19 Sunninghill Road

Okay, I realize this house is now infamous as a "rare" Hamptons foreclosure: http://hamptons.curbed.com/archives/2012/03/06/meet_the_east_ends_most_expensive_property_in_foreclosure.php But something about this doesn't add up for me. This is a 9000 sf house on 5.2 acres of land and they couldn't even sell it for $2 million. Yes, I realize it isn't in a great part of Southampton, but this seems to... [more]

Okay, I realize this house is now infamous as a "rare" Hamptons foreclosure: http://hamptons.curbed.com/archives/2012/03/06/meet_the_east_ends_most_expensive_property_in_foreclosure.php But something about this doesn't add up for me. This is a 9000 sf house on 5.2 acres of land and they couldn't even sell it for $2 million. Yes, I realize it isn't in a great part of Southampton, but this seems to be absurdly cheap for such a big house on a big piece of land. The finishes are not exactly to my personal liking, but they don't look cheap. Assuming an asking price of $2 million, this is barely $200 per square foot, which is probably way below the price of construction materials, labor and the land. Why is nobody touching this house? It seems like a bargain to me. [less]