Some 35% of homes listed for sale on Out East got a price cut in the second quarter of this year — up from 22% just a year prior. Many of these cuts are quite sizable — the median price drop on the East End was $100,000 in the second quarter of 2019, or 4.6% off the median asking price of $2,175,000.
In a market full of multimillion-dollar homes, sellers often need to make larger cuts to attract a buyer. We took a look at the five biggest price cuts of the second quarter, most of which were on homes that are still available. See them below, and search more Hamptons and North Fork homes on Out East.
Southampton Estate: $9M Price Cut
The largest price cut of the quarter was on this Southampton home described as “an estate for a lifetime.” In June, sellers of this 8-bedroom residence dropped their price from $37 million to $28 million — a 24.3% drop for a difference of $9 million, and the first cut since the home appeared on the market last fall.
The largest price cut of the quarter was on this Southampton home described as “an estate for a lifetime.” In June, sellers of this 8-bedroom residence dropped their price from $37 million to $28 million — a 24.3% drop for a difference of $9 million, and the first cut since the home appeared on the market last fall.
124 Brennans Moor: $6M in Price Cuts
Two price cuts were made in the second quarter to this property located directly on Mecox Bay, and it’s the only property on our list with more than one. The home was listed in January of this year, and actually saw a price increase of $2 million to nearly $19 million in March — only to drop by $3 million in May, followed by another $3 million decline in late June. The current $13 million asking price offers a 31.6% discount off the home’s peak.
Two price cuts were made in the second quarter to this property located directly on Mecox Bay, and it’s the only property on our list with more than one. The home was listed in January of this year, and actually saw a price increase of $2 million to nearly $19 million in March — only to drop by $3 million in May, followed by another $3 million decline in late June. The current $13 million asking price offers a 31.6% discount off the home’s peak.
25 Potato Road: $5M Price Cut
After 18 months on the market at $29,995,000, this spec house on Potato Road in Sagaponack was reduced by $5 million in June. The listing notes that the nearly 5,000-square-foot, oceanfront home is set to be completed this year, so we’ll soon see how well it fares at the $25 million price point.
After 18 months on the market at $29,995,000, this spec house on Potato Road in Sagaponack was reduced by $5 million in June. The listing notes that the nearly 5,000-square-foot, oceanfront home is set to be completed this year, so we’ll soon see how well it fares at the $25 million price point.
494 Hedges Lane: $3.55M Price Cut
This 12,000-square-foot mansion comes compete with a sunken tennis court, outdoor living room and kitchen, and a gunite pool — but apparently its price wasn’t right. After listing in spring 2018 for $23.5 million, the sellers decided a cut was needed after a little over a year on the market. One $3.55 million, 15.1% discount later, this home is now awaiting the perfect buyer.
This 12,000-square-foot mansion comes compete with a sunken tennis court, outdoor living room and kitchen, and a gunite pool — but apparently its price wasn’t right. After listing in spring 2018 for $23.5 million, the sellers decided a cut was needed after a little over a year on the market. One $3.55 million, 15.1% discount later, this home is now awaiting the perfect buyer.
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