Eight Acre Oceanfront Sagaponack Property Now A Loss

Way back in 2014, this property sold along with 23 acres of preserved farmland nearby for a whopping $35 million. This parcel, 1145 Sagg Main, the eight-acre parcel with house, sold for $27 million to a Mr. Bldg Sagg Main LLC. But the purchasers wanted only the farmland, so the house plus eight acres of land were put back on the market in March 2015 for $33 million. And the price has been gradually dropping ever since. It’s represented by Zachary and Cody Vichinsky at Bespoke.

Now the ask is $24.9 million, having just been cut about $1.5 million. That’s $2 million less than was paid for it. Ouch. What’s the problem? There’s eight acres of land, which includes your own private pond, 300 feet of oceanfront, and of course gorgeous views everywhere. The issue, we think, is the house. It’s not terrible, but it is fairly dated and 90s, and even though the ask is now probably about land value, the house is a disappointment. Still, if a buyer pounces at the current price, knocks the current house down and rebuilds, we think there’s upside potential there. Oceanfront in Sagaponack is a premium A+ location, and with eight acres, privacy is ensured.

What say you? Let us know in the comments.

For more, click here. 1145 Sagg Main Street, Sagaponack