Welcome to our new feature in which we talk to local agents about what happened between the time they listed a property and when it sold. Want to get in on the fun? Drop us a line!
The agent: Christina Galesi, an associate broker at Sotheby’s Southampton office.
The property: 37 Glover Street, Sag Harbor. A waterfront teardown (1930s bungalow) on Sag Harbor Cove with 0.83 of an acre of land.
The asking price: $7,250,000
Christina says, “I placed this property on the market for $7,250,000 even though many brokers thought I priced it too high. After all, it’s a teardown on less than an acre. Buyers from the internet thought the asking price was a mistake or typo and that surely it was half that price. I got so many gasps from them when they had me repeat the asking price and then got off the phone with sighs of disbelief and almost anger that a teardown could be this expensive.”
But you knew it was a fair price.
“This was a property that I knew people had been watching and wanting for years. It had been in the same family since the 40s. There are only a few waterfront lots on Glover Street, one of the most sought-after streets in Sag Harbor Village, and these very few spots only rarely ever come up for sale. I knew that people in-the-know would fight for 37 Glover Street.”
So what happened next?
“It went to a bidding war within a few hours of the first open house. It subsequently went to an attorney sealed bid and was in-contract at $10,150,100 within a week. Prior to this, someone else bought 71 Glover Street on 1.3 acres for $13,700,000. They tore the house down and built a beautiful house in its place. Apparently, another Glover Street owner was offered in the high teens recently. The buyer for 37 Glover Street is in great company. This is a strip of highly regarded and valued properties in the Hamptons! The bottom line is, it’s a divine spot on the water right in the middle of the village on the best street in Sag Harbor, where you can build a dream home, have a boat, paddle board and watch the sunsets in peace and then walk to dinner. You can’t put a price on that lifestyle!”