$2M cut from asking price of two-acre waterfront parcel in North Haven, now asking $12.75M

The 1.9-acre building lot at 24 Forest Road in the North Haven neighborhood of Sag Harbor came on the market in October of 2016 for a whopping $16.5 million, three years after it last sold for $7.2 million. For those who don’t feel like doing the math, the new listing price more than doubled what it last sold for in just three years.

After about a year on the market, it came down in asking price to $14.75 million. Earlier this week, another $2 million was taken off the listing, putting it at a cool $12.75 million.

The lot has 295 feet of bay frontage on Sag Harbor Bay, with plans, surveys, and permits all set and ready for a 10,000-square-foot home, plus a pool and “accessory structure,” which could mean a garage, artist’s studio, pool house, or legal guest house or apartment. There also could be a dock built off the property, which would allow private boat storage.

We’re curious about the price. Not only did the empty lot more than double its price tag in just three years, but other similar homes in North Haven don’t really compare at this listing price.

A three-acre Noyac Bay-front home on Robertson Drive is asking $13,495,000—and there’s already an existing home on the property that stands 3,500 square feet with four bedrooms and four bathrooms. Granted, at one point the home was asking a whopping $22 million, clearly the price had to come down. We’re thinking the same will have to happen for this empty lot.

What do you think of the price?

• 24 Forest Road [Corcoran]