It’s Summer and Prices are Dropping at These High-End Properties

Courtesy Douglas Elliman

After the flurry of spring buying, it’s time to make some price cuts to get property moving again. And that’s just what has happened with these three, all extraordinary in their own way.

First up is Poxabogue Pond, a large property in Sagaponack belonging to three sisters which came onto the market in September. It’s repped by Paul Brennan at Elliman. There are 32 acres of land, including six buildable lots, along with 18 acres of reserve. Three two-acre lots are wooded and there are three houses next to the pond, belonging to the sisters. The ag reserve is leased to a farmer for growing corn.

So why hasn’t it sold? The price was frankly a little bit nuts at $65 million. Yes, it’s tony Sagaponack, but it’s north of the highway and we don’t know of any farmers, vintners or equestrians willing to pay that much. Now the price is a more reasonable $49.5 million, though we still have some doubts. Guess we’ll see.

For more, click here18,20,24,32,36,40 Poxabogue Pond Road, Sagaponack

Next up is lovely Lasata, the former summer home of Jacqueline Bouvier (later Kennedy and Onassis). Now belonging to fashion designer Reed Krakoff, the circa-1915 property was restored in 2007. There are a total of 10 bedrooms and 10-and-a-half bathrooms across the 8,500-square-foot property. Not enough space? There’s a one-bedroom guest house, two-bedroom poolhouse, and a three car detached garage.

Lovely. So what was the issue? Price for the non-waterfront home plus 7.15 acres last September was $38.995 million. Now four million dollars has been sliced off the ask. The property is represented by Carol Nobbs and Eileen O’Neill at Douglas Elliman, Susan Breitenbach of Corcoran, and Peter Turino at Brown Harris Stevens.

For more, click here121 Further Lane, East Hampton

Sadly, Sandy Gallin, Hamptons home flipper, decorator, and Hollywood talent manager, died earlier this year. His Further Lane showplace, while undeniably beautiful, had been on the market for from 2012 to 2015 without a price change. Last year he cut the ask from $24.5 million to $22.5 million; now, the price has dropped $3.6 million down to $18.9 million. The property is listed by Linda Haugevik at Elliman.

The lovely compound includes 2.11 acres of land, including a 6500 square foot house with seven bedrooms, nine full bathrooms, and two half-baths. There are also four outbuildings on the beautifully landscaped property.

For more, click here. 466 Further Lane, East Hampton