A unique home on one of East Hampton’s most coveted blocks sold last week for $11.525 million and could be a sign of the changing real estate market, according to one of the listing agents.
James J. MacMillan and Peter M. Turino of Brown Harris Stevens represented the listing at 386 Further Lane in Amagansett, which had a last asking price of $12.995 million. Arlene Reckson from The Corcoran Group represented the buyer.
“It is two full acres surrounded on two sides by agricultural reserve which protects it from intrusive residential development,” says MacMillan. “There is 100% clearing allowed because it was farmed,” he says, adding that it first sold in the early ’60s when a workshop had been constructed by the Praegers, who ran a European publishing company.
“The property is fenced and planted with specimen trees and shrubs along with sweeping lawns giving it that ‘wow’ factor when one enters the property,” he says.
The main house, a stucco post-modern home with 7,500 square feet of space, is situated down a private, long driveway and behind a gated entrance. The five-bedroom, eight-and-a-half-bath house was completed in 2001 by John Hummel, a prominent South Fork builder.
The property also includes an award-winning freeform pool — which cost a reported $3 million to build about 10 years ago — and a large pool house.
“Through several renovations and additions by past owners, it was clearly designed for their specific needs. The bedrooms were spread out and on different levels. The layout was unusual and dissuaded many potential buyers from proceeding with a purchase,” MacMillan says.
“My 20 years of experience tells me that this may be indicative of today’s buyer,” he says. “…New houses that are beautifully done will sell quicker in a less desirable area only because no work is needed. The real estate adage of ‘Buy the worst house in the best location’ seems to have gone by the wayside since COVID. Only developers will tackle the big south-of-highway projects and profit very well from them. 386 Further Lane is just one example of how our market is changing. Thankfully these buyers had the foresight to see the potential and they too will do very well should they ever decide to sell.”
Features inside the home include a dramatic great room with a stone fireplace that extends to the ceiling, a chef’s kitchen with commercial-grade appliances and various grills and a spacious upstairs master suite complete with a sitting area in front of a wood-burning fireplace and a large balcony that overlooks the grounds. One of the four other bedrooms is perfect for a child with a pair of built-in children’s beds in the shape of boats.
Outside, a two-tiered waterfall trickles down the cut stones into the pool. A large pool house nearby offers three bathrooms with large changing rooms and a cabana kitchen. The property also has room for a tennis court.
The home was listed in January 2021 for $13.95 million.
Moreton Binn, the multimillionaire, is a former owner of the home and sold it in 2007 for $9.5 million to Vinayak Singh — not to be confused with the golfer Vijay Singh, who was rumored to have bought the house. Vinayak Singh unloaded the house for a mere $7.5 million to a neighbor, listed only under the limited liability corporation Weeping Beach LLC.
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