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Another $1.2M price cut from a 0.6-acre oceanfront Sagaponack property

The oceanfront parcel came on the market back in May for $13.5M

Photos courtesy of Douglas Elliman

A 0.6-acre oceanfront parcel with a 1,700-square-foot teardown from 1890 came on the market back in May of this year for $13.5 million under Corcoran Group Real Estate. A few months later, in September, the home relisted for the same asking price under Douglas Elliman agent Kevin Wells, but soon cut it down to $12.4 million—which still seemed a bit expensive.

The listing just received it’s second change in asking price since it went up for sale in May, now seeking $11.2 million.

Last time we covered the home, we were concerned with the price because of nearby properties and what they’ve gone for. A nearby property at 159 Trees Lane with 2.6 acres of oceanfront land sold in 2006 for $6.1 million.

While it’s important to note that Sagaponack oceanfront parcels are among the most sought-after pieces of land on the market—with some seriously high price tags to match—we’re still concerned with the asking price being so high. Not only would the current owner have to pay the cost of the listing, but they’d also have to pay for teardown, and, of course, constructing a new estate.

This new price cut brings the property closer to selling, but we want to hear from our readers: What do you think this land should be valued at? It should be noted that there aren’t many oceanfront building parcels available for sale right now.

In Bridgehampton, an oceanfront parcel with the same amount of space located at 77 Dune Road is asking $10.25 million. The property—which has a 1,200-square-foot home from 1956—has been listed for sale since March of 2016, at which time it was asking $8,995,000. It’s actually gone up in price since then. But, it sold in 2015 (just months before being relisted) for $7.5 million.