$10 Million Price Cut Results in a Sale for Georgica Property

sale for georgica property

In April, the asking price of this Georgica, East Hampton, property was slashed another $5 million, for a total of $10 million off. Back in 2012, the asking price was an ambitious $24.75 million; the price was cut last year to $19.75, and by spring this year was down to $14.95 million. That finally did the trick as the house, represented by Ed Petrie and James Petrie at Compass, is now in contract.

All photos via Compass

Designed by Jaquelin Robertson of Cooper, Robertson and Partners and built by Caramanga/Murphy, the house is designed to make the most of the peaceful water vistas. One issue that may have held the property back might be that there’s only four bedrooms plus a one-bedroom apartment, which is a little skimpy for a 7500 square foot house. Too cramped? The listing notes that “Zoning would allow substantial house expansion.”

A veranda that overlooks a 50′ waterside pool; there isn’t a tennis court but theoretically there’s room for one. The Cove Hollow Farm area is very peaceful and quiet; however, we note that the pond frontage is just on an arm of the pond and the pond in general hasn’t been in good shape lately. What do you think? Did someone make a good buy?

For more, click here. 11 Cove Hollow Farm Road, East Hampton