Water Mill home on Morrison Lane sees a whopping $7M decrease in asking price

This might just be one of the biggest price cuts we’ve seen on a single-family home in a long time—a home on Morrison Lane, represented by Zachary and Cody Vichinsky of Bespoke Real Estate, just saw $7 million cut from the asking price. Previously on the market for $32.5 million, the property is now asking $25.5 million.

This is the first price cut that the property is seeing since coming on the market in November of 2016—and it’s a 21.5 percent decrease.

Located directly on Mecox Bay in Water Mill, the property has almost 400 feet of water frontage. The listing even goes as far as to say that it’s one of the “most exclusive waterfront addresses in the United States.”

The 2.5 acres of land is host to a 5,200 square foot main house with two bedrooms and two and a half bathrooms, and a guest house with two bedrooms, a full bathroom, and a two-car garage.

The master suite in the main house features a bathroom, sitting room, walk-in closet, Frank Lloyd Wright quartz fireplace, and an outdoor shower. The junior master also has a sitting room and full bathroom.

Built in 1995, the home could use an update or two here and there. The listing suggests a total gut or even teardown, saying:

This property presents an optimal opportunity for redevelopment, with the chance to expand the existing house, or construct a new residence according to your own vision of an exceptional Hamptons waterfront estate.

What do you think? Would the home serve better as a teardown, or does it just need some updates?

• Morrison Lane [Bespoke]