Empty double lot on nearly 4 waterfront acres in Sag Harbor asks $29M

Earlier this month, a double lot in Sag Harbor’s North Haven neighborhood came on the market for a stunning $29 million. The waterfront parcels overlook the Peconic River.

Both properties are 1.84 acres in size (for a total of 3.7 acres), and were both purchased at the end of 2013 under different limited liability companies—8 On The Bluff LLC and 10 On The Bluff LLC, respectively—for the same $5,088,750 each, according to PropertyShark. So together, the owner spend $10,177,500 on the compound five years ago and is now listing it for almost three times that amount.

According to the listing, the properties are sited on a 50-foot bluff and has over 300 feet of water frontage. Located towards the northern tip of North Haven, the lot is about 4.5 miles from Sag Harbor village shops and restaurants.

We’re curious to hear from our readers to hear what you think about the price. Do you think that $29 million is too high? Do you think that the market value has risen enough over the last five years that the current asking price will entice someone to purchase the desirable property? Or, do you think that it will sell above ask? Leave your thoughts in the comments.

Timothy LoBello from Nest Seekers International represents the listing.

• Awe Inspiring Double Lot with Sweeping Views [Nest Seekers]