Five Years Later, 50% Off This Pretty Georgica Property

We just don’t get it. What is the matter with this property that it’s been on the market so long, with so many price cuts, and no one wants it? It was originally listed in November 2013 asking $10.5 million. Now it’s five years later and the ask is $5.25 million, half what it was five years ago and $2.5 million less than the $7.5 million paid for it in 2006.

The owner was Barbara Goldsmith, a founding editor of New York magazine and the bestselling author of Little Gloria … Happy at Last. She passed away two years ago at the age of 85.

So granted, $10.5 million was ambitious, but even so, this place (now repped by John Watson at Saunders) has to be a bargain at $5.25 million. Unless maybe it’s in terrible condition–but the listing says it’s renovated, and it looks perfectly fine. The house, built in 1907, is a pleasant, gracious building. At 4500 square feet, with five bedrooms, four baths, and two half baths, it’s not as huge as most people want in a Hamptons house, granted. The listing does note, “There is an additional two bedroom, one bath carriage house above the detached two-car garage.”

The 1.15 acres of grounds are just as pretty as the house, boasting a round pool that looks like a pond and a pool house with changing room, bath, bar, ice maker and an outdoor shower.

So what’s the problem? Just price? One of those inexplicably overlooked properties? Haunted burial ground? Let us know your opinion in the comments.

For more, click here. 86 Georgica Road, East Hampton