Sale at 2024 Montauk Highway - Is this good deal?

I smell a bidding war.

I offered $102.5mm, plus seller paid closing costs and they said "this property is special", "they don't need to sell", "we are on an island, there is no more land", "there is no recession in the Hamptons", "Europeans are already interested", "the economy is improving, we will be back to 2007 prices soon"

Please tell me this is some kind of joke. More power to them if they want to set a "stretch" price but this is so ridiculous it's not even funny. Are they hoping they'll get so much press that it'll fly off the shelves for $5mm? The broker and the owner look like complete morons (and that's being nice).

has a house in the united states ever sold for 110 million, LET ALONE LAND for a home?

Duh, you lowly peasant.

In 2007, an estate in East Hamptons sold for $130,000,000 which happens to be the highest residential transaction in U.S. history.

You guys are just jealous. There are many people who can afford fabulousness.

http://www.usatoday.com/money/economy/housing/2007-05-24-record-home-price_N.htm

$103,000,000****

Oh, and it was just land...no home included.

It's one thing to afford "fabulousness"- it's another altogether to grossly overpay, which was the case in the Hamptons for many "fabulous" buyers. Not so, anymore- 2007 won't be back any time soon (thank goodness)- those fabulous bonus structures have been reduced to levels that force thought before a purchase. Banks don't think that it's so fabulous to lend money on an absurd price anymore...