Behind The Hedges 11.11.2019 14:40 A Nicely Done Georgica Renovation Fails to Realize Any Profit

A Nicely Done Georgica Renovation Fails to Realize Any Profit

February 15, 2019 By Laura Euler

Back in 2014, this East Hampton property, with 3.5 acres of sumptuous landscaping by Ed Hollander, along with a 7,700-square-foot, 7 bedroom house, pool, and tennis, was listed for $11.9 million. The interiors were suffering a bit from the 90s (see below).

After some price cuts, the property sold in 2015 for $9.5 million. It then was renovated and brought up to date with new decorating, new kitchen, new baths, and the lower level was made into a media room. Great. The property was then listed in April 2018 asking $12.9 million, repped by James Petrie at Compass. There was one price cut of $1 million, and then the property went into contract in January this year.

It closed February 1. Final price? $9.5 million. Unfortunately, the market is slow.

The new buyer got a deal, we think. The place looks great now.

And, again, this is 3.5 acres in a prime location. There is a 60' pool and pool house with sauna, a tennis court with a pavilion, an apple orchard, and specimen trees.

To the seller: well done on the renovations. To the buyer: congrats, you got a great deal.

For more, click here. 15 Ruxton Road, East Hampton

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