Gin Lane home down 26 percent after a year on the market

Gin Lane—site of the most expensive Hamptons real estate sale of 2017 so far—is noted for its oceanfront homes and privet hedges that surround each property. Ocean views and beautiful landscaping marry high price tags, and the home at the 237 address is no exception.

The home was featured on Curbed when it came on the market back in April of 2016 for its secret gardens and hydrangeas. At the time, the asking price was $21 million.

A little over a year later, the home is currently asking $15.5 million—a 26.19 percent decrease. The first two price cuts came in the first five months on the market: the first after only two months, bringing it down to $18,995,000. Three months after that, it went down again to $17 million.

Now, the 9,000 square foot home on two acres is asking $15.5 million, or $1,722 per square foot. There are nine bedrooms, nine full bathrooms, two half-bathrooms, a paneled library with fireplace, sunroom, covered dining porch, patio, pool, tennis court, ocean views from the master suite, and a two-car garage.

The home is listed with agent Pat Petrillo of Sotheby’s International Realty.

To look at some comps in the area, the home at 281 Gin Lane is the most similar in asking price. With 7,000 square feet on 2.2 acres of land, the home is smaller but asking a bit more at $15.75 million.

However, the home at 22 Gin Lane is 8,500 square feet on two acres—still smaller than the 237 home—and asking over $10 million more. The asking price at 22 Gin Lane is $26.25 million. It has deeded ocean beach access.

• 237 Gin Lane [Sotheby’s]
• A Gin Lane Estate with Magical Gardens for $21M [Curbed Hamptons]
• Gin Lane home sells for $31M, making it the highest sale in the Hamptons so far this year [Curbed Hamptons]