Photo: Courtesy of Corcoran
Even in the Hamptons, where real estate prices can reach astronomical levels, some homes are overpriced. Some of the most expensive homes in the area have languished on the market for months, often having their prices chopped multiple times.
When the house can’t sell because buyers won’t budge, the realtor slowly lowers the listing price until a buyer gives in. If a buyer waits long enough, “price chops” can eventually turn an overpriced house into the deal of a lifetime. We found some pretty sweet deals on Hamptons houses, so check them out if you’ve always wanted to be a Hamptons house owner.
In Amagansett, this 8,000-square-foot windmill house is one-of-a-kind. But the house's price has already been chopped from $10.995 million to $10.495 million, and could face more chops if it doesn't sell soon.
This five-bedroom, four-bathroom lakefront house in Montauk is an upscale log cabin. It was listed at $3.95 million in 2009, but the price was chopped 5 per cent to $3.75 million in April.
This five-bedroom, five-bathroom house in East Hampton was designed by an award-winning architect and includes 6,500 square feet of space. But to sell, this house's price has already been chopped almost 15 per cent — from $4.695 million to $3.995 million.
This oceanfront Italian mansion in the Amagansett community has four bedrooms, four bathrooms, a two-car garage and a sparkling pool. It was originally listed for $9.7 million, but the price has been chopped 20 per cent to $7.9 million.
Buyers can't seem to get on board with this curvy Montauk house. The four-bedroom, three-bathroom house has modern amenities (infinity edge pool, anyone?), but it has been reduced 26 per cent from its 2010 listing price of $2.7 million to $1.999 million.
Party planner Linda Shapiro's abode can't seem to sell, even with price chops. This four-bedroom, three-bathroom house is only minutes away from the beach. It's listed at $1.195 million, almost 30 per cent lower than the original listing price of $1.695 million.
This waterfront East Hamptons beach cottage sports two bedrooms, two bathrooms and direct access to Gardiner's Bay. In 2008, it was listed for $2.65 million, Today, the house is listed for $1.85 million — a price chop of 30 per cent.
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