A Nicely Done Georgica Renovation Fails to Realize Any Profit

Back in 2014, this East Hampton property, with 3.5 acres of sumptuous landscaping by Ed Hollander, along with a 7,700-square-foot, 7 bedroom house, pool, and tennis, was listed for $11.9 million. The interiors were suffering a bit from the 90s (see below).

After some price cuts, the property sold in 2015 for $9.5 million. It then was renovated and brought up to date with new decorating, new kitchen, new baths, and the lower level was made into a media room. Great. The property was then listed in April 2018 asking $12.9 million, repped by James Petrie at Compass. There was one price cut of $1 million, and then the property went into contract in January this year.

It closed February 1. Final price? $9.5 million. Unfortunately, the market is slow.

The new buyer got a deal, we think. The place looks great now.

And, again, this is 3.5 acres in a prime location. There is a 60′ pool and pool house with sauna, a tennis court with a pavilion, an apple orchard, and specimen trees.

To the seller: well done on the renovations. To the buyer: congrats, you got a great deal.

For more, click here. 15 Ruxton Road, East Hampton

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