On Black Friday a couple weeks ago, we featured several properties that have had huge price cuts recently. One of them was this one, 42 Old Montauk Highway, Montauk. Represented by Kathleen Coumou from Christie’s and Martha Gundersen from Brown Harris Stevens, the property is oceanfront, called “the most private estate in the Hamptons,” and sports 35.5 acres of private reserve.
First listed at an eyewatering $55 million in 2016, by November this year the price had been cut to $39.5 million. Now another $10.5 million has been sliced off the ask, for a nice round $29 million.
That’s more like it, but we are not at all sure it’s enough. Why? The house. When you think “Montauk,” do you think “Chinese tea house with slippery marble floors”?
So any purchaser is almost certainly going to want to tear down and rebuild. With houses with several acres and nice houses on the “other” Old Montauk Highway in Montauk being snapped up for $21 million or so, we think this place has a ways to go. Even though obviously there’s far more land here, it’s reserve, so a buyer is limited with it.
But who knows? We’ve been wrong before. We’ll keep an eye on this property and fill you in.