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Least expensive home for sale on Further Lane hasn’t changed price in nine months

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The asking price is in the land value

All photos, Corcoran

Further Lane is possibly one of the most notoriously expensive residential areas in the Hamptons. On the border of East Hampton and Amagansett, the lane is home to the largest foreclosure the Hamptons has ever seen (with a whopping $12.3 million closing price), Jackie Kennedy’s old summer house, and some of the most expensive properties for sale on the East End.

The home that is currently the least expensive home for sale on Further Lane is located at the 386 address. The asking price is $8.75 million. For reference, the most expensive home for sale on Further Lane is asking $59 million.

The 386 home was built in 2001 and has 9,000 square feet of living space on two acres of land. There are five bedrooms and eight bathrooms. The home has a gated entrance, great room, children’s wing, master wing with outdoor terrace, finished basement with screening room, gym, spa, and steam room, plus specimen trees and gardens outside.

Outside, there is not just a pool, but a waterfall, children’s pool, two additional hot tubs, and a pool house with three bathrooms and a kitchen.

The recent price history on the estate starts back in 2012. The home was listed for sale with an $8.5 million asking price with Corcoran Group Real Estate. Then the listing was removed and didn’t come back on the market until June of 2016.

When it came back, it was asking $9.25 million. Four months later, the home got its first and only price cut since coming on the market, bringing it down to the current $8.75 price tag under listing agent Gary DePersia.

After nine months since the last price cut, and now having been on the market this time around for over a year, the home hasn’t seen any other changes in price.

Poll

Do you think the home needs another price cut?

This poll is closed

  • 69%
    Yes, keep chopping!
    (38 votes)
  • 21%
    No, I think it’s priced right where it should be
    (12 votes)
  • 9%
    It should be asking more than $8.75M
    (5 votes)
55 votes total Vote Now