Sag Harbor waterfront property sells for $3M over the asking price

The property had four offers on the day of the first open house

By Grace Cassidy Mar 16, 2018, 7:30am EDT

The waterfront Sag Harbor property at 37 Glover Street in Sag Harbor has sold for $10.15 million, reports 27east. The final sales price was nearly $3 million over the original listing of $7.25 million.

In October of 2017, the 0.83-acre property came on the market under Sotheby’s International Realty agent, Christina Galesi. During its time on the market, the listing price was never raised.

The Sag Harbor village property has been in the hands of the same family for over 70 years, features 170 feet of water frontage on Sag Harbor Cove, and is host to a 654-square-foot cottage with two bedrooms and one full bathroom that is ready to be renovated or torn down in light of building a new structure on the water.

There are necessary permits in place for the new owner to start building, and the lot allows for a waterfront house of about 5,500 square feet in size—plus a full basement—in addition to an accessory building, a pool, a pool house, and even a dock.

Even though the 1930s bungalow may not be the most desirable aspect to the waterfront land (there aren’t any photos of the home in the listing, so we’re guessing it’s not in very good shape), the property itself is clearly what’s of value in this case.

Yet, selling for $3 million over the asking price is steep, and pretty rare to see. A Sotheby’s representative told Curbed:

Christina [Galesi] knew a lot of the players that would be interested and she knew that they would jump in at the same time. That is how things go into bidding wars. Christina timed it precisely and did not let any information about the listing leak out until the day of the open house. On the day of the first open house, four people simultaneously made offers.

Following the four offers, the listing went into a sealed bid immediately. The buyer did not want to leave any room for error and not get this house so she jumped ahead with the number that she knew would get her the home.

The buyer has not been revealed, and has purchased the property under a limited liability company.