Another Property Joins the Half-Off Club

This is now the third property we’ve written about recently that’s approaching half off the original asking price. Originally listed at $8.99 million, it’s now asking $4.9 million. This is really a very nice house and garden: nothing to complain about here at all. Yet no one has purchased it over the years it’s been on the market, which just indicates to us that it was priced too high to begin with. The problem with ambitious pricing is that often, a property will then linger on the market because it has that passed-over, shop-soiled aura, even when it’s finally appropriately priced. The lesson: price your property well to begin with.

The most attractive part of the property, listed by Samuel Marcus and Michael Tucker at Daniel Gale Sothebys: it’s waterfront, with 600 feet on Dering Harbor, a 168-foot deepwater dock, and a deeded mooring.

There’s 1.7 acres of land, with a pool and decks outside. The 1888 house looks in very good shape, having been renovated over the years and of course, makes the most of the views. There are six bedrooms and an impressive ten bathrooms. There are also fun touches like a bar, home theater, and a wine cellar, all in 9230 square feet.

For more, click here. 29 Winthrop Road, Shelter Island